On 30 June 2026, the FCA published Policy Statement PS26/10. The statement sets final rules for UK-authorised firms wishing to issue non-systemic qualifying stablecoins. PS26/10 is one of four policy statements published simultaneously, alongside PS26/11 (regulated cryptoasset activities), PS26/12, and PS26/13. Together they establish the UK statutory cryptoasset regime under the Financial Services and Markets Act 2023. The rules take effect on 25 October 2027.
FSMA 2023 designated stablecoin issuance as a regulated activity under FSMA 2000, providing the statutory basis for PS26/10. The final rules address backing-asset composition, redemption standards, issuance conditions, and consumer protection obligations. The FCA also updated the SM&CR Enhanced threshold for stablecoin issuers. The updated threshold aligns with the Bank of England's parallel regime for systemic issuers, reflects current market scale, and accounts for payment-specific risk.
Firms currently issuing UK sterling qualifying stablecoins must apply for FCA authorisation by 28 February 2027. The authorisation window opens on 30 September 2026. Firms that do not obtain authorisation cannot lawfully issue qualifying stablecoins after 25 October 2027. Before authorisation is granted, issuers must demonstrate compliance with backing-asset, redemption, and disclosure requirements. New entrants face a pre-launch compliance burden; existing issuers without authorisation face a hard cut-off that cannot be extended.
Non-systemic issuers that cross HM Treasury's systemic designation threshold will move from FCA-only supervision to joint Bank of England and FCA regulation. A separate joint paper on the supervisory approach, published the same day, sets out how that transition works. How token holders of issuers that fail to gain authorisation before October 2027 will be treated has not been addressed in PS26/10. Future FCA supervisory guidance is expected to fill this gap.
Licentium advises on digital asset regulatory compliance and stablecoin authorisation strategy, and can draw on a partner network for UK and EU market support. Work we undertake includes FCA cryptoasset authorisation applications, PS26/10 gap analysis, stablecoin issuance compliance structuring, MiCA and UK FSMA 2023 parallel-regime mapping, and regulatory monitoring for token issuers and exchanges.
Source: FCA, Policy Statement PS26/10: Stablecoin Issuance - Crypto Regime, 30 June 2026