The UK's Financial Conduct Authority (FCA) has published its final crypto rulebook, completing a multi-year regulatory roadmap. Trading platforms, custodians, stablecoin issuers, and staking providers must obtain FCA authorization before the regime takes effect in October 2027. The rules include capital and stress-testing requirements, market-abuse controls, and stablecoin standards, which have been eased in some areas after industry feedback. Firms must also vet tokens and publish disclosures to an FCA-run repository before listing most assets. The FCA's Consumer Duty will apply, and retail customers will gain access to the Financial Ombudsman Service for the first time. The rules extend to decentralized finance where there is an 'identifiable controlling entity,' with further guidance expected. Pre-application meetings open in July 2026, with authorization applications accepted from September 30, 2026, to February 28, 2027. The regime becomes mandatory on October 25, 2027. Industry groups have welcomed the clarity, while the FCA and Bank of England are working on a joint regime for systemic stablecoins. The rules aim to bring crypto into a more established regulatory framework, addressing risks that may have hindered wider adoption.

Key facts

• FCA finalizes crypto rulebook; firms must authorize by October 2027.
• Stablecoin capital coefficient reduced to 1% from 2% after feedback.
• Trading platforms must vet tokens and file disclosures with FCA.
• Retail customers gain access to Financial Ombudsman Service.
• Pre-application meetings start July 2026; authorization window opens Sept 2026.