FCA Cryptoasset Lending and Borrowing: A Clear PS26/11 Overview
The phrase FCA cryptoasset lending and borrowing is used here to describe the high-level final-policy material that the FCA published in PS26/11. It does not describe a provider, product, asset, transaction, account, collateral arrangement or client outcome.
PS26/11 is part of the FCA’s June 2026 cryptoasset policy-statement package. This source-limited explainer separates its final-policy status from CP25/40, which records consultation history and was updated when final rules and guidance were published.
Editorial scope: This is general public information based only on FCA publications. It does not assess any person, provider, platform, asset, product, transaction, account, collateral arrangement or client outcome, and it is not investment, lending, borrowing, legal, tax, compliance or regulatory advice.
Related Crypto public-information context
This explanation is distinct from OGM’s FCA CASS 17 custody explainer, which is included as Crypto-silo navigation only and is not a source for this article.
FCA source boundary
This article confines its sourcing to three named FCA documents and derives its account of FCA cryptoasset lending and borrowing from those items alone. The framing aligns with the FCA’s own characterisation of those publications as a package in its cryptoasset roadmap. The three documents are the FCA overview published on 30 June 2026, the policy statement PS26/11 titled Regulated Cryptoasset Activities, and the consultation record CP25/40. References in this article identify those documents and their respective roles: final-policy statement, overview context, and closed consultation history.
The approach taken here is descriptive. It sets out what the FCA materials say about regulated cryptoasset activities, with particular reference to the lending-and-borrowing component, and it does not expand the source family beyond the three FCA publications named in the source pack. Links are provided to the FCA overview, PS26/11 and the CP25/40 consultation record for readers who wish to consult the original FCA material directly.
What PS26/11 is
PS26/11 is a final policy statement published in June 2026 and titled Regulated Cryptoasset Activities. The document sets out final rules and guidance for regulated cryptoasset activities, including provisions that the FCA identifies as relevant to lending and borrowing. The statement is a final-policy text rather than a consultation proposal; its status is final and it presents the rules and guidance the FCA has decided.
Within PS26/11, chapter structure identifies specific subjects and clarifications. Chapter 6 of PS26/11 is titled “Lending and borrowing”, indicating where the final-policy material for that particular element can be found within the statement. PS26/11 also indicates that it should be read alongside other FCA publications. For the purposes of this article, PS26/11 is treated as the final-policy source for the regulatory content associated with regulated cryptoasset activities.
Why the article uses final-policy material
The FCA overview published on 30 June 2026 presents the separate policy statements collectively as a package within the FCA cryptoasset roadmap. The overview identifies PS26/11 and other policy statements as the FCA’s final position on the regulatory framework adjustments it has set for cryptoasset activities. Because PS26/11 is a final policy statement, its rules and guidance constitute final-policy material for reporting the FCA’s position on regulated cryptoasset activities such as lending and borrowing.
Using final-policy material provides a clear source for the regulatory obligations and protections the FCA has recorded. The FCA overview itself highlights that firms providing cryptoasset services, including lending and borrowing, should read PS26/11. Reporting that instruction here is a factual restatement of the FCA’s own summary rather than an imposition or advice directed to any specific party.
CP25/40 as consultation history
CP25/40: Regulating cryptoasset activities is the consultation paper that preceded the final policy statements. The consultation opened on 16 December 2025 and closed on 12 February 2026. The consultation record was updated on 30 June 2026 to state that final rules and guidance had been published. As a closed consultation, CP25/40 documents the proposals and the engagement process that informed the FCA’s later decisions.
CP25/40 concerned proposed rules and guidance for regulated cryptoasset activities, including aspects of lending and borrowing. It therefore serves as consultation provenance rather than a source of final-rule claims. This article treats CP25/40 as closed consultation history only and does not present the proposals contained within it as if they were final policy. For the consultation text and its status, the consultation record is linked here.
The June 2026 FCA policy package
The FCA’s overview, published on 30 June 2026, describes the policy statements as a package in the FCA cryptoasset roadmap. In that overview the FCA sets out how the Cryptoassets Regulations have brought a broad range of cryptoasset activities within the FCA perimeter. The overview summarises elements of the FCA’s final-policy approach to regulated cryptoasset activities and identifies the themes that form the core of the FCA’s retail protections where lending and borrowing are concerned.
