meta_id 3281778

On June 25, 2026, the Financial Conduct Authority (FCA) published Policy Statement PS26/12, which sets out the final prudential framework for CRYPTOPRU firms—authorised persons carrying on regulated cryptoasset activities in the United Kingdom. The framework establishes comprehensive capital, liquidity, risk management and public disclosure requirements designed to ensure firms maintain adequate financial resources and operate with appropriate governance structures. The final rules apply to firms undertaking activities including issuing qualifying stablecoins, safeguarding cryptoassets, operating qualifying cryptoasset trading platforms, dealing in qualifying cryptoassets as principal or agent, and arranging qualifying cryptoasset staking. The framework introduces permanent minimum capital requirements ranging from £75,000 to £750,000 depending on the regulated activity, alongside activity-based K-factor requirements and fixed overhead requirements. Key recalibrations from the consultation proposals include reducing the operational risk capital requirement for stablecoin issuance from 2% to 1%, simplifying the market risk framework for net cryptoasset positions to a single 40% requirement for qualifying cryptoassets admitted to UK qualifying cryptoasset trading platforms, and introducing proportionality in public disclosure obligations. The framework also establishes an issuer liquid assets requirement for qualifying stablecoin issuers to address price volatility in backing asset pools, and introduces an overall risk assessment requirement for firms to identify, monitor and mitigate material harms from their business operations. The rules come into force on October 25, 2027, providing firms with a lead time from publication to the opening of the authorisation gateway in autumn 2026. The FCA has published the Core Prudential Sourcebook (COREPRU) and the Prudential Sourcebook for CRYPTOPRU Firms (CRYPTOPRU) as part of this instrument, alongside supporting non-Handbook guidance consultations to assist firms with implementation.