June 2026 : FCA Sets Landmark Crypto Rules For The UK Market
Zakir Karim
Inside this issue
June’s theme is regulatory delivery. Across the month, the UK regulatory agenda moved further from policy discussion into practical implementation. Cryptoasset regulation, stablecoins, open banking payments and mobile platform competition all saw important developments.
The direction of travel is clear. Regulators are continuing to support innovation, but firms are being expected to prepare earlier, evidence stronger governance and show that their controls are ready before new products and business model’s scale.
FCA sets landmark crypto rules for the UK market
In June, the FCA set out landmark rules for firms involved in cryptoasset activities, including firms that support customers to buy, trade and hold cryptoassets. The rules introduce clearer expectations around financial resilience, capital, stress testing and market integrity, including controls around insider trading and market manipulation.
This is a significant development because crypto regulation is moving from policy preparation into practical implementation. Cryptoasset firms will need to prepare for FCA authorisation, with the gateway opening on 30 September 2026 and the new regime expected to come into force on 25 October 2027.
For firms, the key point is that crypto authorisation readiness should now be treated as a priority. Firms should review governance, financial crime controls, safeguarding arrangements, disclosures, operational resilience and senior management oversight before the application window opens.
Open banking takes next step with UK Payments Initiative
The FCA welcomed the launch of the UK Payments Initiative scheme in June, describing it as a major step forward for open banking and commercial variable recurring payments.
This is important because open banking is moving beyond data sharing and into more practical payment use cases. Commercial variable recurring payments could give customers more choice in how they make recurring payments, while supporting more competition and innovation in payments.
CMA consults on Apple and Google payment restrictions
The CMA launched a consultation in June on new conduct requirements for Apple and Google’s mobile platforms. The proposals would remove restrictions that currently limit app developers from directing customers to payment options outside Apple and Google’s platforms.
This shows that payments competition is no longer only about banks, card schemes and payment institutions. Regulators are also looking closely at app stores, mobile wallets and platform control.
For firms, the wider point is that customer access routes and platform dependency may become a bigger regulatory and competition issue.
Crypto AML framework updated to align with new regime
In June, amendments were made to the Money Laundering Regulations to align parts of the cryptoasset AML framework with the incoming FSMA cryptoasset regime.
This is another sign that crypto regulation is becoming more formal and more integrated with the wider financial services framework.
For crypto firms, financial crime controls should remain a central part of authorisation planning, not a separate compliance exercise.
Our Thoughts
- June showed that the UK regulatory agenda is moving from policy design into practical delivery.
- Cryptoasset firms should begin preparing for authorisation now, particularly around governance, safeguarding, financial crime and operational resilience.
- Open banking payments are becoming more commercially relevant, especially through variable recurring payments.
- Payments competition is expanding beyond traditional financial services and into mobile platforms, app stores and digital wallets.
