The new rules apply to crypto trading venues, custodians, stablecoin issuers, lending and staking service providers, and certain DeFi projects with identifiable controlling entities. Qualified Crypto Asset Trading Platforms (QCATPs) in the UK are required to conduct due diligence on listed assets, meet admission criteria and disclose relevant documentation; market abuse provisions will cover insider dealing and market manipulation. Stablecoin issuers must comply with requirements for reserve assets, custody, redemption and disclosure, and may hold excess reserves of up to 5% for supporting assets. The FCA also cut the K‑SII capital factor for stablecoin issuance from 2% to 1%. Eligible firms may apply for licenses between 30 September 2026 and 28 February 2027. Existing anti-money laundering registrations will not automatically convert to new licenses, and all regulated crypto activities must secure fresh FCA authorization.