On 30 June 2026, the Financial Conduct Authority (FCA) published five policy statements setting out final rules for cryptoasset firms, three pieces of finalised guidance and two additional guidance consultation papers intended to establish a regime that sets clear, predictable rules for firms across the full range of regulated cryptoasset activities.

Background

The new cryptoasset regime is established by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (the Cryptoassets Regulations), passed by Parliament on 4 February 2026. The Cryptoassets Regulations will bring a broad range of cryptoasset activities within the FCA’s regulatory perimeter from 25 October 2027, in addition to the anti-money laundering and financial promotions standards that currently apply to certain firms.

In advance of the regime coming into force, the FCA have consulted across 4 discussion papers (DP23/4, DP24/4, DP25/1 and CP25/25) and 10 consultation papers (CP25/14, CP25/15, CP25/16, CP25/25, CP25/40, CP25/41, CP25/42, CP26/4, CP26/8 and CP26/13).

Scope and application

The FCA highlights that the new cryptoasset regime introduces a comprehensive set of rules for firms carrying out regulated cryptoasset activities but the rules that apply will depend on the products and services provided by each firm and that firm’s business model. The following is an overview of which publications will be most relevant to each type of firm:

Core requirements

All firms carrying out regulated cryptoasset activities should read the following policy statements:  

Activity Specific Requirements

Stablecoin issuers and custodians should read: 

Firms providing cryptoasset services (trading, dealing, custody, staking or lending and borrowing) should read:  

  • The Regulated Cryptoasset Activities policy statement (PS26/11) which covers activity specific rules for firms who are trading platforms or intermediaries, safeguarding (custody) of client cryptoassets, lending and borrowing, and staking providers.

Firms issuing, admitting or trading cryptoassets should read:

Summary of policy changes

The FCA have published five policy statements setting out final rules in relation to the regime.

A brief summary of each is set out below.

Admissions and Disclosures, and Market Abuse Regime

In PS26/9, the FCA sets out the final rules in relation to the admissions and disclosures (A&D) and market abuse (MARC) regime, in particular highlighting that while they have retained the core requirements it has also made certain amendments to the policy proposals relating to:

  • A&D: Certain amendments have been made to: (i) clarify the requirements relating to due diligence, the admission criteria and the trigger for supplementary disclosure documents; (ii) specify a digital token identifier standard (applicable across A&D and MARC); (iii) increase withdrawal rights notifications, and remove an exception that allowed qualifying cryptoassets to be admitted to trading without a Qualifying Cryptoasset Disclosure Document (QCDD) if they were fungible with those already admitted to trading on the same platform. 
  • MARC: Certain changes have been made which: (i) narrow the on-chain monitoring requirement for large UK Qualifying Cryptoasset Trading Platform (QCATPs); (ii) clarify key requirements relating to inside information disclosure and intermediary notifications to UK QCATPs; (iii) refine the definition of legitimate market practices and adding examples of inside information.

Stablecoin issuance

In PS26/10, the FCA sets out final rules in relation to stablecoin issuance, while the regulator emphasises that they have retained the key requirements it also highlights changes which include:

  • Simplifying the backing asset composition requirement by no longer having to estimate redemption forecasts. 
  • Confirming statutory trust arrangements for backing assets and the removal of unallocated backing fund accounts. 
  • Adjusting redemption timelines to ensure they are operationally effective. 
  • Allowing limited intragroup custody subject to safeguards. 
  • Permitting up to a 5% excess to be held in the backing asset pool. 
  • Clarifying the application of redemption requirements to the secondary market. 
  • Ensuring holders have access to historical disclosures and strengthening obligations to make sure prospective holders are aware of their withdrawal rights.  

In addition, the BoE and the FCA have published a joint approach setting out how they and where relevant other authorities will work together to regulate systemic stablecoin issuers in the UK, explaining how responsibilities will be split between the authorities, and how UK stablecoin issuers may move from FCA supervision to joint regulation once recognised as systemic by HM Treasury.

Activity specific rules

In PS26/11, the FCA sets out activity specific rules for firms and highlight key changes including:

  • UK QCATP operators & intermediaries (including dealers and arrangers): Removing principal dealers from pre‑trade transparency requirements; updating guidance to address issues for dual‑regulated firms and provide clearer expectations on best execution, including the use of multiple execution venues for price checks; confirming that best execution requires effective overarching arrangements rather than transaction‑by‑transaction checks, supported by periodic monitoring and post‑trade analysis. 
  • Lending and borrowing:  Targeted amendments in relation to collateral arrangement requirements, including permitting the staking of retail client collateral (subject to chapter 17 of the Client Assets Sourcebook (CASS 17) and clarifying that limits on automatic collateral top‑ups apply only to firms, without restricting clients’ ability to manually top up positions. 
  • Safeguarding: Introducing targeted exceptions to trust requirements, clarifying the scope of control-based application, increasing the percentage limit permitted to facilitate the settlement float model to 2%, and adopting a technology‑agnostic approach to private key management; not proceeding with applying CASS 17 to relevant specified investment cryptoasset (RSIC) custody at this stage; making targeted adjustments to ensure provisions in CASS 7 applicable to client money arising, or in connection with, the safeguarding of client cryptoassets are proportionate.
  • Staking: Amending the rules to avoid unintended restrictions on auto‑staking arrangements, allowing consent to cover ongoing staking of current and future holdings subject to conditions and annual notification; and, clarifying how record keeping requirements apply to liquid staking models.
  • Decentralised Finance (DeFi): Confirming that the FCA will consult on further tailored DeFi guidance, including objective indicators of decentralisation and expectations for managing operational resilience and financial crime risks. 

