The Financial Conduct Authority published Policy Statement PS26/9 on 30 June 2026, setting out the final rules for the UK's mandatory cryptoasset regime under the Financial Services and Markets Act 2000 as amended by the Financial Services and Markets Act 2023. PS26/9 finalises the authorisation conditions for cryptoasset firms, including spot trading platforms, intermediaries, custodians, stablecoin issuers, and staking service providers operating in the UK. The mandatory regime takes effect on 25 October 2027; the authorisation application window opens on 30 September 2026 and closes on 28 February 2027.
The PS26/9 rules are made under FSMA 2000 as extended by the Financial Services and Markets Act 2023 and the Cryptoassets (Financial Promotions) Order 2023. The final rules simplify the draft capital requirements for stablecoin issuers, reducing thresholds from the consultation draft to reflect the risk profile of fiat-referenced stablecoins relative to e-money institutions. Stablecoin issuers whose instruments become systemic, as designated by HM Treasury, will face joint oversight by the Bank of England and the FCA under the regulatory arrangement published in the joint BoE-FCA paper on systemic stablecoin regulation. The FCA will regulate all UK-issued qualifying stablecoins and their use in retail payments.
Cryptoasset service providers currently operating under the Temporary Permissions Regime or the Financial Services Register's anti-money laundering registration must apply for full FCA authorisation during the window between 30 September 2026 and 28 February 2027. Stablecoin issuers offering instruments for use as retail payment rails must assess whether their activities constitute regulated activity under PS26/9 and apply accordingly. Merchants, corporate treasury teams, and cross-border remittance businesses using stablecoins as payment instruments face indirect effects: the liquidity, redemption, and operational resilience requirements placed on authorised issuers will flow through to the commercial terms on which stablecoin instruments are available. Firms that submit applications before 28 February 2027 may continue operating after 25 October 2027 pending determination of their application.
PS26/9 does not yet cover decentralised finance protocols or non-custodial wallet providers; the FCA has stated it will consult on these separately. The regime does not apply to security tokens, which remain governed by existing FSMA investment regulation. Firms that do not apply within the window must cease UK-facing cryptoasset activities by 25 October 2027 or face enforcement under the FSMA 2000 general prohibition in Section 19. The UK cryptoasset regime differs materially from MiCA on stablecoin classification and capital requirements, creating compliance divergence for firms operating across both UK and EU markets.
Licentium advises cryptoasset firms, payment institutions, and financial intermediaries on UK and EU crypto regulatory compliance, including FCA authorisation under PS26/9 and MiCA compliance planning. We assist with regulatory perimeter analysis, authorisation application strategy, and compliance programme design for the UK crypto regime. Work we undertake includes FCA cryptoasset authorisation support, stablecoin issuer regulatory assessment, UK-EU crypto regulatory divergence analysis, and cross-border crypto compliance strategy.
Source: Financial Conduct Authority, PS26/9: Cryptoassets Regime Final Rules, 30 June 2026