The UK has finally shown it’s serious about crypto
CoinDesk 2026-07-11 15:00:00
Context: The UK has recently taken significant regulatory steps to prove its commitment to becoming a "global cryptoasset hub," a goal announced by then-Prime Minister Rishi Sunak in 2022. The Financial Conduct Authority (FCA) and the Bank of England have introduced new rules to create a workable climate for consumer and institutional crypto adoption. These developments suggest that the UK might finally be narrowing the gap between its ambitions and actuality in the crypto space.
Key Facts
- The FCA finalized crypto rules last month, offering guidance on capital requirements, admissions and disclosures, and the wider conduct framework for crypto firms.
- The Bank of England has scrapped previously proposed limits on holdings of fiat-pegged stablecoins and lowered the reserve requirement issuers must hold at the central bank from 40% to 30%.
- The number of unique holders of non-dollar stablecoins grew 30 times between January 2023 and February 2026, according to Visa and Dune's Beyond Dollarization report.
- The EU's MiCA framework, which began with stablecoin-specific rules, saw Euro stablecoin transfer volume grow from $270 million to $8 billion a month after its implementation.
- The UK crypto industry is working towards October 2027, when it becomes mandatory for any firm operating in the UK to be authorized under the new crypto regime.