Prudential requirements

In PS26/12, the FCA sets out its final prudential rules and flags the following changes in particular:

  • Stablecoin issuance capital requirement: Changing the co-efficient of K-factor for stablecoin issuance (K-SII) from 2% to 1% which is intended to make the framework more proportionate for larger issuers. 
  • Market risk and counterparty default risk capital requirements:  Simplifying the market risk framework so that cryptoassets that can be prudently valued and are admitted to a UK QCATP, will be subject to a single 40% net risk position requirement for net cryptoasset position (K‑NCP) and a 40% volatility adjustment for counterparty credit default (K‑CCD). Cryptoassets that do not meet these conditions are deducted from regulatory capital and subject to 100% volatility adjustment for K-CCD.
  • Public disclosure of prudential information: Removing the proposed requirement to publicly disclose the own funds threshold requirement (OFTR) and the liquid asset threshold requirement (LATR); introducing a proportionality framework based on own funds requirements (OFR) for the public disclosure of prudential information. Where a firm’s permanent minimum requirement (PMR) is the binding component of its OFR, then the firm is not required to make the public disclosure. However, the public disclosure is required to be made when the firm’s fixed overheads requirement (FOR) or K-factor requirement (KFR) is the binding component of its OFR.

In addition to finalised rules and guidance, the FCA has published two further guidance consultations to supplement the prudential framework, namely:

  • In GC26/4, the FCA are consulting on non-Handbook guidance to accompany the relevant sections on the overall risk assessment (Chapter 7) in the new Core Prudential Sourcebook (COREPRU), which sets out common prudential requirements that are applicable to all in-scope firms. The guidance sets out expectations around the purpose and scope of the overall risk assessment for COREPRU firms. 
  • In GC26/5, the FCA are consulting on non-Handbook guidance to accompany the relevant sections on the overall risk assessment (Chapter 7) in the new Sector-specific Prudential Sourcebook (CRYPTOPRU). The guidance sets out expectations around the purpose and scope of the overall risk assessment for CRYPTOPRU firms.

Applying the FCA handbook

In PS26/13, the FCA sets out that in relation to applying more general FCA Handbook obligations to firms carrying out regulated cryptoasset activities it confirms that most firms activities will be subject to key parts of the Consumer Duty, Conduct of Business (COBS), Dispute Resolution (DISP) and access to the Financial Ombudsman Service (FOS), Senior Management, Systems and Controls (SYSC), the Senior Managers and Certification Regime (SM&CR), Environmental, Social and Governance (ESG), CASS and regulatory reporting requirements. However, while the FCA have largely maintained the application of the relevant rules and guidance as consulted on it has made certain amendments, including:

  • Excluding UK-issued qualifying stablecoins from the definition of restricted mass market investments. 
  • Making focused amendments to SYSC, COBS, DISP, CASS and reporting requirements. 
  • Adjusting the enhanced threshold in relation to SM&CR qualifying UK stablecoin issuers in light of the BoE’s latest proposals. 
  • Clarifications to non-Handbook guidance on the Consumer Duty, including territorial scope, fair value, consumer support, consumer understanding, and the roles of distributors and manufacturers in the supply chain. 
  • Giving further clarity on operational resilience expectations under SYSC 15A, including a new example for firms arranging deals in qualifying cryptoassets. 
  • Clarifying its approach to international cryptoasset firms, so that dual-regulated firms may operate in the UK through a branch where the PRA is satisfied that its threshold conditions and ongoing requirements are met. 

Alongside PS26/9, the FCA has published several pieces of finalised guidance, which largely reflect the proposals as published with some targeted clarificatory changes in FG26/5 in relation to the scope and applicability of the Consumer Duty, alongside guidance in relation to operational resilience in FG26/6 and in FG26/7 the FCA’s approach to international firms published largely as consulted on.

Next steps

The FCA has asked for feedback on the prudential guidance consultations by 30 July 2026.

The FCA also set out that there are a number of additional components of the cryptoasset regime which are not addressed through these policy statements or guidance, and which will be progressed through policy development and further consultation. These components include work across areas such as decentralised finance, distributed ledger technology, cryptoasset derivatives, stablecoin-related policy development, audit requirements and saving and transitional provisions.