The Financial Conduct Authority has published its "landmark" rules for firms that help people buy, trade, and hold crypto in the UK, completing a regulatory roadmap years in the making.

Trading platforms, intermediaries, custodians, stablecoin issuers, and staking providers will all need authorization from the regulator to operate in the UK.

Firms will have to meet financial-resilience requirements, including capital and stress testing, alongside new market-integrity rules targeting insider trading and market manipulation. Stablecoins, tokens designed to hold a steady value, get their own standards meant to "build trust in how they are used over time."

Trading platforms will also act as gatekeepers, required to vet a token and publish a disclosure document to an FCA-run central repository before most assets can be listed. Crypto firms will fall under the FCA's Consumer Duty, and retail customers will gain access to the Financial Ombudsman Service for the first time. The rules also reach decentralized finance, applying where there is an "identifiable controlling entity," with further guidance to follow.

After consultation, the FCA said it had simplified parts of the regime to make it more workable, including lighter capital requirements for stablecoin issuers and trading rules tailored to how crypto markets actually operate, which included reducing a key stablecoin capital coefficient to 1% from 2%.

The framework means firms don't have to "choose between regulatory certainty and room to innovate," David Geale, the FCA's executive director of payments and digital finance, said in a statement. Providers will be "held to similar standards to other financial providers, though we can't regulate away risk," he added.

The rules flow from February legislation that brought crypto into the FCA's remit, one of the biggest expansions of its oversight in years. Until the regime takes effect, the watchdog's powers remain limited to policing financial promotions and anti-money-laundering controls. Pre-application meetings open in July, firms can apply for authorization between September 30, 2026, and February 28, 2027, and the mandatory regime goes live on October 25, 2027.

Industry groups welcomed the clarity. CryptoUK's Su Carpenter said the finalized guidance lets the UK "move forward with more certainty" as "a competitive jurisdiction," while UK Finance praised a "balanced approach that encourages innovation and protects consumers." The FCA is also working with the Bank of England, which will supervise large, "systemic" stablecoins, on a joint regime.

Hannah Meakin, partner at law firm Norton Rose Fulbright, called the rules "a significant step in bringing crypto into a more established regulatory framework in the UK." The regulator is aiming to address "key risks that may have held back wider adoption," she added, applying familiar financial services standards to areas including consumer protection, governance and market integrity.

The package caps a busy stretch of UK crypto policymaking. The FCA set out the path to regulation through a consultation in April, while last week the Bank of England eased its stablecoin rules, scrapping individual holding caps in favor of a £40 billion issuance limit.

For crypto firms, said Meakin, "the focus will now be on preparing for authorisation and ensuring they have the necessary systems, controls and organisational arrangements in place well ahead of implementation."