Overview
- The Financial Conduct Authority published its final crypto framework on Tuesday, June 30, 2026, and set an application window from Sept. 30, 2026 to Feb. 28, 2027 with the regime taking effect on Oct. 25, 2027.
- All trading venues, custodians, staking providers, lending platforms and most stablecoin issuers will need full FCA authorisation to serve UK clients and existing anti‑money‑laundering registrations will not convert automatically.
- Stablecoin rules were softened after consultation: the capital coefficient was cut to 1% of issued value, issuers may keep up to a 5% excess in backing assets, reserves must sit in a statutory trust and the requirement to forecast redemptions was removed.
- Firms must show financial resilience through risk‑based capital, annual stress tests designed by the firms and strengthened market‑abuse controls that require token vetting and disclosure to an FCA central repository before most listings.
- The FCA will start pre‑application support in July with a webinar on July 17, 2026, while the regulator leaves truly decentralised protocols outside the perimeter unless an identifiable controller exists and the Bank of England will oversee any systemic stablecoins.