FCA Regulatory Sandboxes

Up-to-date information, analysis, and source links to help cryptoasset businesses understand and respond to the latest regulatory developments.

Last updated August 2026.

Publication date: 13 July 2026
Regulator: BoE
Description: The BoE records that HSBC passed Gate 2 on 13 July 2026, becoming the first sandbox entrant approved for live digital securities depository services, subject to the limits and conditions in its approval notice.
Publication type: Sandbox approval
Response date: N/A
Link: BoE Digital Securities Sandbox dashboard; HSBC Gate 2 Sandbox Approval Notice

Publication date: 30 June 2026
Regulator: BoE
Description: The updated guidance replaces references to gilts with UK government debt, adds detail on the go-live stage and Gate 3 limits, clarifies the use of tokenised deposits and stablecoins as payment assets, and explains the policy decision on overall DSS capacity for non-systemic assets. Further changes cover Gate 2 and Gate 3 submissions and limits, wind down planning, permitted settlement arrangements, and overall DSS capacity.
Publication type: Final guidance
Response date: N/A
Link: BoE final guidance

Publication Date: 11 March 2026
Regulator: FCA
Description: FCA updated innovation services webpages noting that the FCA is not accepting any new cryptoasset-related applications for innovation services support currently, as it is supporting firms ahead of the new cryptoassets regime expected to come into force in October 2027.
Publication Type: FCA Webpage
Response Date Due: N/A
Link: Innovation Services webpage

Publication Date: 25 February 2026
Regulator: FCA
Description: FCA selected Monee Financial Technologies, ReStabilise, Revolut, and VVTX to test stablecoin products in the Regulatory Sandbox.
Publication Type: FCA press release
Response Date: N/A
Link: FCA press release

Publication Date: 26 November 2025
Regulator: FCA
Description: The FCA has launched a special cohort within its Regulatory Sandbox for firms issuing stablecoins. Issuers that wish to test their product with live customers (rather than using firm data) would need to be registered with the FCA for anti-money laundering purposes. If the issuer wishes to offer fiat payment services, they will need permissions under the Payment Services Regulations.
Publication Type: Press Release
Response Date Due: 18 January 2026
Link: PFCA press release

Publication Date: 30 January 2025
Regulator: HMT
Description: On 3 March 2025, the statutory instrument entered into force and applies to Digital Securities Sandbox participants. Key developments include temporarily disapplying certain money laundering regulations for activities in scope of the Digital Securities Sandbox.
Publication Type: Statutory instrument
Response Date: N/A
Link: HMT statutory instrument and explanatory memorandum

Publication Date: 30 September 2024
Regulator: FCA and BoE
Description: FCA and BoE outline the Digital Securities Sandbox, which is a regulated “live” environment that enables participants to explore developing technologies to undertake activities associated with Central Securities Depositories and trading venues. The BoE final guidance was further updated in March 2025 and June 2026.
Publication Type: Policy statement and final guidance
Response Date: N/A
Link: FCA and BoE PS24/12; BoE final guidance; BoE dashboard of sandbox approval notices

Publication Date: 3 April 2024
Regulator: BoE
Description: BoE and FCA proposals for the implementation, application, and supervision of Digital Securities Sandbox. Confirms companies using DSS technology must interact with firms as normal.
Publication Type: Consultation paper
Response Date: September 2024
Link: BoE consultation paper