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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 December 2025.

Published

FCA publishes press release that it will accept UK stablecoin issuers within the Regulatory Sandbox

  • 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 laudering purposes. If the issuer wish 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

The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025

  • 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

PS24/12: Digital Securities Sandbox joint Policy Statement and Final Guidance

  • 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.
  • 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

Digital Securities Sandbox joint Bank of England and FCA consultation paper

  • 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
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