Cryptoeconomics

News, data and analysis on tokenized assets, market design and digital economic systems.

Jurisdiction · Phasing in

United Kingdom

The FCA published the five policy statements completing its cryptoasset rulebook on June 30, 2026; firms can apply from September 30, 2026 and the full regime applies from October 2027, with the Bank of England's systemic stablecoin Code still to be finalised.

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Regime
Financial Services and Markets Act 2023 cryptoasset regime; FSMA 2000 (Cryptoassets) Regulations 2026; FCA rulebook; Bank of England systemic stablecoin regime
Status
Final FCA rules published (June 30, 2026); authorisation gateway opens September 30, 2026; full regime from October 25, 2027
Scope
Qualifying stablecoin issuance, cryptoasset custody, trading platforms, dealing, staking and market abuse; systemic sterling stablecoins under the Bank of England

The state of play

The FSMA 2000 (Cryptoassets) Regulations 2026, approved on February 4, 2026, brought cryptoasset activities inside the UK regulatory perimeter. On June 30, 2026 the FCA published five policy statements completing the core rulebook: PS26/9 on admissions, disclosures and the Market Abuse Regime for Cryptoassets, PS26/10 on qualifying stablecoin issuance, PS26/11 on regulated cryptoasset activities, PS26/12 on the prudential regime and PS26/13 on Handbook application. Firms can apply under savings provisions between September 30, 2026 and February 28, 2027, with the full regime applying from October 25, 2027. The Bank of England published its policy statement and draft Code of Practice for systemic sterling stablecoins on June 22, 2026, proposing that backing assets may include up to 70% short-term UK government debt with at least 30% in unremunerated central bank deposits, alongside a temporary £40bn issuance guardrail per systemic coin; that consultation closed on September 22, 2026 with the Code expected to be finalised by end-2026. On tokenized government debt, HM Treasury selected HSBC's Orion platform for the DIGIT pilot digital gilt in February 2026, and HSBC and the London Stock Exchange Group signed a memorandum of understanding on July 17, 2026.

Frameworks

FrameworkStatusDateNote
Financial Services and Markets Act 2023In force 29 June 2023Enables regulation of cryptoassets, stablecoins used for payment and systemic payment systems using digital settlement assets.
Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026In force 4 February 2026Creates the specified activities for stablecoin issuance, custody, trading platforms, dealing and staking; approved by Parliament February 4, 2026.
FCA PS26/9: admissions and disclosures and the Market Abuse Regime for CryptoassetsFinal rules 30 June 2026Admission documents, due diligence obligations for trading platforms and a bespoke market abuse regime.
FCA PS26/10: qualifying stablecoin issuance and custodyFinal rules 30 June 2026Backing asset composition, statutory trust, par redemption by the end of the next business day, no interest to holders.
FCA PS26/11: regulated cryptoasset activitiesFinal rules 30 June 2026Conduct, disclosure and operational requirements for trading platforms, intermediaries, custodians and staking services.
FCA PS26/12: prudential regime for cryptoasset firms (COREPRU)Final rules 30 June 2026Own funds, liquidity and concentration requirements for authorised cryptoasset firms.
FCA PS26/13: application of the Handbook to cryptoasset firmsFinal rules 30 June 2026Threshold conditions, senior managers regime and consumer duty application.
Bank of England policy statement and draft Code of Practice for systemic payment systems using stablecoinsConsultation 22 June 2026Backing of up to 70% short-term UK government debt with at least 30% unremunerated central bank deposits, plus a temporary £40bn issuance guardrail per systemic coin; consultation closed September 22, 2026, final Code expected end-2026 with the regime live in 2027.
Digital Securities Sandbox (FCA and Bank of England)In force 30 September 2024Allows firms to operate DLT-based securities issuance, trading and settlement under modified rules for up to five years.
DIGIT digital gilt pilotIn force 1 February 2026HM Treasury selected HSBC's Orion platform to issue a pilot DLT-based gilt; HSBC and the London Stock Exchange Group signed a memorandum of understanding on July 17, 2026.
Money Laundering Regulations 2017 cryptoasset registration and travel ruleIn force 1 September 2023FCA registration for cryptoasset businesses and originator/beneficiary information requirements for transfers.

Products issued under this regime

  • DIGIT pilot digital gilt (HM Treasury, HSBC Orion)
  • Fnality sterling payment system (Bank of England omnibus account)
  • Abrdn tokenized money market fund share class on Archax
  • HSBC Orion tokenized bond platform

Market participants

On the record

Every development we have evidenced under United Kingdom, newest first.

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Bank of England publishes draft rules for systemic sterling stablecoins

The Bank of England published a policy statement and draft Code of Practice for issuers of systemic sterling stablecoins, setting a temporary guardrail of £40bn per issuance instead of the individual holding limits it had consulted on. Issuers may hold up to 70% of backing assets in short-term UK government debt, with the remaining 30% in deposits at the Bank; responses are due by 22 September 2026 and regulated stablecoins are expected to operate from 2027.

Regulatory United Kingdom Stablecoins Bank of England: Policy statement and draft rules on regulating systemic stablecoins ↗

UK retail investors regain access to crypto exchange traded notes

Retail access to crypto exchange traded notes reopened in the United Kingdom, reversing a prohibition in force since January 2021. The Financial Conduct Authority required the notes to be traded on an FCA-approved UK investment exchange and subject to financial promotion rules and the Consumer Duty; holdings are not covered by the Financial Services Compensation Scheme, and the ban on retail access to cryptoasset derivatives remains.

Regulatory United Kingdom Financial Conduct Authority: FCA opens retail access to crypto ETNs ↗

UK Financial Services and Markets Act 2023 receives Royal Assent

The Financial Services and Markets Act 2023 became law as 2023 Chapter 29, carrying provisions that bring digital settlement assets within UK payments regulation and create a framework for financial market infrastructure sandboxes. The Act gave HM Treasury the powers on which later secondary legislation for cryptoassets was built.

Regulatory United Kingdom legislation.gov.uk, Financial Services and Markets Act 2023 ↗

HM Treasury consults on bringing payment stablecoins into UK regulation

HM Treasury published a consultation and call for evidence on the UK regulatory approach to cryptoassets and stablecoins, open until 21 March 2021, confirming the government's intention to legislate to bring certain stablecoins used as a means of payment inside the regulatory perimeter. The government published its response on 4 April 2022.

Regulatory United Kingdom Stablecoins HM Treasury: UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence ↗

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