The UK’s Financial Conduct Authority published its final policy statements on Tuesday, setting the rules for crypto firms operating in the country. The framework covers prudential requirements, market abuse controls, and stablecoin standards — all ahead of an authorization regime that kicks off October 25, 2027.
It’s a broad net. The regime applies to trading platforms, custodians, stablecoin issuers, lending and borrowing providers, staking firms, and certain DeFi operations where an identifiable controlling entity exists. The FCA says it’s drawing on existing financial services rules where risks are comparable.
One notable change: the FCA removed an exception that previously allowed fungible cryptoassets to be listed without a disclosure document. Now, qualifying cryptoasset trading platforms must conduct due diligence, meet admission criteria, and publish disclosure documents for any asset they list.
Stablecoin issuers face specific requirements around backing asset composition, statutory trust over reserves, and withdrawal rights for users. The FCA plans to consult with the Bank of England later this year on how these rules apply to systemic stablecoin issuers.
The framework gives the industry a clear timeline. Firms have until February 2027 to secure authorization, with the full regime going live in October. The licensing window opens in September.
