{"id":31274,"date":"2026-02-26T14:22:35","date_gmt":"2026-02-26T14:22:35","guid":{"rendered":"https:\/\/buvei.com\/blog\/?p=31274"},"modified":"2026-02-26T14:22:35","modified_gmt":"2026-02-26T14:22:35","slug":"fca-selects-four-firms-for-uk-stablecoin-sandbox","status":"publish","type":"post","link":"https:\/\/buvei.com\/blog\/fca-selects-four-firms-for-uk-stablecoin-sandbox\/","title":{"rendered":"FCA Selects Four Firms for UK Stablecoin Sandbox"},"content":{"rendered":"<p data-start=\"712\" data-end=\"965\">The <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Financial Conduct Authority<\/span><\/span> (FCA) has selected four firms to participate in a stablecoin testing program under its Regulatory Sandbox initiative, marking another step toward implementing the United Kingdom\u2019s upcoming cryptoasset framework.<\/p>\n<p data-start=\"967\" data-end=\"1071\">The move comes as the regulator prepares to finalize comprehensive digital asset rules expected in 2026.<\/p>\n<p data-start=\"967\" data-end=\"1071\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-31275\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/p>\n<h2 data-start=\"1078\" data-end=\"1119\"><a href=\"https:\/\/buvei.com\/blog\/kraken-launches-krak-card-after-mica-approval\/\">FCA Begins<\/a> Testing Stablecoin Issuance<\/h2>\n<p data-start=\"1121\" data-end=\"1191\">The FCA received 20 applications for the sandbox program and selected:<\/p>\n<ul data-start=\"1193\" data-end=\"1360\">\n<li data-start=\"1193\" data-end=\"1234\">\n<p data-start=\"1195\" data-end=\"1234\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Monee Financial Technologies<\/span><\/span><\/p>\n<\/li>\n<li data-start=\"1235\" data-end=\"1276\">\n<p data-start=\"1237\" data-end=\"1276\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">ReStabilise<\/span><\/span><\/p>\n<\/li>\n<li data-start=\"1277\" data-end=\"1318\">\n<p data-start=\"1279\" data-end=\"1318\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Revolut<\/span><\/span><\/p>\n<\/li>\n<li data-start=\"1319\" data-end=\"1360\">\n<p data-start=\"1321\" data-end=\"1360\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">VVTX<\/span><\/span><\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1362\" data-end=\"1541\">The sandbox will focus primarily on stablecoin issuance, covering a range of proposed use cases including retail payments, wholesale settlement, and crypto trading infrastructure.<\/p>\n<p data-start=\"1543\" data-end=\"1787\">According to <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Matthew Long<\/span><\/span>, Director of Payments and Digital Assets at the FCA, the regulator is supporting UK-based stablecoin issuers to help ensure they can be trusted for payments, settlement, and trading activities.<\/p>\n<p data-start=\"1789\" data-end=\"1917\">He added that the initiative aligns with the FCA\u2019s broader regulatory strategy and the UK Government\u2019s National Payments Vision.<\/p>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n<h2 data-start=\"1924\" data-end=\"1970\">Regulatory Sandbox as <a href=\"https:\/\/buvei.com\/blog\/pay-ovhcloud-with-crypto-using-virtual-cards\/\">Policy Testing Ground<\/a><\/h2>\n<p data-start=\"1972\" data-end=\"2196\">The FCA\u2019s Regulatory Sandbox allows firms to test financial products in real-world conditions under regulatory supervision. Participants receive structured feedback from FCA specialists, helping shape final policy decisions.<\/p>\n<p data-start=\"2198\" data-end=\"2280\">Testing for the selected firms is scheduled to begin in the first quarter of 2026.<\/p>\n<p data-start=\"2282\" data-end=\"2420\">The results from this program will inform the UK\u2019s final stablecoin regulatory framework, which is expected to be published later in 2026.<\/p>\n<p data-start=\"2422\" data-end=\"2590\">The sandbox initiative complements other innovation-focused programs, including the Digital Securities Sandbox, aimed at modernizing UK financial market infrastructure.<\/p>\n<h2 data-start=\"2597\" data-end=\"2646\">Stablecoin Rules Part of Broader Crypto Reform<\/h2>\n<p data-start=\"2648\" data-end=\"2734\">The stablecoin trials are one component of the FCA\u2019s wider crypto regulatory overhaul.<\/p>\n<p data-start=\"2736\" data-end=\"2811\">In recent months, the regulator has consulted on multiple areas, including:<\/p>\n<ul data-start=\"2813\" data-end=\"2973\">\n<li data-start=\"2813\" data-end=\"2846\">\n<p data-start=\"2815\" data-end=\"2846\">Stablecoin issuance standards<\/p>\n<\/li>\n<li data-start=\"2847\" data-end=\"2883\">\n<p data-start=\"2849\" data-end=\"2883\">Cryptoasset custody requirements<\/p>\n<\/li>\n<li data-start=\"2884\" data-end=\"2909\">\n<p data-start=\"2886\" data-end=\"2909\">Prudential risk rules<\/p>\n<\/li>\n<li data-start=\"2910\" data-end=\"2945\">\n<p data-start=\"2912\" data-end=\"2945\">Conduct of business obligations<\/p>\n<\/li>\n<li data-start=\"2946\" data-end=\"2973\">\n<p data-start=\"2948\" data-end=\"2973\">Market abuse provisions<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2975\" data-end=\"3069\">Most consultation phases are now complete, with policy statements anticipated later this year.<\/p>\n<p data-start=\"3071\" data-end=\"3185\">Responses to the FCA\u2019s most recent consultation on final cryptoasset rules are being accepted until 12 March 2026.<\/p>\n<h2 data-start=\"3192\" data-end=\"3234\">Authorisation Timeline for Crypto Firms<\/h2>\n<p data-start=\"3236\" data-end=\"3431\">Although the <a href=\"https:\/\/buvei.com\/blog\/custom-branding-features-in-white-label-virtual-card-platforms\/\">sandbox<\/a> allows limited testing under safeguards, participating firms will still be required to obtain full authorisation once the new crypto regime formally launches in October 2027.<\/p>\n<p data-start=\"3433\" data-end=\"3584\">The FCA\u2019s application gateway for crypto firms is expected to open in September 2026, providing a transition window before mandatory compliance begins.<\/p>\n<h2 data-start=\"3591\" data-end=\"3638\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-31276\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/02\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-49-1-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/h2>\n<h2 data-start=\"3591\" data-end=\"3638\">UK Positions Itself in Stablecoin Regulation<\/h2>\n<p data-start=\"3640\" data-end=\"3819\">The FCA\u2019s structured testing approach signals the UK\u2019s intent to regulate stablecoins through controlled experimentation rather than outright prohibition or unregulated expansion.<\/p>\n<p data-start=\"3821\" data-end=\"3977\">By integrating sandbox feedback into final policy, the regulator aims to balance financial innovation with consumer protection and systemic risk management.<\/p>\n<p data-start=\"3979\" data-end=\"4153\">As global jurisdictions race to formalize digital asset rules, the UK\u2019s sandbox-driven model may serve as a blueprint for stablecoin oversight in developed financial markets.<\/p>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"The Financial Conduct Authority (FCA) has selected four firms to participate in a stablecoin testing program under 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