FCA publishes aggregate cost-benefit analysis for the UK cryptoasset regime final policy statements

Executive Summary

The FCA’s June 2026 aggregate CBA provides a consolidated assessment of the costs and benefits of the UK cryptoasset regulatory regime introduced through policy statements PS26/9, PS26/10, PS26/11, PS26/12 and PS26/13. The CBA states that the regime will bring within FCA requirements activities including issuing a qualifying stablecoin, safeguarding qualifying cryptoassets and relevant specified investment cryptoassets, operating a qualifying cryptoasset trading platform, dealing as principal or agent in qualifying cryptoassets, arranging deals in qualifying cryptoassets including lending and borrowing, and arranging qualifying cryptoasset staking. It also covers prudential requirements in CRYPTOPRU and COREPRU, the Market Abuse Regime for Cryptoassets, cryptoasset admissions and disclosures, and application of wider FCA Handbook standards. The FCA estimates total 10-year present value benefits of £1.435bn and costs of £1.315bn, resulting in an estimated net benefit of £120m. The FCA’s new regime webpage states that the regime is expected to come into force on 25 October 2027 and that cryptoasset businesses will need FCA authorisation to do business in the UK once it is in place. Business impact is high for crypto exchanges, custodians, stablecoin issuers, brokers/intermediaries, staking and lending/borrowing providers, and non-UK firms serving UK consumers, because operating models, authorisation status, governance, systems, disclosures, prudential resources, reporting and client-asset controls will need to be assessed and remediated before go-live.

What Changed

Business Impact

Affected Reports

Recommended Actions

1. 1

   Establish a board-level cryptoasset regime implementation programme mapped to the expected 25 October 2027 commencement date and covering authorisation, prudential, conduct, safeguarding, market abuse, disclosure and reporting workstreams.

2. 2

   Perform a legal perimeter assessment for every UK-facing product and service to determine whether the firm issues qualifying stablecoins, safeguards qualifying cryptoassets, operates a qualifying cryptoasset trading platform, deals or arranges in qualifying cryptoassets, arranges staking, or supports lending and borrowing.

3. 3

   Prepare an FCA authorisation strategy, including target permissions, UK branch or subsidiary planning for overseas platforms, senior management responsibilities, governance evidence and readiness milestones.

4. 4

   Map current custody operations against the FCA’s identified custody control areas, including segregation of client assets, client statements, CASS oversight officer arrangements, external audit, organisational arrangements, safeguarding returns and auditors’ safeguarding reports.

5. 5

   For stablecoin issuers, assess backing asset pool controls, redemption-by-next-business-day capability, prudential resources and admissions/disclosure obligations before deciding whether to establish or expand UK issuance.

6. 6

   Design MARC compliance capabilities, including on-chain monitoring, market abuse surveillance, cross-platform information-sharing processes, insider lists, inside information disclosure controls and market abuse recordkeeping.

7. 7

   Build an admissions and disclosures operating model covering cryptoasset disclosure documents, issuer/offeror inputs, trading platform due diligence, admission decision records and central repository/National Storage Mechanism submission processes.

8. 8

   Update trading platform and intermediary controls for order execution, conflicts of interest, payment for order flow restrictions, authorised venue requirements, pre- and post-trade transparency, trading data provision and retail non-discrimination.

9. 9

   Review lending, borrowing and staking models for additional appropriateness testing, express consent, required retail disclosures, annual staking notifications, collateral restrictions, asset segregation and recordkeeping.

10. 10

    Assess prudential capital and liquidity implications under CRYPTOPRU and COREPRU using the firm’s planned authorisation profile, business model and activity mix.

11. 11

    Extend wider FCA Handbook implementation to cryptoasset activities, including SM&CR, SYSC, operational resilience, financial crime, PRIN, COBS, Consumer Duty, complaints/redress, training and competence, and regulatory reporting.

12. 12

    Develop customer communications that clearly explain the scope and limits of FCA regulation, including that FCA regulation does not remove cryptoasset price volatility or all consumer risk.

13. 13

    Budget for one-off and ongoing compliance costs, including familiarisation, legal advice, IT builds, surveillance tooling, reporting, external audit, training and additional compliance personnel.

14. 14

    Monitor FCA policy statement pages and cryptoasset regime guidance for final Handbook text, perimeter guidance, application windows, reporting templates and any transitional arrangements.

Timeline

Sources

AI-generated analysis is based on the following primary sources. Always verify against the official publication.

• Policy Statement Cost Benefit AnalysisFinancial Conduct AuthorityJun 1, 2026
  Cost Benefit Analysis on the impact of the cryptoasset regime ↗

  https://www.fca.org.uk/publication/policy/cba-aggregate-cryptoasset.pdf

• Regulatory webpageFinancial Conduct AuthorityInvalid Date
  A new regime for cryptoasset regulation ↗

  https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation

• Policy statement overview webpageFinancial Conduct AuthorityInvalid Date
  Overview of our cryptoassets regime policy statements ↗

  https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime

• Firm information webpageFinancial Conduct AuthorityInvalid Date
  Cryptoassets ↗

  https://www.fca.org.uk/firms/cryptoassets-information

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