Firms supporting people to buy, trade and hold crypto will need to meet clear standards under landmark rules set out by the Financial Conduct Authority (FCA).
All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules covering areas such as insider trading and market manipulation.
The new framework also sets out specific rules for stablecoins, a type of cryptoasset designed to maintain a stable value, typically by being linked to a currency such as the pound. Stablecoins will be subject to clear, strong and transparent standards, helping to build trust in how they are used over time.
Following consultation, the FCA has simplified key elements of the regime to make it more workable in practice including simpler capital requirements for stablecoin firms and tailoring trading rules to better reflect how crypto markets operate.
The FCA drew upon international best practice, applying established financial services standards where risks are comparable, including the Consumer Duty.
“This is a significant moment for crypto regulation in the UK. We’ve created a framework that doesn’t force firms to choose between regulatory certainty and room to innovate – this regime means they can have both in a stable, competitive home to build and grow. For consumers, it means firms will be held to similar standards to other financial providers, though we can’t regulate away risk.”
David Geale, executive director of payments and digital finance at the FCA
Legislation in February 2026 brought cryptoassets into the FCA’s remit, marking one of the most significant expansions of the regulator’s oversight in years. Until the new rules come into effect in October 2027, the FCA’s oversight of crypto will continue to be limited to financial promotions and anti-money laundering controls.
Crypto firms, including trading platforms, intermediaries, custodians, stablecoin issuers, and firms arranging staking must obtain FCA authorisation to operate in the UK.
The FCA is encouraging firms to prepare now and make use of its pre-application support meetings available from July. Firms can apply for authorisation between 30 September 2026 and 28 February 2027, so they are ready to start or continue to trade under the new mandatory regime which will come into force on 25 October 2027.
Crypto remains high-risk and consumers should understand what protections apply before investing. The new rules set by the FCA provide the foundation for a more sustainable and trusted crypto market in the UK.