According to the FCA overview, the package maintains a set of core retail protections for lending and borrowing activity. These themes are described as enhanced disclosures, consent, appropriateness testing, record-keeping, over-collateralisation and negative-balance protection. The overview directs readers to the final-policy statement for the detailed rules and guidance and signals that PS26/11 contains the relevant material for firms and stakeholders seeking the final text.
The FCA overview also summarises targeted amendments to collateral arrangements made within the policy package. It records a stated position on staking retail client collateral subject to CASS 17 and provides a clarification regarding automatic collateral top-ups. Specifically, the overview notes a clarification that limits on automatic collateral top-ups apply to firms without restricting clients’ ability to manually top up positions. This is the FCA’s policy summary only.
The FCA’s stated 25 October 2027 date
The FCA overview states that the Cryptoassets Regulations brought a broad range of cryptoasset activities within the FCA perimeter and that the full scope of regulated activities expands from 25 October 2027. That date is presented in the overview as the point from which the fuller scope of regulation is expected to operate in the FCA’s roadmap.
The overview places the 25 October 2027 date in the context of the overall policy package and the timetable set out by the FCA. It is cited as part of the FCA’s public account of when the expanded regulatory scope will apply according to the roadmap published alongside the policy statements. In this article that date is recorded only as the FCA overview date and is not used to determine or imply any individual applicability outcome.
Why a date does not decide an individual outcome
The publication date or a stated implementation date in an overview is an element of the FCA’s policy timetable and does not, by itself, determine the outcome for any specific individual or entity. The FCA overview’s reference to 25 October 2027 describes when the FCA expects the full scope of regulated activities to expand; it is an overview date in a policy roadmap rather than a conclusion about any single application, authorisation or transaction.
PS26/11 provides the final rules and guidance that form the substantive regulatory framework in the FCA’s view, but the application of those rules to particular circumstances depends on the facts and legal status relevant to any individual case and any statutory processes that apply. This article therefore records the FCA’s stated date as an element of the overview and does not treat it as determinative of an individual outcome.
Readers seeking the primary texts referenced in this article can consult the FCA overview, PS26/11 and the consultation record directly. The FCA overview published on 30 June 2026 describes the policy statements as a package in the FCA cryptoasset roadmap; PS26/11 is the final-policy statement titled Regulated Cryptoasset Activities; and CP25/40 is the consultation paper that opened 16 December 2025 and closed 12 February 2026, later updated on 30 June 2026 to note the publication of final rules and guidance.
For the FCA’s published overview, see the FCA overview. For the full PS26/11 policy statement, see PS26/11 — Regulated Cryptoasset Activities. For the consultation history, see CP25/40: Regulating cryptoasset activities.
Regulated cryptoasset activities in PS26/11
PS26/11 is a final policy statement published in June 2026. It is titled “Regulated Cryptoasset Activities” and sets out final rules and guidance for regulated cryptoasset activities, explicitly including lending and borrowing. The statement is presented by the FCA as part of a coherent policy package. PS26/11 is therefore a primary source for the final policy positions set out by the regulator on the matters it covers.
The policy statement itself indicates it should be read alongside other FCA publications. This short article confines its source family to the documents named in the approved pack and does not extend its factual base beyond them. Readers seeking the formal text of the final rules and guidance can refer to the FCA’s published document; the PDF of PS26/11 is the authorised source of those finalised provisions.
Lending and borrowing in the final policy statement
PS26/11 explicitly addresses lending and borrowing within the suite of regulated cryptoasset activities. Chapter 6 of the policy statement is presented under that heading and forms the chapter of the final rules and guidance dedicated to the subject. The FCA’s published policy statement therefore includes lending and borrowing as a named component of the regulated-activity framework consolidated in PS26/11.
The FCA’s own high-level commentary on the package highlights that firms providing cryptoasset services, including those engaged in lending and borrowing, should read PS26/11. The FCA’s overview document, published as part of the same package, describes PS26/11 as one of the policy statements firms should consult for the final position on these activities. For clarity, PS26/11 is the final policy source for rules and guidance on lending and borrowing set out in that chapter.
Chapter 6 as a published heading
Chapter 6 of PS26/11 is published under the heading “Lending and borrowing”. As part of the final policy statement, that chapter is a named and structured element of the FCA’s regulatory exposition. The published chapter title identifies the regulator’s allocation of specific attention to lending and borrowing within the broader PS26/11 package.
The existence of Chapter 6 as a discrete heading in the final policy statement is a factual indicator of the FCA’s intent to cover lending-and-borrowing topics within the final rules and guidance. This article summarises the high-level content the FCA itself highlights; it does not attempt to paraphrase or reproduce the chapter text beyond the permitted factual framing and the references noted here.
