Global Trustee and Fiduciary Services Bite-Sized Issue 7 2026

3 AI CRYPTOASSETS CYBER DORA IOSCO MONEY MARKET FUNDS SUSTAINABLE FINANCE/ESG ASIA PACIFIC AUSTRALIA EUROPE IRELAND LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2026 Quick Links The FCA says the approach aims to provide clarity and predictability for firms as the market develops. Link to FCA Press Release here Link to FCA Overview of its Cryptoassets Regime Policy Statements here Link to FCA and the Bank of England Announcement to Set Out Approach to Joint Regulation of Systemic Stablecoin Issuers here Link to FCA’s Crypto Roadmap here BoE Launches Policy Statement and Draft Rules on Regulating Systemic Stablecoins On 22 June 2026, the Bank of England (BoE) published its policy statement and draft Code of Practice (rules) for systemic stablecoin issuers, which it says mark a key milestone in establishing the UK’s stablecoin regime. The BoE states that the framework supports safe innovation, enabling UK issued stablecoins to develop as trusted forms of digital money. The BoE says that its policy statement and draft rules reflect feedback from last year’s consultation and that it provides coin issuers with clarity to innovate and scale within a framework that maintains resilience, confidence and trust in money. The BoE explains that it and the FCA are working closely to deliver an end-to-end regime, including a managed transition as firms grow from non-systemic to systemic. Further details were published on 30 June 2026 (see above). Key policy decisions Following extensive engagement with industry and stakeholders, the BoE says that it has made targeted revisions to the proposals consulted on last year. These include: • Backing assets : The maximum share held in interest‑bearing assets (short-termUK government debt) has been increased from 60% to 70%, with the remainder in central bank deposits. These deposits enable issuers to meet redemptions promptly. The BoE says that the change supports more viable business models while still allowing issuers to deal with outflows. • Temporary issuance guardrails : The BoE says that it will safeguard the economy’s access to credit without introducing the temporary holding limits it consulted on last year. Instead, a temporary issuance guardrail will apply to each systemic stablecoin, initially set at GBP40 billion. This, the BoE explains, delivers the same policy outcome, while being cheaper and easier to implement, and allowing unrestricted use by household and businesses. The BoE adds that the guardrail will be reviewed regularly and removed once risks to credit provision have been addressed. Subject to feedback by 22 September 2026 , the BoE says that it intends to finalise the Code of Practice by the end of 2026. This, the BoE says, will allow regulated stablecoins to operate in the UK from 2027. Link to Policy Statement on Sterling-denominated Systemic Stablecoins here Link to Proposed Regulatory Regime for Sterling-denominated Systemic Stablecoins here FSRC Publishes a Report on Regulation of Stablecoins On 3 June 2026, the UK’s Financial Services Regulation Committee (FSRC) published its report ‘Stablecoins: waiting for regulation’. In January 2026, the FSRC launched an inquiry into the growth and proposed regulation of stablecoins in the UK, with a focus on the regulatory proposals from the BoE and the FCA. The FSRC report includes findings that: • The UK is currently lagging in developing its regulatory regime compared to the USA and EU; • The regulators must adhere to current timelines and ensure that the final regulatory regime must not be delayed; • There are several elements of the UK’s proposed regime which would diverge from international equivalents, including in requirements for systemic issuers to hold unremunerated backing assets, the proposed stablecoin holding limits, and the restrictions on commercial banks issuing stablecoins;