Crypto & Digital Assets regulatory updates from United Kingdom.
We track 57 Crypto & Digital Assets updates from United Kingdom regulators, published by FCA, BoE and PRA. The archive covers 27 news items, 16 speeches and 5 warnings. Most recent update: September 2026. Coverage runs from 2025 to 2026.
Speech by Nikhil Rathi, FCA chief executive at TheCityUK dinner, sponsored by Nasdaq. Thank you to TheCityUK and Nasdaq for bringing us together this evening.It’s a fitting venue for us to discuss market transitions: the former HQ of Midland Bank, which of course became part of HSBC.And now HSBC Orion has become the…
Why this matters
This is a substantive policy speech from FCA leadership outlining strategic regulatory approach to emerging technologies (tokenisation, AI, stablecoins, digital assets) in wholesale markets.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The update is an FCA warning against a specific unauthorised entity (@Bitoni1Audrey) operating via social media and messaging platforms, likely engaged in fraudulent trading or investment promotion. The content supports Authorisation & Licensing (firm lacks FCA permission) and AML / Financial Crime (scam warning).
The FCA and partners have taken further action against illegal peer-to-peer crypto trading in London. The FCA has carried out further operations with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations.Working with HM Revenue & Customs (HMRC) and the Metropolitan Police Service…
Why this matters
The FCA announcement describes a coordinated multi-agency enforcement operation (FCA, HMRC, Metropolitan Police) against illegal peer-to-peer crypto trading, with cease-and-desist letters issued to 3 premises.
New FCA guidance will help firms understand how the law underpinning the UK's future cryptoasset regime applies to their business. It also sets out which activities may require FCA authorisation. The regime comes into force on 25 October 2027. With applications for authorisation opening from 30 September 2026, firms…
Why this matters
This is a policy statement and guidance document from the FCA clarifying how the new UK cryptoasset regime applies to firms. It covers multiple regulated activities (stablecoin issuance, trading platforms, dealing, safeguarding, staking) and sets out authorisation requirements.
This is a substantive policy speech by Carolyn Wilkins (BoE Deputy Governor) announcing the Bank of England's framework for regulating systemic sterling-denominated stablecoins (finalised end-2026).
The Securities Lending Committee is a forum for market participants and authorities to discuss the UK securities lending market.
Why this matters
This is an informational document recording a Securities Lending Committee meeting. It discusses ongoing initiatives (T+1 settlement transition, digital asset infrastructure, tax harmonisation) and market conditions, but contains no new rules, final guidance, or enforcement precedent.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The content is an FCA warning notice against an unauthorised cryptocurrency/fintech firm operating without permission. It alerts consumers to avoid the firm and explains protections they lack.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The update is an FCA warning notice against a specific unauthorised firm (Passionvest/Cryptoslite) operating without permission. It alerts consumers to avoid the firm and explains the lack of regulatory protections (ombudsman, FSCS coverage).
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The content is an FCA warning notice against a specific unauthorised cryptocurrency/fintech firm operating without permission. It contains no new rules, guidance, or policy signals—only a standard alert to consumers about an unregistered entity. The firm appears to be a scam targeting UK consumers.
Given at The Financial and Professional Services Dinner, Mansion House
Why this matters
Speech by BoE Governor Andrew Bailey addressing economic growth and regulation. Key focus on bank capital requirements, payments modernization (including tokenized money and stablecoins), and AI/frontier AI risks to financial stability. Informational/policy guidance content rather than urgent regulatory action.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Why this matters
Meeting minutes documenting regulatory framework updates on FX benchmarks (BMR), stablecoins/cryptoassets, and AI deployment. Covers EU and UK regulatory approaches with forward-looking agenda items on cryptoasset regulation and benchmarks.
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…
Why this matters
FCA announces final crypto regulatory framework with mandatory authorisation requirements effective October 2027. Covers financial resilience, market integrity, stablecoin standards, and consumer protections. Informational announcement of completed policy statements rather than urgent enforcement action.
The Bank of England and the FCA have published a joint approach setting out how they and where relevant other authorities will work together to regulate systemic stablecoin issuers in the UK.It explains how responsibilities will be split between the authorities, and how UK stablecoin issuers may move from FCA…
AI Analysis
The FCA and Bank of England have set out a joint supervisory model for **systemic stablecoin issuers**, clarifying how firms will move from FCA-only oversight to joint regulation once HM Treasury designates them as systemic. This matters because UK‑based and non‑UK stablecoin issuers used for payments will face distinct prudential, conduct and structural requirements depending on whether they are non‑systemic (FCA only) or systemic (Bank of England plus FCA), with a managed transition between regimes.
