The Race Is On: FCA Publishes Final Rules for UK Cryptoasset Regime

On 30 June 2026, the FCA published a suite of policy statements setting out the final rules for the UK’s new cryptoasset regime. The publications mark a significant milestone in the UK’s approach to cryptoasset regulation, moving from consultation to confirmed rules across a wide range of areas.

Policy Statements

The policy statements respond to feedback received on the FCA’s prior consultation papers and cover the following:

• PS26/9 on Admissions and Disclosures (A&D) and Market Abuse Regime for Cryptoassets (MARC) — establishing the framework for cryptoasset trading venue admissions standards, issuer disclosure obligations, and a dedicated market abuse regime for qualifying cryptoassets
• PS26/10 on stablecoin issuance — finalising requirements for fiat-backed stablecoin issuers, including reserve and redemption requirements
• PS26/11 on regulated cryptoasset activities — confirming the perimeter and conduct requirements for firms carrying on regulated cryptoasset activities, including custody
• PS26/12 on the prudential regime for cryptoasset firms — setting out capital, liquidity, and risk management requirements for cryptoasset firms, supplemented by further consultations on non-Handbook prudential guidance
• The FCA also published two guidance consultations alongside the policy statement: GC26/4 on COREPRU Guidance Consultation and GC26/5 on CRYPTOPRU Guidance Consultation.
• PS26/13 on the application of the FCA Handbook for Regulated Cryptoasset Activities — confirming how existing Handbook provisions (including the Consumer Duty, operational resilience requirements, and the approach to international firms) will apply to cryptoasset firms, together with finalised guidance on each
• The FCA also published three guidance documents alongside the policy statement: FCA FG26/5 on non-Handbook guidance on the Consumer Duty for cryptoasset firms, FG26/6 on operational resilience, and FG26/7 on the approach to international cryptoasset firms.

Two further consultations are subject to finalisation: CP26/13, which contains the FCA’s proposed cryptoasset perimeter (PERG) guidance (the consultation has closed), and CP26/19, which proposes updates to the Decision Procedure and Penalties Manual (DEPP) to extend the FCA’s penalty framework to the cryptoasset market abuse regime (closing on 10 August 2026). The FCA has also confirmed that it will consult in late 2026 on Decentralised Finance (DeFi) guidance as well as on updates to the Financial Crime Guide relevant to cryptoasset firms. Latham will continue to monitor and report on these consultations.

The FCA will host a webinar setting out its policy statements on 17 July 2026.

Reference Table

The table below maps each of the FCA’s consultation papers to the corresponding policy statements and finalised guidance published on 30 June 2026.

Next Steps

Firms should focus on Financial Services and Markets Act readiness, as the publication of the policy statements is a significant milestone in the new regime — including considering authorisation and permission requirements, as well as any consequent systems, controls, and partnerships.

As a reminder, the FCA has confirmed the following key dates and next steps for firms:

• 11 May 2026 — PASS request submission opens: Pre-Application Support Service (PASS) meeting requests can be submitted to the FCA. PASS meetings give firms the opportunity to discuss their application plans with the FCA, and ask questions before submitting an application.
• July 2026 — PASS meetings begin: Scheduled meetings with the FCA will start taking place; the FCA will arrange the meetings as requests are received.
• 30 September 2026 — Gateway opens: The FCA has indicated that it will review applications in the order received, with an early submission therefore offering potential operational advantages.
• 28 February 2027 — Gateway closes: Firms wishing to benefit from the saving provision (allowing the continued provision of cryptoasset services once the new regime is effective) must apply by this date.
• 25 October 2027 — New Regime takes effect: The new regime becomes effective, meaning authorisation is required for regulated services.

Follow Latham’s UK Cryptoasset Regulatory Tracker for up-to-date information, analysis, and source links to help cryptoasset businesses understand and respond to the latest regulatory developments.

This post was prepared with the assistance of Gus Courtauld in the London office of Latham & Watkins.