As it continues to work on its rulebook for cryptoassets, the Financial Conduct Authority is also considering how existing rules will interact with the incoming regime. In its latest consultation (CP26/8) the FCA proposes amending its client assets sourcebook (CASS) so that it continues to work as intended once crypto activities are regulated. Firms have until 13 April 2026 to respond.

The FCA’s main proposals are:

• Stablecoin backing assets are not client money but must be kept separate: The FCA seeks to clarify that money held in backing funds accounts for stablecoins should not be treated as client money. Where money is held solely to back qualifying stablecoins, CASS 16 applies rather than the CASS 7…