Key dates
10 November 2025
- Bank of England consultation paper issued on the proposed regulatory framework for sterling‑denominated systemic stablecoins and systemic payment system operators
Late 2026
- Bank of England intends to finalise the Code of Practice and supporting materials by the end of 2026, confirming the prudential and structural regime for systemic stablecoins
From 2026
- UK introduces new regulatory authorisation requirements for stablecoin issuers, including FCA authorisation for qualifying issuance and custody activities
10 February 2026
- Consultation period closes for the Bank of England’s systemic stablecoin regime proposals
June 2026
- Bank of England publishes its policy statement and draft Code of Practice for systemic stablecoin issuers, setting out detailed prudential and backing‑asset rules and confirming joint work with the FCA on an end‑to‑end regime
Suggested considerations
Map all existing and planned sterling‑denominated stablecoin products against the UK’s systemic and non‑systemic regimes and assess whether their intended use in UK payments could trigger HM Treasury systemic recognition.
Initiate or update FCA authorisation applications for stablecoin issuance and cryptoasset custody activities, ensuring business models, governance and safeguarding arrangements align with CP25/14 and the forthcoming stablecoin regime.
Design and implement reserve‑management frameworks capable of maintaining backing assets equal to outstanding coins, in the proposed 70/30 mix between short‑term UK government debt and Bank of England deposits, with appropriate stress testing and liquidity risk oversight.
Establish statutory trust and segregation structures for backing assets and liquid‑asset reserves, including appointing UK‑authorised third‑party custodians and aligning documentation with FCA client‑asset‑style protections and coinholder proprietary claims.
Develop capital planning processes and ICAAP‑style assessments to meet the Bank of England’s requirements for capital against general business risk and dedicated reserves for financial risk and wind‑down costs.
What changed
- UK stablecoin issuance will be subject to a dual regulatory regime: non‑systemic stablecoins will be supervised solely by the FCA, while systemic stablecoins used for payments will be jointly...
Issuing a qualifying sterling‑denominated stablecoin in the UK will become a regulated activity, requiring FCA authorisation for non‑bank issuers and bringing them within the FCA’s prudential,...
HM Treasury will apply statutory systemic tests under the Banking Act (e.g. scale, interconnectedness, substitutability, impact on confidence in sterling) to decide whether a stablecoin payment...
Once recognised as systemic, stablecoin issuers and systemic payment system providers will fall under the Bank of England’s remit under the Banking Act 2009, including powers to obtain information,...
Systemic sterling‑denominated stablecoin issuers will be required to maintain backing reserves equal to all outstanding coins, with backing assets held on statutory trust in the UK and ring‑fenced...
Compliance impact
Non‑compliance with the emerging stablecoin regime may result in refusal of authorisation, enforcement directions, restrictions on issuance volumes, and potential wind‑down of stablecoin products, with significant balance‑sheet, reputational and operational consequences. Systemic issuers face heightened supervisory scrutiny and Banking Act enforcement powers, making early alignment with prudential, safeguarding and governance expectations critical.
The Bank of England has today published its policy statement and draft Code of Practice (rules) for systemic stablecoin issuers.
AI Analysis
The Bank of England has issued a policy statement and draft **Code of Practice** setting out the prudential and conduct framework for **sterling‑denominated systemic stablecoin issuers**, replacing earlier consultation proposals with a more business‑viable model. For compliance teams, the key changes are a revised backing‑asset composition (70% gilts / 30% BoE deposits vs the previously consulted 60%/40%) and a shift from **per‑holder limits** to a **£40 billion per‑coin issuance guardrail**, plus a clear timetable to finalise rules by end‑2026 and enable UK‑regulated systemic stablecoins from 2027.
