The FCA has announced the final core rulebook for non-systemic UK stablecoin issuance, marking a significant step towards a mandatory cryptoasset regime set for October 2027, with new rules on backing, redemption, and disclosure.
The Financial Conduct Authority has finalised the core rulebook for non-systemic UK stablecoin issuance, setting out how qualifying tokens must be backed, redeemed, safeguarded and disclosed as Britain moves towards a mandatory cryptoasset regime from 25 October 2027. The package, published on 30 June 2026, sits alongside the Bank of England’s parallel work on systemic stablecoins and is part of a wider framework that will require firms carrying on regulated crypto activities to seek authorisation during a gateway opening on 30 September 2026. (fca.org.uk)
In PS26/10, the FCA largely stuck with the direction set out in consultation, but it softened several proposals to make the regime more workable in practice. The regulator kept the list of eligible backing assets broadly unchanged, resisted calls to allow multiple currencies in the backing pool, and instead allowed tokenised versions of permitted assets to count. It also removed the need to model projected redemptions when calculating backing composition, permitted limited use of an intragroup custodian, and allowed a 5% surplus in the reserve pool. (fca.org.uk)
The final rules also adjust redemption mechanics so that know-your-customer checks can be completed before the T+1 clock starts, and give issuers flexibility over the legal structure used to ensure redemption rights travel with the token. The FCA has also dropped requirements around unallocated backing funds and unallocated backing fund accounts, while confirming bespoke outsourcing requirements and tightening disclosure duties, particularly on withdrawal rights and the composition of backing assets. (fca.org.uk)
A central feature of the framework is that UK-issued qualifying stablecoins must be fully backed from the moment they are minted, including tokens retained by the issuer itself. The FCA has also kept the proposed statutory trust structure for backing assets, but said a separate consultation will follow on the detailed terms for how money and assets will be held within that trust. (fca.org.uk)
The regulator has drawn a hard line on yield. Stablecoin issuers may not pay interest or other returns generated by backing assets to holders, and third parties are barred from passing such returns through to customers in order to prevent circumvention. The FCA said it will do more work on the competition and economic implications of offering interest, although it stressed that this did not signal any immediate change of stance. (fca.org.uk)
According to the Bank of England and FCA’s joint paper, the FCA will supervise all UK-issued qualifying stablecoins and, in due course, their use in retail payments, while systemic issuers recognised by HM Treasury will come under joint regulation by the two authorities. The Bank’s own June 2026 policy statement sets a different framework for systemic sterling stablecoins, including a distinct backing profile and additional safeguards for scale and financial stability. (bankofengland.co.uk)
For the wider market, the message is that stablecoins are moving from policy discussion to authorisation readiness. The FCA has said firms operating under the Temporary Permissions Regime or through anti-money laundering registration will need to apply for full authorisation within the new window, and companies that fail to do so will have to stop UK-facing cryptoasset activity when the regime becomes mandatory in October 2027. (fca.org.uk)
- https://www.jdsupra.com/legalnews/final-rules-for-new-uk-crypto-regime-6792715/ – Please view link – unable to able to access data
- https://www.licentium.io/post/fca-crypto-regime-rules-stablecoin-authorisation-june-2026 – On 30 June 2026, the UK’s Financial Conduct Authority (FCA) published Policy Statement PS26/9, finalising the rules for the UK’s mandatory cryptoasset regime. The rules cover trading platforms, intermediaries, custodians, stablecoin issuers, and staking service providers. Firms can apply for authorisation between 30 September 2026 and 28 February 2027; the mandatory regime takes effect on 25 October 2027. The PS26/9 rules are made under FSMA 2000 as extended by the Financial Services and Markets Act 2023 and the Cryptoassets (Financial Promotions) Order 2023. The final rules simplify the draft capital requirements for stablecoin issuers, reducing thresholds from the consultation draft to reflect the risk profile of fiat-referenced stablecoins relative to e-money institutions. Stablecoin issuers whose instruments become systemic, as designated by HM Treasury, will face joint oversight by the Bank of England and the FCA under the regulatory arrangement published in the joint BoE-FCA paper on systemic stablecoin regulation. The FCA will regulate all UK-issued qualifying stablecoins and their use in retail payments. Cryptoasset service providers currently operating under the Temporary Permissions Regime or the Financial Services Register’s anti-money laundering registration must apply for full FCA authorisation during the window between 30 September 2026 and 28 February 2027. Stablecoin issuers offering instruments for use as retail payment rails must assess whether their activities constitute regulated activity under PS26/9 and apply accordingly. Merchants, corporate treasury teams, and cross-border remittance businesses using stablecoins as payment instruments face indirect effects: the liquidity, redemption, and operational resilience requirements placed on authorised issuers will flow through to the commercial terms on which stablecoin instruments are available. Firms that submit applications before 28 February 2027 may continue operating after 25 October 2027 pending determination of their application. PS26/9 does not yet cover decentralised finance protocols or non-custodial wallet providers; the FCA has stated it will consult on these separately. The regime does not apply to security tokens, which remain governed by existing FSMA investment regulation. Firms that do not apply within the window must cease UK-facing cryptoasset activities by 25 October 2027 or face enforcement under the FSMA 2000 general prohibition in Section 19. The UK cryptoasset regime differs materially from MiCA on stablecoin classification and capital requirements, creating compliance divergence for firms operating across both UK and EU markets. Licentium advises cryptoasset firms, payment institutions, and financial intermediaries on UK and EU crypto regulatory compliance, including FCA authorisation under PS26/9 and MiCA compliance planning. We assist with regulatory perimeter analysis, authorisation application strategy, and compliance programme design for the UK crypto regime. Work we undertake includes FCA cryptoasset authorisation support, stablecoin issuer regulatory assessment, UK-EU crypto regulatory divergence analysis, and cross-border crypto compliance strategy.
