The UK Financial Conduct Authority (FCA) has released the final rules for the crypto asset regulatory framework, establishing a unified regulatory system covering prudential regulation, market abuse, and stablecoins, with plans to implement it on October 25, 2027. The new rules apply to crypto trading platforms, custodians, stablecoin issuers, lending and staking service providers, as well as certain DeFi projects with identifiable controlling entities. According to the regulations, UK Qualified Crypto Asset Trading Platforms (QCATPs) must conduct due diligence on listed assets, meet admission criteria, and disclose relevant documents, while market abuse rules will cover insider trading and market manipulation. Stablecoin issuers must meet requirements for reserve assets, custody, redemption, and information disclosure, with supported assets holding up to 5% excess reserves. The FCA has also reduced the K-SII capital coefficient for stablecoin issuance from 2% to 1%. Relevant companies can apply for licenses from September 30, 2026, to February 28, 2027, and existing anti-money laundering registration qualifications will not automatically convert to new licenses; all regulated crypto businesses must obtain new authorization from the FCA. (The Block)