On 30 June 2026, the Financial Conduct Authority published Policy Statements PS26/10, PS26/12, and PS26/13, setting final binding rules for non-systemic UK-issued qualifying stablecoin issuers under Part 5A of the Financial Services and Markets Act 2000. The Bank of England published its policy statement and draft Rulebook for systemic GBP-denominated stablecoin issuers on the same date, following its November 2025 consultation. The two bodies also released a joint paper setting out the co-ordinated supervisory approach for systemic stablecoin issuers.
PS26/10 governs stablecoin issuance, covering backing asset composition and safeguarding, daily redemption requirements, and disclosures to stablecoin holders. PS26/12 and PS26/13 address financial promotions and application of the FCA Handbook to cryptoasset firms. The Bank of England's draft Rulebook applies to issuers designated as systemic by HM Treasury under Schedule 6B of FSMA 2000, with supervisory responsibility in the BoE's Financial Market Infrastructure Directorate. The FCA retains exclusive jurisdiction over issuers that do not meet the systemic designation threshold.
Stablecoin issuers targeting UK retail or wholesale customers must apply for FCA authorisation between 30 September 2026 and 28 February 2027. Firms currently operating under FCA temporary permissions may continue trading until the mandatory regime begins on 25 October 2027. Cryptoasset exchanges, brokers, and custodians dealing in or safekeeping qualifying stablecoins must comply with parallel requirements published alongside PS26/10. Firms relying on non-UK stablecoin issuers to support UK-market products should assess whether those stablecoins qualify under the new definitions or require re-structuring.
The BoE's Rulebook applies only to issuers designated systemic by HM Treasury; no designation criteria have yet been published, leaving the systemic threshold undefined pending secondary legislation. Non-sterling stablecoins held or transacted in the UK fall outside the BoE's regime but remain within FCA scope for custody and exchange activities. Firms with pending FCA cryptoasset registration applications should check whether the new stablecoin rules require amendments to their application scope before the September 2026 window opens.
Licentium advises cryptoasset firms, payment institutions, and institutional clients on UK and EU digital asset regulatory matters, including FCA authorisation support and cross-border structuring. We may assist on this matter or refer within our partner network. Work we undertake includes FCA cryptoasset authorisation, stablecoin issuer compliance review, FSMA Part 5A analysis, MiCA cross-border structuring, and digital asset product advisory.
Source: Financial Conduct Authority, Policy Statement PS26/10: Stablecoin Issuance, 30 June 2026