Video transcript: Digital assets update

Transcript

Laura Talvitie: I will briefly cover what is changing in the UK for digital assets and stablecoins, and what firms should be thinking about now.

Globally, we are moving into the implementation phase of digital assets regulation.

In the UK the FCA is consulting on a new framework that will bring cryptoasset activities into a full authorisation regime, with clearer expectations around governance, resilience, and consumer outcomes.

Stablecoins are a key priority. The Bank of England has proposed rules for systemic, sterling-denominated stablecoins, treating them as part of the UK’s core financial system. The FCA has also been clear that stablecoins are a regulatory focus as the regime is built out.

There is now a clear timeline as well. Final policy statements are expected from the FCA in mid 2026. The authorisation gateway will open in September 2026, with applications running through to February 2027. The regime is then going to take effect in October 2027.

For firms, now is the time to prepare. That means reviewing policies and operating models, planning for capital, liquidity, and senior accountability, and being ready for an active authorisation process, including senior management interviews.

PwC will be running a number of roundtables to cover these topics, please let me know if your or your firm would like to participate.

PwC’s global crypto regulation report

I also wanted to mention that we have recently published our fourth Global Crypto Regulation Report. It covers the EU and more than 30 other jurisdictions, with a strong focus on stablecoins and real-world adoption. Three points stand out. Stablecoins are now viable to build at scale from a compliance perspective. Clearer regulatory guardrails are accelerating partnerships between banks and fintechs. And in digital markets, the future of the dollar is becoming an infrastructure question.

The report is well worth a read and you can access it through PwC here.