Key dates
2024
- UK Government publishes its National Payments Vision, which provides the policy backdrop for a UK regime on digital money, including stablecoins
10 November 2025
- BoE consultation paper “Proposed regulatory regime for sterling‑denominated systemic stablecoins” is published, setting out the initial framework, including 60% cap on gilts and per‑holder limits
10 November 2025
- BoE Financial Stability Paper on “The role of holding limits for sterling‑denominated systemic stablecoins and a potential digital pound” is published, exploring the macro‑prudential rationale for quantitative limits
End of 2026
- BoE intends to finalise the Code of Practice and supporting rules for systemic sterling‑denominated stablecoins, following the consultation feedback
02 February 2026
- Sarah Breeden speech “Talking ’bout next generation” elaborates on digital money and the proposed stablecoin regime
Suggested considerations
Conduct a regulatory perimeter and recognition analysis to determine whether any issued or planned sterling‑denominated stablecoin could meet the Banking Act 2009 systemic tests and therefore fall under the BoE systemic stablecoin regime.
Review and update treasury and investment policies for stablecoin backing assets to ensure the portfolio structure can comply with the revised requirement of up to 70% short‑term UK government debt and the remainder in BoE deposits.
Perform detailed liquidity and redemption stress‑testing to evidence that central bank deposits and gilt portfolios can support prompt redemption under extreme but plausible scenarios while remaining within the £40 billion issuance guardrail.
Re‑calibrate business plans and revenue models for systemic stablecoin issuance to reflect the increased allowable share of interest‑bearing gilts, the absence of per‑holder limits, and continued constraints on paying interest to coinholders.
Design and implement governance and risk‑management frameworks that meet BoE expectations for systemic payment systems, including Board‑level oversight, risk appetite for digital money, and clear accountability for prudential and operational risks.
What changed
- The Bank of England has published a policy statement “Sterling‑denominated systemic stablecoins” (22 June 2026) and a draft Code of Practice that will constitute the primary rulebook for systemic...
The regime applies only to systemic sterling‑denominated stablecoins used for UK payments, i.e. stablecoins recognised as systemic under Banking Act 2009 tests where disruption could threaten UK...
The previous proposal that at least 40% of backing assets be unremunerated central bank deposits and up to 60% in short‑term UK government debt has been revised so that up to 70% of backing assets...
Backing assets must remain highly liquid and low‑risk, with central bank deposits used explicitly to support prompt redemption in stress, while the expanded gilt component is intended to improve the...
The BoE has dropped the earlier concept of temporary per‑holder limits (for example, £20,000 per individual and £10 million per business that were consulted on in 2025) and replaced them with a...
Compliance impact
The regime is high‑impact and prudentially stringent, and non‑compliance could result in refusal of systemic recognition, restrictions on issuance, enforcement actions under the Banking Act 2009, and forced wind‑down or restructuring of stablecoin businesses. Given the 2027 go‑live and the depth of prudential, safeguarding, and operational changes required, firms intending to issue or support systemic sterling stablecoins face a multi‑year transformation programme with material supervisory scrutiny.
Football clubs have been warned not to put their fans’ cash at risk by signing sponsorship deals with financial firms that aren't allowed to operate in the UK. According to the FCA, a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football…
Why this matters
FCA warning to football clubs about unauthorised financial services firms (including crypto and trading platforms) using sponsorship deals to target consumers. Addresses regulatory compliance, consumer protection risks, and AML concerns. Informational/advisory content rather than enforcement action, hence null urgency.
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
Why this matters
PRA regulatory digest containing multiple policy statements and consultations on capital requirements (Pillar 2A, CRR definitions), cryptoasset/tokenisation prudential treatment, insurance third-country branches, and AI/cyber resilience. Mix of final policy statements and consultative feedback.
Speech outlining BoE's vision and regulatory framework for tokenisation in UK financial markets and retail payments. Covers Digital Securities Sandbox, stablecoin regulation, CBDC development, and settlement infrastructure modernisation. Informational/strategic guidance rather than urgent enforcement action.
The Financial Conduct Authority and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets
Why this matters
FCA and BoE joint guidance on tokenisation and DLT in UK wholesale markets. Informational call for input on regulatory framework and infrastructure for digital assets. Affects multiple firm types across wholesale markets. No immediate compliance deadline, feedback closes July 2026.
UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital…
Why this matters
FCA and Bank of England announcement on tokenisation framework for UK wholesale markets. Informational guidance setting out shared vision, principles, and consultation on regulatory approach to DLT and tokenised assets. Affects multiple market participants across capital markets, payments, and digital assets sectors.
