Regulatory Alerts2025-05-27
Added · Updated
CP25/15: A prudential regime for cryptoasset firms
The Financial Conduct Authority proposes a new prudential regime for firms issuing qualifying stablecoins and safeguarding qualifying cryptoassets, establishing draft rules within two new sourcebooks: COREPRU for common requirements and CRYPTOPRU for sector-specific standards. The proposals define eligible own funds using Common Equity Tier 1, Additional Tier 1, and Tier 2 capital, and mandate compliance with Overall Financial Adequacy, permanent minimum requirements, fixed overhead requirements, and K-factor requirements. Additional obligations include maintaining basic and issuer liquid assets, monitoring concentration risk, and adhering to specific capital deductions and filters. This consultation seeks feedback on these draft rules and guidance ahead of final policy statements planned for 2026.