The Financial Conduct Authority has set out a package of growth measures for 2026, including support for UK-issued stablecoins to enable faster and more convenient payments and the opening of its regulatory sandbox so firms can safely test stablecoin issuance and inform policy development. In a letter to the Prime Minister, it also reported that the vast majority of nearly 50 growth commitments set out at the start of the year have been met. The 2026 programme is framed around more efficient supervision, the digitalisation of financial services, expanding small and medium-sized enterprise (SME) lending, and boosting trade and international competitiveness, including deeper US-UK market integration through the Transatlantic Taskforce for Markets of the Future. The FCA also pointed to reforms delivered to date, including PISCES as a new private stock market for trading private shares, final rules for a new prospectus regime, the Supercharged Sandbox with Nvidia to test artificial intelligence (AI), a joint Scale-up Unit with the Prudential Regulation Authority (PRA), reduced data requests intended to save time for 36,000 firms, and proposed simplifications to the Senior Managers and Certification Regime (SMCR). Firms planning to issue a stablecoin in the UK and seeking to test products in the regulatory sandbox were invited to apply by 18 January 2026, and the FCA said it is working with the Bank of England on the stablecoin regulatory regime. It also indicated it is preparing to enable some early-stage firms to undertake regulated business before full authorisation once relevant legislation is passed.

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