Overview
- The FCA opened a consultation on rules for listings, market abuse controls, trading platforms, custody, staking and prudential safeguards, with feedback due Feb. 12, 2026 and final rules targeted by end‑2026.
- Exchanges, custodians, brokers and other intermediaries serving UK clients will require full FCA authorisation under FSMA‑style standards rather than money‑laundering registration.
- Bank of England proposals for systemic sterling stablecoins would require at least 40% of reserves to be held as unremunerated BoE deposits, with the remainder in short‑dated UK government debt.
- The Property (Digital Assets etc) Act 2025 is now law, recognising certain digital assets as personal property under English law and reducing insolvency uncertainty for institutional custody designs.
- Industry reaction is mixed, with some firms welcoming clarity as FCA research shows UK crypto ownership fell to 8% in 2025 from 12% in 2024.