FCA sets landmark crypto rules to cement the UK’s place as a global hub

All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules covering areas such as insider trading and market manipulation.  

The new framework also sets out specific rules for stablecoins, a type of cryptoasset designed to maintain a stable value, typically by being linked to a currency such as the pound. Stablecoins will be subject to clear, strong and transparent standards, helping to build trust in how they are used over time.  

Following consultation, the FCA has simplified key elements of the regime to make it more workable in practice including simpler capital requirements for stablecoin firms and tailoring trading rules to better reflect how crypto markets operate. 

The FCA drew upon international best practice, applying established financial services standards where risks are comparable, including the Consumer Duty.

David Geale, executive director of payments and digital finance at the FCA said:  

'This is a significant moment for crypto regulation in the UK. We’ve created a framework that doesn’t force firms to choose between regulatory certainty and room to innovate – this regime means they can have both in a stable, competitive home to build and grow. For consumers, it means firms will be held to similar standards to other financial providers, though we can’t regulate away risk.'

Legislation in February 2026 brought cryptoassets into the FCA’s remit, marking one of the most significant expansions of the regulator’s oversight in years. Until the new rules come into effect in October 2027, the FCA’s oversight of crypto will continue to be limited to financial promotions and anti-money laundering controls. 

Crypto firms, including trading platforms, intermediaries, custodians, stablecoin issuers, and firms arranging staking must obtain FCA authorisation to operate in the UK. 

The FCA is encouraging firms to prepare now and make use of its pre-application support meetings available from July. Firms can apply for authorisation between 30 September 2026 and 28 February 2027, so they are ready to start or continue to trade under the new mandatory regime which will come into force on 25 October 2027.   

Crypto remains high-risk and consumers should understand what protections apply before investing. The new rules set by the FCA provide the foundation for a more sustainable and trusted crypto market in the UK.

Notes to editors

1. Read the policy statements[3].
2. The FCA has also published consultations on non-handbook guidance for prudential requirements for cryptoasset firms:
   • Read GC26/4: Non-Handbook Guidance on COREPRU 7: Overall risk assessment[4].
   • Read GC26/5: Non-Handbook Guidance on CRYPTOPRU 7: Overall risk assessment for CRYPTOPRU firms[5].
3. Read the Cost Benefit Analysis on the impact of the cryptoasset regime.[6]
4. Read the statement on joint supervision of stablecoin issuers[7] by the FCA and Bank of England.
5. The FCA will be hosting a webinar setting out its policy statements[8] on 17 July.  
6. This follows legislation set out by the Government in February 2026 to bring cryptoassets into UK regulation.  
7. These publications mark the completion of the FCA’s crypto roadmap[9].  
8. The authorisation gateway for firms will open on 30 September 2026. Pre-application support meetings[10] are available.    
9. The FCA will publish a further policy statement in September 2026 setting out how the regulatory perimeter applies to cryptoasset activities.  
10. Later this year, the FCA will consult on decentralised finance (DeFi) guidance and separately on operational resilience guidance for firms using distributed ledger technology (DLT). It will also consult on updates to the Financial Crime Guide relevant to cryptoasset firms.  
11. The FCA and the Bank of England are working together on stablecoins and will consult later this year on how FCA rules will apply when a stablecoin issuer is recognised as systemic by HM Treasury.  
12. Find out more about the requirements[11] firms must comply with and how firms can prepare for crypto authorisation[12]. 
13. Rhiannon Butterfield, Director, Digital Money and Payments, UK Finance, said: 'We welcome the FCA’s final Crypto Roadmap rules, which will provide clarity and help strengthen confidence in the UK market. UK Finance supports a balanced approach that encourages innovation and protects consumers while regulating risks. We look forward to working with the FCA in the coming months as it considers how stablecoin payments will connect with the wider Modernising Payments Regulations programme.'
14. Su Carpenter, Executive Director, CryptoUK, said: 'At CryptoUK, we have worked for many years with our members and the regulators to find a framework that provides clarity alongside proportionate and balanced regulation for the UK digital asset sector. The FCA have engaged directly with the industry to review, revise and finalise their rules, and we welcome the collaborative and inclusive approach they have taken to ensure this sets out clear parameters for the UK market. The provision of a final set of guidance means the UK can move forward with more certainty and provide firms with an opportunity to develop and grow their businesses in a competitive jurisdiction. This provides an opportunity to build trust and confidence in the sector and realise the huge opportunities this industry can bring to the UK economy.'
15. Emma Joyce, Head of EMEA, Global Blockchain Business Council, said: 'This marks an important step forward. Standards are what make markets work: they create the trust and common foundation needed for an industry to scale responsibly – and that is essential to the UK’s strength as a global financial hub.'