Letter to Chief Executive Officers of all banks and designated investment firms.
Why this matters
PRA letter clarifying regulatory position on deposits, e-money, and stablecoins innovations. Informational/guidance content from regulator addressing authorization and prudential expectations for financial institutions handling these products. No immediate compliance deadline indicated, classified as news/guidance.
Letter to Chief Executive Officers of all banks and designated investment firms.
Why this matters
PRA letter addressing prudential treatment and regulatory framework for cryptoasset exposures, tokenised assets, and stablecoins. Informational/guidance content from regulators (Bailey, Gerken, Jackson) on capital and prudential requirements for firms with crypto exposure.
The FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets. Simon Walls appointed executive director, marketsSimon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis…
From 11 May 2026, cryptoasset firms preparing for the new FSMA regime will be able to request a pre-application meeting with us via our Pre-Application Support Service (PASS). Pre-application meetings are free of charge and give firms the opportunity to discuss their plans with us and ask questions before submitting…
Asset managers will find it easier to unlock the benefits of fund tokenisation, following the publication of new guidance by the FCA. The guidance sets out how firms can use distributed ledger technology (DLT) within the regulator’s existing rules.New rules will also make fund dealing more efficient, including an…
Speech by Sarah Pritchard, FCA deputy chief executive, at the BSA Annual Conference, Edinburgh. As a history lover, it’s thrilling to be in a city like Edinburgh – called a ‘hot-bed of genius’ during the Scottish Enlightenment.What defined the Enlightenment spirit was the refusal to settle, and a determination to make…
Firms willbenefitfromreduced costs andgreater flexibility, andfind it easier tocomply with the Senior Managers and Certification Regime (SM&CR),following reformsset outon 22 April by theFCA and Prudential Regulation Authority (PRA). The changes, which come as the first phase of a multi-stage package of reform from the…
The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations. Working with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted 8 premises suspected of illegal peer-to-peer crypto trading…
The SONIA Stakeholder Advisory Group supports the Bank’s administration of SONIA by providing advice and technical input to the Bank and the SONIA Oversight Committee
Why this matters
This regulatory update covers discussions around SONIA, the UK's risk-free rate, including the impact of potential changes to the UK Treasury bill market and the rise of stablecoins.
Crypto will be regulated in the UK from October 2027. The FCA is finalising the wider cryptoasset regime, with rules to be published this summer. Parliament has now confirmed which cryptoasset activities will fall within the scope of regulation. Building on that, the FCA is consulting on new guidance to help firms…
On 21 November 2025, we imposed restrictions on Bazar Money Transfer Limited (BMTL), preventing it from providing regulated payment services. BMTL is registered with the FCA to provide money remittance services to retail and corporate customers.As BMTL was no longer meeting the conditions for registration as a small…
Why this matters
This regulatory update from the FCA imposes restrictions on a money transfer firm, Bazar Money Transfer Limited (BMTL), preventing it from providing regulated payment services. This is due to BMTL no longer meeting the conditions for registration as a small payment institution.
This regulatory update discusses the design and development of a central bank digital currency (CBDC) in the UK, covering key considerations around security, innovation, financial/monetary stability, money uniformity, and financial viability for the public and private sectors.
We’ve confirmed new rules to make existing incident and third party reporting clearer, more consistent, and easier for firms to follow. These new rules will help us respond quickly to disruption such as a cyber attack or power outage, give firms greater certainty on what to report and when and strengthen firm…
Why this matters
This regulatory update from the FCA introduces new incident and third-party reporting requirements to bolster operational resilience in the financial sector, particularly in response to growing cyber threats and reliance on third-party providers.
Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we…
Why this matters
This speech covers regulatory updates and changes across the payments and digital finance ecosystem, including the consolidation of the PSR into the FCA, simplification of rules, and new approaches to regulating emerging areas like cryptocurrencies and stablecoins.
Speech by Nikhil Rathi, FCA chief executive, at the Goldman Sachs EMEA Head of Trading conference 2026. And as we roll with the punches, we also shouldn’t sell ourselves short.We gained ground last year - London just one point behind New York in the latest Global Financial Centres Index.There is understandable focus…
Why this matters
This speech covers key regulatory updates and priorities for the UK wholesale finance sector, including actions on market integrity, operational resilience, and embracing technological innovation like AI and crypto.
