FCA seeks input on stablecoins, custody and staking

The Financial Conduct Authority has opened a consultation on how specific crypto services should be treated under new UK rules, asking for input on stablecoin issuance, trading platforms, custody and staking. The consultation closes on June 3, 2026, and crypto firms can begin applying for FCA authorization from Sept. 30, 2026 ahead of a wider regulatory implementation in October 2027.

The paper seeks views from individuals, firms, industry groups, policymakers and academics on where particular digital-asset services fall within the regulator’s remit. It aims to clarify which activities will be regulated under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, introduced in February to expand the FCA’s authority over crypto asset activities.

The FCA said consultations on rules for the new cryptoasset regime are “substantively complete,” and that it will publish policy statements this summer with a final policy statement on perimeter guidance due in autumn. The perimeter guidance consultation is intended to define the practical boundaries of the new regime so firms know when they must seek FCA authorization.

The consultation complements work already under way on stablecoin issuance and custody, prudential requirements, admission and disclosure rules, and market abuse. Later this year the regulator plans consultations on decentralized finance, operational resilience for firms using distributed ledger technology, and updates to the Financial Crime Guide that apply to crypto firms.

The FCA noted that, until the new regime takes effect, most crypto activity in the UK is not covered by full financial-services regulation beyond requirements for financial promotions and anti-money-laundering (AML) checks.

Responses from industry were mixed. Thomas Cattee, a white-collar crime partner at Gherson Solicitors LLP, warned that the UK’s timetable is behind Europe and urged stakeholders to engage with the consultation to help attract crypto business. Nick Jones, founder of mobile wallet and payments firm Zumo, described the consultation as a positive development that gives firms time to prepare for new operating requirements and to build compliant infrastructure for the UK market.

The consultation document and details on how to respond are published by the FCA. The regulator said the exercise aims to reduce uncertainty about which activities will be captured by the 2026 regulations and to provide a clear basis for authorization decisions beginning in late 2026.