Overview
- The FCA published the final framework on Tuesday, June 30, 2026, and set an authorisation window from September 30, 2026 to February 28, 2027 ahead of mandatory enforcement on October 25, 2027.
- Stablecoin issuers face a lowered capital coefficient of 1% of circulating value, may hold up to a 5% excess in backing pools, and must place cash reserves in a statutory trust to protect token holders in bankruptcy.
- The new rulebook moves crypto firms from AML‑only oversight into full financial‑services licensing and covers trading platforms, custodians, staking providers, lending platforms and certain DeFi services with identifiable operators.
- Firms will need to meet capital and annual stress‑testing standards, follow tightened market‑integrity rules against insider trading and manipulation, and apply Consumer Duty protections with Financial Ombudsman access for retail customers.
- Pre‑application support begins in July 2026, existing AML registrations will not transfer automatically, and industry groups warn that compliance costs and authorisation failures could push some activity offshore or reshape where firms choose to base operations.