The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKThe Committee comprises:HM TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems RegulatorThe Plan sets out upcoming initiatives across retail and wholesale payments, including…
AI Analysis
The Payments Vision Delivery Committee—comprising HM Treasury, Bank of England, FCA, and Payment Systems Regulator—has published the **Payments Forward Plan**, a three-year regulatory roadmap for retail, wholesale payments, and digital assets, aligning with the UK's National Payments Vision for a trusted, innovative ecosystem. This matters for compliance teams as it provides sequencing and milestones for multiple initiatives, enabling proactive planning amid high regulatory activity, including PSR consolidation into FCA and infrastructure upgrades. It signals coordinated efforts to boost competition, resilience, and innovation while minimizing sector capacity strain.[FCA publication]
Key dates
Q1 2026
HMT consultation response on PSR consolidation into FCA
Spring 2026
HMT update on Consumer Credit Act reform
18 January 2026 Deadline
Deadline for stablecoin issuers to apply to FCA regulatory sandbox; (related push for innovation)
May 2026
FCA Supplementary Regime for safeguarding comes into force
H1 2026
Bank/FCA exploration of regulated stablecoins for on-chain settlement
Suggested considerations
Review the full Plan on GOV.UK (https://assets.publishing.service.gov.uk/media/699f2bc6c497bac082bc76bc/Payments_Forward_Plan_.pdf) and map initiatives to your firm's operations, prioritizing safeguarding, infrastructure, and stablecoins.
Engage proactively: Provide FCA views on standards body (by Feb 2026); participate in Jan-Apr 2026 safeguarding engagement; prepare for VRP rollout (live payments expected Q1 2026).
Stablecoin firms: Submit sandbox applications by 18 Jan 2026.
Monitor and plan: Track Regulatory Initiatives Grid for 2027; assess capacity for sequenced initiatives; ensure compliance readiness for May 2026 safeguarding rules and end-2026 infrastructure changes.
Internal audit: Evaluate current adherence to PSRs/EMRs, especially safeguarding, ahead of consolidation.
What changed
No immediate binding regulatory changes are imposed by the Plan itself; it is a forward-looking roadmap outlining planned initiatives rather than new rules. Key elements include:
Modernisation of payments framework: Consolidation of PSR into FCA, with HMT consultation response in Q1 2026; data/operational enhancements to Faster Payments and Bacs by end-2026.
Infrastructure upgrades: Short-term resilience improvements to Faster Payments and Bacs (end-2026); exploration of regulated stablecoins for on-chain settlement (H1 2026).
Safeguarding enhancements: FCA Supplementary Regime effective May 2026, with engagement Jan-Apr 2026.
Standards and open banking: Industry input on standards body (Feb-Mar 2026 assessment); HMT Data (Use and Access) Act SI in Q4 2026.
Compliance impact
Urgency: Medium. This is a planning document, not enforceable rules, but its milestones trigger near-term actions (e.g., Q1 2026 engagements, May 2026 safeguarding). It matters because it coordinates high-activity areas like PSR-FCA merger and stablecoins, reducing surprises but demanding resource allocation for innovation/resilience amid sector capacity constraints. Firms delaying review risk missing input opportunities or readiness gaps, especially with VRP/stablecoin momentum.
The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:Monee…
Why this matters
This regulatory update from the FCA focuses on the testing of stablecoin services in the UK Regulatory Sandbox, which involves firms operating in the crypto and digital assets, as well as payments sectors.
The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Access documents on this claim on the FCA websiteFirms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and…
Why this matters
This regulatory update from the FCA indicates enforcement action against a crypto exchange, HTX, for illegally promoting crypto services to UK consumers. This is a high priority issue as it involves consumer protection and compliance with FCA authorization and marketing rules for crypto firms.
