摘要
英国金融行为监管局(FCA)已制定其加密货币规则的下一个阶段,为企业在全新监管体系生效前获得全面授权提供了清晰路径。加密货币公司必须在2027年2月前获得FCA批准,否则可能丧失未来在英国的市场准入资格。稳定币发行方获得了较为宽松的资本要求,但仍需满足新的储备与赎回标准。现有的反洗钱注册不会自动转移,企业需尽快提交新的授权申请。
英国为加密货币企业设定2027年最后期限
英国金融行为监管局发布了完整的加密货币监管框架,要求所有加密货币企业必须在2027年10月25日前获得FCA授权。申请窗口将于2026年9月开放,持续至2027年2月28日。希望在英国开展受监管加密货币业务的企业,无论是通过新申请还是对现有许可进行变更,均需获得FCA授权。
现有注册不会延续
新监管框架意味着,企业目前持有的反洗钱注册将不再足够。FCA表示,已根据《反洗钱条例》运营的企业仍需按照即将实施的《金融服务与市场法案》框架准备并提交申请。该规则将覆盖加密货币交易平台、托管机构、稳定币发行方、质押服务以及其他加密货币中介机构。申请迟交或材料质量低劣的企业可能面临延误,监管机构敦促企业尽早准备以避免业务中断。
According to reports, before the launch of the comprehensive regulatory system, the FCA had already launched final consultations on matters such as the issuance, trading platform, custody and pledge of stablecoins. The consultation ended on June 3, and companies are expected to prepare for full authorization before the October 2027 launch date.
Stability coin rules relaxed
The final framework adjusted some contents of the FCA stablecoin program based on industry feedback. Regulators have reportedly lowered the proposed capital requirements for stablecoin issuers from the originally proposed 2% to 1% of the issue value. David Gill, executive director of payments and digital finance at FCA, said: \"The feedback we have received is that the starting standard is high.\" He added that the final rules were based on \"evidence from the industry.\" Most stablecoins will be regulated by the FCA, while coins identified as systemically important will face stricter supervision from the Bank of England. According to reports, the FCA\'s issuance rules apply to stablecoins denominated in sterling, a market that remains small compared to dollar-backed tokens.
DeFi and market rules remain the focus
The broader framework also incorporates market behavior into the FCA\'s cryptocurrency rulebook. Regulators have included listings, information disclosure, market abuse rules, custody, prudential standards and consumer obligations as areas covered in their published consultation documents and future policy statements. According to reports, British cryptocurrency companies need to prove they can cope with market pressures, hold capital for risky assets, and submit annual stress tests. \"For the first time, we have a comprehensive cryptocurrency regulatory framework in the UK,\" Gill said.
The FCA also plans to do more work on decentralized finance (DeFi). According to reports, the UK framework is expected to distinguish between \"truly decentralized\" services and platforms with identifiable operators or controlling entities, with larger front-end interfaces and controlled DAOs more likely to be included in the scope of regulation.
New rules bring the UK closer to a fully licensed model for digital assets. Companies now have a clear application window, a launch date in 2027, and have a clearer understanding of how stablecoins, exchanges, custody and pledges will be handled under the final framework of the FCA.

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