Financial Conduct Authority sets final UK crypto rules requiring authorisation and prudential standards from 25 October 2027

The Financial Conduct Authority has published final rules for the United Kingdom's cryptoasset regime, setting conduct, prudential and market integrity requirements for firms that help people buy, trade and hold crypto. Crypto firms including trading platforms, intermediaries, custodians, stablecoin issuers and firms arranging staking will need FCA authorisation to operate in the UK under a mandatory regime that takes effect on 25 October 2027. The framework requires all in-scope firms to meet financial resilience standards, including capital requirements and stress testing, and introduces market integrity rules covering conduct such as insider trading and market manipulation. It also sets specific requirements for stablecoins and, following consultation, simplifies parts of the regime to make it more workable in practice, including simpler capital requirements for stablecoin firms and trading rules tailored to crypto market structures. The FCA said it drew on international practice and applies established financial services standards where risks are comparable, including the Consumer Duty. In a related publication with the Bank of England, the FCA also set out how supervision of stablecoin issuers would move from FCA supervision to joint regulation once HM Treasury recognises an issuer as systemic. Until the new rules take effect, the FCA's crypto oversight remains limited to financial promotions and anti-money laundering controls. Firms can use pre-application support meetings from July and apply for authorisation between 30 September 2026 and 28 February 2027. The FCA also opened a consultation until 30 July 2026 on non-Handbook guidance for COREPRU 7 on overall risk assessment, intended to clarify expectations for how firms assess adequate own funds and liquid assets, stress test their business plans and plan for orderly wind-down. A further policy statement on the regulatory perimeter is planned for September 2026, with later consultations on decentralised finance guidance, operational resilience guidance for firms using distributed ledger technology and updates to the Financial Crime Guide for cryptoasset firms.