FCA v Huobi Global S.A. and Others. On 21 October 2025, the FCA commenced proceedings in the Chancery Division of the High Court against the following parties:HUOBI GLOBAL S.A.(a company incorporated in Panama)PERSONS UNKNOWN (who are the owner of, controller and/or the persons currently in control of all or part of…
AI Analysis
The FCA has initiated civil proceedings in the High Court against Huobi Global S.A. (HTX, formerly Huobi) and multiple categories of "Persons Unknown" for unlawfully promoting cryptoasset services to UK consumers without authorisation, breaching the financial promotions regime. This action underscores the FCA's aggressive enforcement against unauthorised crypto entities targeting UK retail investors, signaling heightened scrutiny on overseas platforms. Compliance teams must note this as evidence of the regulator's willingness to pursue novel legal strategies like "Persons Unknown" claims to enforce compliance extraterritorially.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
- FCA commences proceedings via Claim Form in Chancery Division, High Court
22 October 2025
- Application Notice for service out of jurisdiction/alternative means
4 February 2026
- High Court (Deputy Master Dovar) grants permission to serve proceedings out of jurisdiction and by alternative means
31 October 2028
- Cut-off for "Persons Unknown" category covering new owners/controllers/promoters.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
Suggested considerations
Immediate audit: Review all crypto-related promotions, websites, apps, and social media for UK targeting (e.g., IP geo-fencing, language, consumer references); cease any unauthorised activity.
Self-identification: If potentially a "Person Unknown," contact FCA at [email protected] for documents (Claim Form, Particulars, etc.).
Compliance checks: Ensure AML registration and promotions regime adherence; authorised firms must verify third-party partnerships.
Social media monitoring: Halt or geoblock UK access for listed platforms; document controls.
Reporting: Disclose to FCA if operating in UK; apply for authorisation via FCA team if intending regulated activities.
What changed
This is not a policy change but an enforcement action highlighting existing requirements under the UK's financial promotions regime (effective October 2023 for cryptoassets), which mandates FCA registration under anti-money laundering (AML) rules and compliance with promotion standards for all firms—domestic or foreign—marketing to UK consumers. Key elements include prohibitions on unauthorised promotions, with the FCA now using High Court proceedings to target operators, owners, controllers, and even future controllers up to 31 October 2028.
Compliance impact
Urgency: High - This sets a precedent for extraterritorial enforcement via "Persons Unknown" claims, extending liability to unidentified/future actors, which amplifies risks for non-UK crypto firms. It matters because post-October 2023 rules have seen positive compliance from most, but FCA vows action against outliers, potentially leading to injunctions, fines, or asset freezes; authorised firms face contagion risks via associations.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
From 6 April 2026, Gemini is closing all customer accounts in the UK. Gemini Payments UK, Ltd (GPUK) is authorised by the FCA to issue electronic money (e-money) and provide payment services.Gemini Intergalactic UK, Ltd (GIUK) offers cryptoasset products. These activities are not regulated by the FCA, although we…
Why this matters
This regulatory update is relevant to payment providers and crypto exchanges operating in the UK market, as it announces the exit of two firms - Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd - from the UK market.
Given at City & Financial Payments Regulation and Innovation Summit 2026
Why this matters
This speech covers the Bank of England's plans to renew the UK's retail payments infrastructure, including enabling new payment options, supporting a multi-money ecosystem, and improving cross-border payments. It is an informational update on the Bank's work in this area.
We’re working closely with the Office of Financial Sanctions Implementation (OFSI), UK law enforcement, and our regulatory partners to tackle the abuse of cryptoassets and associated money‑laundering activities. Read the full blog on the OFSI’s website.
CP25/15 proposes prudential rules and guidance for UK firms issuing **qualifying stablecoins** and safeguarding **qualifying cryptoassets**, aiming to foster a safe, competitive crypto sector while prioritizing consumer protection and market integrity. This matters for compliance professionals as it introduces tailored prudential sourcebooks (COREPRU and CRYPTOPRU) to mitigate firm failure risks, aligning with the FCA's crypto roadmap and Treasury's statutory plans.
Key dates
28/05/2025
- Consultation opens and CP first published
31/07/2025
- Consultation closes; submit feedback via online form, email ([email protected]), or post
Q3 2025
- Upcoming Conduct and Firm Standards CP affecting all cryptoasset firms, including QS issuers and custodians
Post
31/07/2025; - FCA considers feedback and publishes final rules (no specific date given)
Future (CP2 per Roadmap)
- Consultation on remaining prudential sourcebook requirements
Suggested considerations
Respond to Consultation: Firms, advisers, and stakeholders must submit comments by 31/07/2025 using the online form, email, or post to influence final rules.
Assess Applicability: Crypto firms evaluate if they qualify as CRYPTOPRU firms; conduct gap analyses against proposed COREPRU/CRYPTOPRU rules on own funds, capital adequacy, and stress testing.
