On 30 June 2026, the Financial Conduct Authority published PS26/9 on Admissions and Disclosures and the Market Abuse Regime for Cryptoassets, PS26/11 on Regulated Cryptoasset Activities, PS26/12 on the Prudential Regime for Cryptoasset Firms, and PS26/13 on the Application of the FCA Handbook for Regulated Cryptoasset Activities. These are final rules, not proposals. The FCA will accept authorisation applications from 30 September 2026 and will apply the regime to newly authorised firms from 25 October 2027.
The rules derive authority from the Financial Services and Markets Act 2000, as extended to cryptoassets by the Financial Services and Markets Act 2023. PS26/11 sets conduct of business obligations, client asset protections, and operational resilience requirements for cryptoasset service providers. PS26/12 adopts a K-factor prudential regime and fixes the K-SII coefficient at 1%, reduced from the proposed 2% following industry submissions that the consultation calibration overstated operational risk relative to stablecoin backing, trust, and custody requirements. PS26/9 applies insider dealing and market manipulation prohibitions to qualifying cryptoassets admitted to trading on a UK Qualifying Cryptoasset Trading Platform under FSMA.
Cryptoasset exchanges, custodians, stablecoin issuers, and platforms acting as intermediaries in UK markets must obtain FCA authorisation before 25 October 2027. Firms currently operating under Temporary Registration Regime status must assess their position against the final conduct and prudential requirements and file authorisation applications from 30 September 2026. Stablecoin issuers face additional requirements on backing assets, redemption processes, liquidity pools, and trust arrangements under the stablecoin sub-regime.
The FCA published two further consultation papers alongside the final rules, covering FCA Handbook application aspects not yet finalised, including the market-making and decentralised finance sub-regimes under CP26/4. Firms operating DeFi protocols or engaged in cryptoasset market-making should not treat the 30 June 2026 package as settling all their obligations; further FCA publications are expected through 2026 and into 2027.
Licentium advises cryptoasset businesses on regulatory authorisation and cross-border licensing. If your firm is preparing for FCA authorisation or assessing the impact of the new UK regime, we and our partner network can assist. Work we undertake includes cryptoasset authorisation strategy, Temporary Registration Regime transition support, K-factor prudential capital analysis, stablecoin regulatory mapping, and market abuse compliance for digital asset trading venues.