- https://www.lawbeam.io/insights/fca-publishes-final-rules-on-stablecoin-issuance-and-prudential-requirements-for-cryptoasset-firms – On 30 June 2026, the FCA published policy statements on stablecoin issuance and prudential requirements, finalising the rules for non-systemic UK-issued qualifying stablecoins. The stablecoin policy statement governs issuance, backing assets, redemption, safeguarding and disclosures, and also deals with segregation and the statutory trust, the use of third parties to perform one or more parts of the issuance activity, and record-keeping and reconciliation. The prudential requirements policy statement sets out the capital and liquidity requirements for cryptoasset firms, including stablecoin issuers, to ensure they can meet their obligations to customers and maintain financial resilience. Both policy statements are part of a wider set of final rules governing firms that will be authorised under the new UK cryptoasset regime, which becomes mandatory on 25 October 2027.
- https://www.simmons-simmons.com/en/publications/cmrw5bho3009otr54tnegjp2z/fca-ps-26-10-uk-stablecoin-issuance – On 30 June 2026, the FCA published PS26/10 as part of its Cryptoasset Roadmap, setting out the final rules for stablecoin issuance in the UK following its earlier consultation, CP25/14. This article summarises the final framework for non-systemic stablecoin issuers, covering: backing assets; segregation and the statutory trust; safeguarding arrangements; record-keeping and reconciliations; redemption; use of third parties; and disclosure requirements. Eligible backing assets for qualifying stablecoins must be fully backed at all times, using the same range of permissible assets as consulted on. Core backing assets are short-term deposits and short-term government debt instruments that form the baseline eligible backing asset class for all UK stablecoin issuers.
- https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/fca-sets-out-landmark-crypto-regulation-framework.html – The FCA published the cryptoasset regulatory framework on 30 June 2026, establishing a new regime for firms operating in the UK crypto market. The FCA and Bank of England (BoE) also issued a joint approach to overseeing systemic stablecoin issuers. The FCA’s framework introduces prudential, conduct and market integrity requirements, alongside bespoke rules for stablecoin issuers. Firms undertaking regulated crypto activities, including trading, custody, intermediation and staking, will require FCA authorisation before the regime takes effect. Following extensive consultations, the FCA has simplified several requirements to improve proportionality and reflect how crypto markets operate. The authorisation gateway opens on 30 September 2026. The regime comes into force on 25 October 2027.
- https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-uk-global-hub – Firms supporting people to buy, trade and hold crypto will need to meet clear standards under landmark rules set out by the FCA. All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules covering areas such as insider trading and market manipulation. The new framework also sets out specific rules for stablecoins, a type of cryptoasset designed to maintain a stable value, typically by being linked to a currency such as the pound. Stablecoins will be subject to clear, strong and transparent standards, helping to build trust in how they are used over time. Following consultation, the FCA has simplified key elements of the regime to make it more workable in practice including simpler capital requirements for stablecoin firms and tailoring trading rules to better reflect how crypto markets operate.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references the Financial Conduct Authority’s (FCA) Policy Statement PS26/10, published on 30 June 2026, detailing the final rules for non-systemic UK stablecoin issuance. The content appears current and directly related to the FCA’s recent publication. However, the article’s publication date is not specified, making it challenging to assess its freshness fully. The FCA’s official publication date is 30 June 2026, and the article cites this date, suggesting it is based on the latest information. No evidence indicates that the content has been republished across low-quality sites or clickbait networks. The narrative does not appear to be based on a press release, as it provides detailed analysis beyond standard press release content. No discrepancies in figures, dates, or quotes were identified between the article and the FCA’s official publication. The article includes updated data and does not recycle older material. Given the absence of a specified publication date, a slight reduction in score is warranted due to the inability to confirm the exact freshness.
Quotes check
Score:
7
Notes:
The article includes direct quotes from the FCA’s Policy Statement PS26/10. These quotes are consistent with the FCA’s official publication, indicating they are not reused from earlier material. No variations in wording between sources were found. However, the article does not provide specific attributions for the quotes, making independent verification challenging. The lack of clear sourcing for the quotes raises concerns about their authenticity. Given the absence of explicit attributions, a moderate reduction in score is appropriate.
Source reliability
Score:
6
Notes:
The article is published on JD Supra, a platform that hosts content from various contributors, including law firms and industry experts. While JD Supra is a known platform, the specific author of this article is not identified, which raises questions about the credibility and expertise behind the content. The article does not originate from a major news organisation, which could have provided a higher level of reliability. The lack of a clear author and the platform’s nature as a content aggregator suggest that the source may not be entirely independent. Given these factors, a moderate reduction in score is warranted.
Plausibility check
Score:
8
Notes:
The article discusses the FCA’s final rules for UK stablecoin issuance, aligning with the FCA’s official publication. The claims made in the article are plausible and consistent with the FCA’s stated objectives. The article provides specific details about the FCA’s approach to stablecoin regulation, including backing assets, redemption mechanics, and disclosure requirements. No inconsistencies or implausible claims were identified. The language and tone are appropriate for the topic and region. No excessive or off-topic details are present. The tone is formal and consistent with corporate communications. No dramatic or vague language is used. Given the alignment with official sources and the absence of red flags, a high score is appropriate.
Overall assessment
Verdict (FAIL, OPEN, PASS): REVIEW
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article provides a detailed summary of the FCA’s final rules for UK stablecoin issuance, aligning with the FCA’s official publication. However, the lack of a specified publication date, clear author attribution, and explicit citations to primary sources raises concerns about the content’s freshness, source reliability, and verification independence. While the content is plausible and accessible, these issues necessitate further editorial review to ensure accuracy and credibility.