Prepare Prudential Frameworks: Develop internal capital adequacy processes reflecting stress events, valuation adjustments, and ongoing prudential assessments; review threshold conditions and business principles.
Engage on Related CPs: Monitor and respond to CP25/14 (stablecoin issuance/custody) and future CPs (e.g., CP2, Q3 2025 Conduct Standards).
Data and Reporting Readiness: Prepare to provide firm/market data for FCA evaluations on adherence and outcomes.
What changed
- Prudential Sourcebooks: Introduces COREPRU (core requirements across sectors) and CRYPTOPRU (crypto-specific calibrations) for "CRYPTOPRU firms" handling regulated crypto activities, covering own...
Own Funds and Capital Rules: Firms must hold financial resources adequate in amount and quality, including adjustments for valuation uncertainty, stress realizable values, and interim profits in CET1...
Risk Management and Outcomes: Targets prevention of firm failures, disorderly wind-downs, and consumer harm; measures success via reduced failure rates, market confidence, and prudential assessments.
Sector-Specific Rules: Calibrated for stablecoin issuance and cryptoasset safeguarding, with future consultations on broader applications (e.g., trading venues, staking).
Compliance impact
Urgency: High – As of January 2026, the consultation closed over five months ago, signaling imminent final rules that could reshape prudential requirements for crypto firms; non-compliance risks authorization barriers, enforcement, or market exclusion in a regime prioritizing stability amid global crypto growth. This elevates risks for firm failures and consumer harm, demanding immediate gap assessments to align with proportionate standards supporting innovation.
We are seeking views on further rules for cryptoasset firms as the final step in our consultations on our crypto rules. We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.We have set out our proposals…
Why this matters
This regulatory update from the FCA outlines proposed new rules for cryptoasset firms, covering consumer protection, conduct standards, redress, safeguarding, and other key areas.
We are asking for views on new proposals as the next step in shaping the UK’s crypto rules. These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. We want a market where innovation can thrive, but where people understand the risks. Regulation cannot …
This joint PRA-FCA consultation (CP23/25 from PRA and Chapter 4 of FCA's CP25/33) proposes policy updates to regulatory fees, levies, and invoice processes for 2026/27, including new fee blocks for emerging activities like PISCES operators and targeted support, alongside adjustments to FOS/FSCS levies and payment timelines. It matters for compliance teams as it directly impacts budgeting, fee calculations, and cash flow management for fee-payers, with potential cost increases and procedural changes effective from April 2026.
Key dates
9 January 2026 Deadline
- Deadline for comments on targeted support proposals (FCA CP25/33 paras 2.11-2.18, questions 3-7)
16 January 2026
- Consultation close for all other proposals, including PRA-FCA joint changes; responses to cp25-33@fca.org.uk
February 2026
- FCA publishes feedback and rules on targeted support in Handbook Notice
March 2026
- FCA publishes feedback and rules on all other proposals (including Chapter 4) in Handbook Notice; Spring fee-rates consultation
April 2026
- PRA publishes feedback and rules on Chapter 4; changes effective for 2026/27 fee year (April-March)
Suggested considerations
Review current fee/levy exposure and model impacts of new blocks (e.g., PISCES, targeted support, DPC) and withdrawn FOS changes.
Assess invoice processes if paying £50,000+ in FCA/PRA fees; prepare for aligned due dates.
Submit consultation responses by deadlines, focusing on targeted support by 9 January 2026.
Budget for potential fee increases; monitor Spring 2026 fee-rates CP.
For applicants: Factor in new Category 4 fees for A.13 or crypto/DPC registrations.
What changed
- New fee structures: Introduction of a periodic fee block for PISCES operators based on regulated income (baseline £2,200 annual fee, variable above £500,000 threshold); extension of fee-block A.13...
Levy adjustments: Addition of targeted support to FSCS Class 2, Category 2.1 (life distribution/investment intermediation) for both FOS and FSCS levies based on annual eligible income; withdrawal of...
PRA-FCA joint proposals (Chapter 4): Amended invoice due dates for firms paying £50,000+ in annual FCA/PRA fees ("payments on account") to prevent overdue labels from procedural mismatches.
Other updates: Removal of £3 agent registration fee for payment institutions, RAISPs, and EMIs; policy tweaks like expanding skilled person reviews for motor finance to more lenders, pro-rating for...