The FCA overview and activity-specific material
The FCA published an overview of its cryptoasset regime on 30 June 2026. That overview frames the policy statements as a package and describes how the Cryptoassets Regulations brought a broad range of cryptoasset activities within the FCA perimeter. The overview sets out that the fuller scope of regulated activities expands from 25 October 2027, a date the FCA identifies in its summary of the regime’s timing.
Within the same overview, the FCA highlights a set of activity-specific matters it regards as important for firms providing cryptoasset services, including lending and borrowing. The overview therefore functions as a high-level companion to the individual policy statements and is presented by the FCA as an entry point to the package of final material. The overview is a distinct FCA publication issued on 30 June 2026 and is useful for understanding the regulator’s stated priorities at the time of finalisation.
What a high-level policy summary can describe
At a high level, the FCA’s overview identifies a group of core retail protections that the regulator maintains for lending and borrowing within the cryptoasset policy package. The overview lists enhanced disclosures, consent, appropriateness testing, record-keeping, over-collateralisation and negative-balance protection as retained themes. These elements are presented by the FCA in the overview as central retail-protection priorities related to lending and borrowing activity in the published policy package.
The overview also records targeted amendments the FCA made to collateral arrangements in the context of the policy package. It states the FCA’s position on staking retail client collateral subject to CASS 17 and sets out a clarification about limits on automatic collateral top-ups applying to firms without restricting clients’ ability to manually top up positions. The overview identifies these points as the FCA’s policy summary; it does not itself serve as the verbatim recitation of final rule text, which is found in PS26/11.
What it cannot establish about a service
A high-level policy summary such as the FCA’s overview and the PS26/11 chapter headings does not and cannot establish service-level specifics beyond the scope of the published rules and guidance. The headlines and thematic statements in the overview are not a substitute for the final rules and guidance contained in PS26/11 where precise obligations, definitions and requirements are set out.
This article treats CP25/40 as consultation provenance. CP25/40 was a consultation paper that opened on 16 December 2025 and closed on 12 February 2026, and it was updated on 30 June 2026 to state that final rules and guidance had been published. CP25/40 concerned proposed rules and guidance for regulated cryptoasset activities, including aspects of lending and borrowing, but the consultation paper itself is not a source of final-rule claims. For definitive statements on obligations and technical content, PS26/11 is the final-policy document.
Why this article excludes providers and products
PS26/11 instructs readers to consider the policy statement alongside other FCA publications. In keeping with the approved source set for this article, the factual base has been confined to the three named FCA documents and does not expand beyond them. That limited source set and the focus of the FCA’s overview mean this article provides a high-level policy description rather than any assessment of individual services, providers or products.
The emphasis in this material is on the regulatory framing: the status of PS26/11 as final policy, the overview issued on 30 June 2026, the FCA’s listing of core retail protections applicable to lending and borrowing, the targeted collateral clarifications recorded in the overview, and the consultation history of CP25/40 as closed. This approach supports a descriptive public-information summary of FCA cryptoasset lending and borrowing without addressing or evaluating any specific market actor, product or client outcome.
Authoritative sources for the statements above are the FCA’s published overview of the cryptoassets regime, the final PS26/11 policy statement and the consultation record for CP25/40. See the FCA’s overview, the PS26/11 final policy statement and the CP25/40 consultation paper for the primary texts and formal publication dates.
Further reference: FCA overview of the cryptoassets regime (30 June 2026), PS26/11 — Regulated Cryptoasset Activities (June 2026, final) and CP25/40: Regulating cryptoasset activities (opened 16 December 2025; closed 12 February 2026; updated 30 June 2026).
The FCA’s retail-protection framing
The FCA’s overview, published on 30 June 2026, positions the policy statements as a package within the FCA cryptoasset roadmap. It states that the Cryptoassets Regulations brought a broad range of cryptoasset activities within the FCA perimeter and that the fuller scope of regulated activities expands from 25 October 2027. The overview therefore sets a high‑level context for changes that affect the perimeter and timing of the regime.
The same overview highlights a set of core retail protections that it maintains for lending and borrowing activity within the cryptoasset regime. These protections are listed at high‑level and presented as central elements of the FCA’s approach to retail markets in this policy package. The document describes the protections without offering operational detail in the overview itself.
