Summary
The FCA finalised the UK cryptoasset rulebook (PS26/11) with a 25 October 2027 start, bringing crypto firms into the mainstream UK FSMA 2000 perimeter (trading platforms, intermediaries, custodians, stablecoin issuers, staking providers) under Principles, Consumer Duty and SMCR, with softened concessions and a case-by-case DeFi controlling-person test.
Key Points
- FCA final UK cryptoasset rulebook: 25 October 2027 start (policy statement PS26/11).
- Brings crypto firms into mainstream UK rules under FSMA 2000; covers trading platforms, intermediaries, custodians, stablecoin issuers, staking providers.
- Core obligations: Principles for Businesses, Consumer Duty, Senior Managers and Certification Regime.
- Softened proposals: principal platforms exempt from full pre-trade transparency; post-trade disclosure deferrable; best-execution aligned with traditional intermediaries; no order-routing-through-UK-venues requirement; no legal entity separation for principal dealers (can't trade on own platforms).
- Safeguarding: limited exceptions to trust requirements; technology-neutral private-key management; 2% of own funds can support settlement float; CASS 17 not applied to crypto custody (CASS 6 used instead).
- Retail access: only tokens admitted to trading on a retail UK platform with published disclosure.
- DeFi: rules apply where identifiable controlling person; case-by-case; fuller guidance deferred (mirrors FATF/SEC substance-over-label approach).
- Overseas firms: no prescriptive business-model rules; case-by-case; UK branch may operate alongside UK legal entity.
- Authorisation gateway opens September 2026.