Compliance impact
Urgency: High – Firms must act imminently on consultation responses (deadlines passed as of today, but feedback analysis pending March/April 2026 rules) to influence outcomes; changes affect 2026/27 budgets starting April, with cash flow risks from invoice timing and new fees for emerging activities like PISCES/DPC. Non-engagement risks unbudgeted costs and procedural breaches (e.g., overdue invoices).
This regulatory update discusses the CBDC Engagement Forum, which is relevant for banking, payments, and crypto firms. Key topics include prudential requirements, technology, and licensing for CBDC-related activities. The high urgency reflects the importance of this central bank digital currency initiative.
The Bank of England (the Bank) has today published a consultation paper (CP) setting out its proposed regulatory regime for sterling-denominated systemic stablecoins.
AI Analysis
The Bank of England has published a consultation paper (issued November 10, 2025) proposing a comprehensive regulatory regime for **sterling-denominated systemic stablecoins**, establishing requirements for backing assets, capital, redemption procedures, and operational safeguards. This represents a pivotal step toward implementing the UK's stablecoin framework, with the regime designed to maintain financial stability while enabling viable business models for systemic stablecoin issuers.
Key dates
November 10, 2025
- Bank of England published consultation paper on proposed regulatory regime
2026
- Expected implementation of UK stablecoin regime (timeline subject to consultation outcomes)
February 2026 Deadline
- Consultation deadline (industry to submit comments)
Further consultation expected
- On detailed design of safeguarding regime and central bank liquidity arrangements
Suggested considerations
*For Systemic Stablecoin Issuers:
*Monitor and respond to consultation - Submit detailed comments on proposals before February 2026 deadline, particularly on:
Alternative tools to achieve regulatory objectives
Backing asset composition and holding limits
Safeguarding regime design
What changed
The proposed regulatory regime introduces several material requirements for systemic stablecoin issuers:
Backing Asset Composition
Systemic stablecoin issuers will be permitted to hold up to 60% of backing assets in short-term sterling-denominated UK government debt, with the remaining 40% held as deposits at the Bank of England.
This regulatory update discusses the CBDC Engagement Forum, which is relevant for banking, payments, and crypto/digital asset firms. Key topics include prudential requirements, technology, and licensing for firms involved in CBDC development and implementation.
Given at the Bank of England and Bank for International Settlements Innovation Hub’s DLT Innovation Challenge Showcase
Why this matters
This speech from the Bank of England discusses the use of central bank digital money for the future of payments, which is relevant for banks, fintechs, crypto firms, and payment providers. It touches on technology, operational resilience, and regulatory authorization issues.
Based on remarks given on the ‘Real World Assets Tokenisation: What Asset Classes Will Work – and Which Won’t’ panel at DC Fintech Week 2025
Why this matters
This speech discusses the tokenization of real-world assets, which impacts banking, capital markets, and crypto/digital asset firms. Key topics include prudential requirements, technology, and licensing for firms engaging in this activity.
This speech discusses how innovation is reshaping the financial system, covering topics related to new technologies, prudential requirements, and consumer protection - which are relevant for banks, fintechs, and crypto exchanges.
This regulatory update discusses the CBDC Academic Advisory Group, which is relevant to banking, payments, and digital assets sectors. The topics covered include prudential requirements, technology, and licensing, which are important for firms in these sectors.
Given at the Bank of England and Warwick Business School Innovation in Money and Payments Conference
Why this matters
This speech by the Bank of England covers topics related to building trust and supporting innovation in the multi-moneyverse, which spans banking, payments, and crypto/digital assets.
Given at the Centre for Central Banking Studies 'Transforming monetary policy’ conference
Why this matters
This speech from the Bank of England covers the evolution of interactions between financial markets and policymakers, touching on topics like prudential requirements, technology, and reporting - relevant for banks, broker-dealers, and crypto exchanges.
Given at UK Finance Digital Innovation Summit 2025
Why this matters
This speech by the Bank of England discusses the RTGS 2 initiative, which is a platform for innovation in banking, payments, and digital assets. It is an informational update rather than a regulatory announcement.
This speech by Randy Kroszner of the Bank of England discusses financial stability in light of new global challenges, including global shocks, interconnections, and the role of central counterparties.