United Kingdom sets rules for cryptocurrencies with a focus on capital and the market
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The cryptocurrency market in the United Kingdom will undergo one of the biggest regulatory changes in its history. The United Kingdom's Financial Conduct Authority (FCA) published the final set of rules that will govern the operation of companies in the sector, establishing capital requirements, measures against market abuse, and specific rules for stablecoin issuers.
The new regulatory model will come into force on 25 October 2027 and will create a single system for companies offering cryptocurrency-related services. The proposal seeks to bring the sector closer to the standards already applied to traditional financial institutions, including governance requirements, consumer protection, and operational resilience.
The new rules cover cryptocurrency trading platforms, brokerages, custody firms, stablecoin issuers, lending providers, staking services, and certain decentralized finance (DeFi) projects, provided there is an identifiable responsible entity.
Among the main changes is the obligation for trading platforms to carry out due diligence processes before listing new digital assets. Companies will also have to comply with admission criteria and publish disclosure documents for each cryptocurrency made available to investors.
The FCA also eliminated an existing exception that allowed the trading of certain fungible assets without specific documentation. As a result, all eligible cryptocurrencies will have to follow a uniform standard for information disclosure.
Another highlight of the regulatory package is the creation of a set of rules aimed at combating market abuse. The framework now includes practices related to the use of insider information and price manipulation.
At the same time, the regulator decided to relax part of the obligations initially planned for major operators of qualified platforms. The monitoring of on-chain activities was reduced, while the requirements related to the disclosure of insider information and communications between intermediaries were adjusted after consultations with the market.
In the case of stablecoins, the regulation establishes detailed rules for reserve management, resource protection mechanisms, redemptions, and transparency toward clients.
After receiving contributions from the sector, the FCA also reduced the K-SII prudential coefficient applied to stablecoin issuers from 2% to 1%. In addition, it authorized guarantee funds to maintain up to 5% of surplus assets and relaxed certain custody operations between companies in the same group.
The new prudential model also simplifies the treatment of cryptocurrency risks traded on qualified platforms. Instead of the two-tier classification system originally proposed, the assets will be subject to a single net risk position requirement of 40%, accompanied by a counterparty volatility adjustment also set at 40%.
Companies interested in operating under the new regime may apply for authorization between 30 September 2026 and 28 February 2027. Before that, the FCA will offer preparatory meetings starting in July to guide the development of applications.
Until the new rules come into force, the authority's supervision will remain focused on requirements related to financial promotions and combating money laundering.
David Geale, executive director of payments and digital finance at the FCA, described the initiative as an important step for cryptocurrency regulation in the country. According to him, "the regime aims to provide companies with regulatory certainty while, at the same time, maintaining room for innovation." The executive added that consumers will benefit from standards closer to those required of other financial service providers.