Then-prime minister Rishi Sunak announced the UK’s ambitions to be a “global cryptoasset hub” way back in 2022. Since then, that goal has seemed more like a distant aspiration than a reality. But several recent announcements suggest that the gap between fantasy and reality may finally be closing.
Within days of each other, the Financial Conduct Authority (FCA) and the Bank of England have taken major regulatory steps towards proving that the UK is serious about this goal, setting out rules designed to create a workable climate for both consumer and institutional crypto adoption.
The FCA finalized its crypto rules last month, offering guidance on crypto firms’ capital requirements, admissions and disclosures and the wider conduct framework. Separately, the Bank of England has scrapped previously proposed limits imposed on holdings of fiat-pegged stablecoins, as well as lowering the reserve requirement issuers must hold at the central bank from 40% to 30%.
Together, they are the clearest signal yet that the UK intends to build a leading crypto regime rather than just talk about it.
Chet Shah is the CEO of Wirex Limited, an FCA regulated fintech company based in London.
A reputation earned the hard way
It’s no secret that the UK’s crypto industry has been lagging behind on the global stage for the past few years. The Bank of England’s previous stablecoin proposal, put forward in November 2025, faced strong industry backlash for being too restrictive to support growth. These plans included limiting individuals to holding no more than £20,000 of systemic sterling stablecoins, while companies were limited to £10 million. Many argued that this was too conservative to allow stablecoins to be used on a large scale, and would fundamentally hold back the UK’s competitiveness.
