The U.K.’s Financial Conduct Authority published its final cryptoasset rulebook on June 30, lowering the capital floor for stablecoin issuers to 1% of issued value as it set an October 2027 deadline for firms to win authorization.
Key Takeaways:
The FCA cut stablecoin issuers’ capital floor to 1% of issued value, down from a proposed 2%, on June 30.The U.K. regime covers exchanges, custodians, staking and lending firms and takes effect Oct. 25, 2027. Crypto firms can apply for authorization from Sept. 30, 2026, narrowing the runway to comply.Issuers must hold capital as a buffer against losses, and the size of that buffer shapes how cheaply they can operate. By halving the coefficient, the FCA signaled it wants London to remain a viable base for issuers even as the European Union’s Markets in Crypto-Assets (MiCA) regime and U.S. legislation compete for the same business.
A Tightening Timeline