The FCA overview also notes that the package of policy statements should be read together, and it identifies PS26/11 as the primary final‑policy publication for regulated cryptoasset activities. The overview thus frames the retail protections as part of a co‑ordinated policy set in the FCA cryptoasset roadmap rather than as isolated measures.
Enhanced disclosures in the FCA summary
The FCA overview identifies enhanced disclosures as one of the core retail protections that it maintains for cryptoasset lending and borrowing. The overview sets enhanced disclosures alongside other protections to indicate a continued emphasis on information available to retail clients where those activities are within the regulatory perimeter.
The overview does not catalogue disclosure text or prescribe operational forms in the body of the high‑level summary. Instead, it presents enhanced disclosures as a maintained expectation and points firms and other interested parties to the final rules and guidance in the published policy statement for the detailed provisions. The overview therefore functions as a descriptive map rather than the source of detailed disclosure requirements.
Readers interested in the complete set of final rules and guidance for regulated activities, including disclosure requirements, are directed in the overview to PS26/11. PS26/11 is a final policy statement published in June 2026 and sets out the final rules and guidance for regulated cryptoasset activities, including lending and borrowing; the overview explicitly highlights that connection.
Consent in the FCA summary
Consent features in the overview as one of the retail protections that the FCA retains for lending and borrowing within the cryptoasset regime. The overview lists consent alongside enhanced disclosures and other protections as part of the package intended to uphold retail interests where activities fall within the FCA perimeter.
The overview itself does not provide a procedural manual for obtaining or recording consent. Instead, it presents consent as a maintained regulatory protection and directs firms to the relevant final rules and guidance in PS26/11 for the substantive provisions. That separation preserves the overview’s role as a compact statement of themes while placing the detailed requirements in the policy statement.
The overview also makes clear that firms providing cryptoasset services, including lending and borrowing, should read PS26/11 for further detail. This is a contextual, cross‑referenced point linking the high‑level themes in the overview to the definitive policy text in PS26/11.
Appropriateness testing in the FCA summary
Appropriateness testing is named in the FCA overview among the core retail protections to be maintained in the cryptoasset lending and borrowing context. The overview lists this protection to indicate the FCA’s continued interest in assessing whether services are aligned with retail clients’ circumstances within the regulated perimeter.
The overview does not set out the precise content, thresholds or operational arrangements for any appropriateness measures. It instead refers readers to PS26/11 for the final rules and guidance that address regulated activities, including the treatment of lending and borrowing. The overview therefore functions as a pointer to the final policy source for specifics.
PS26/11 is presented in the overview as the central final‑policy document for regulated cryptoasset activities. The policy statement, published in June 2026, contains the final rules and guidance and should be consulted for the complete regulatory treatment of appropriateness testing within the regime.
Record-keeping in the FCA summary
Record‑keeping is identified in the FCA overview as one of the preserved retail protections in the regulation of cryptoasset lending and borrowing. The overview presents record‑keeping as a core element that remains part of the FCA’s supervisory and policy architecture for retail activity within the expanded perimeter.
The overview does not provide the detailed recordkeeping formats or retention periods within its high‑level narrative. It instead situates record‑keeping as a maintained theme and connects readers to the final rules and guidance in PS26/11, where the binding provisions are set out. The overview therefore communicates intent and direction while reserving technical specifications to the policy statement.
The overview’s treatment of record‑keeping is framed as part of a package of protections. That package is described in the overview as harmonised with the other retail protections the FCA lists for lending and borrowing, and the overview reinforces the role of PS26/11 as the formal source of the final rules and guidance on these matters.
Over-collateralisation in the FCA summary
Over‑collateralisation is named in the FCA overview as one of the retained retail protections for lending and borrowing in the cryptoasset policy package. The overview therefore lists it among the measures the FCA considers relevant to protecting retail clients within the regulated perimeter.
Alongside the named protections, the overview records that targeted amendments were made to collateral arrangements. The overview specifically states a position on staking retail client collateral subject to CASS 17 and records a clarification concerning limits on automatic collateral top‑ups. The overview links these targeted changes to the policy package rather than setting out detailed operational rules in the summary text.
The overview makes clear that the account of collateral adjustments in the document is the FCA’s policy summary only. For the full and binding text of the rules and guidance that address collateral arrangements and over‑collateralisation, the overview points to PS26/11, which is the final policy statement published in June 2026.
Negative-balance protection in the FCA summary
Negative‑balance protection appears in the FCA overview as the final named retail protection in the set the FCA maintains for lending and borrowing. The overview lists this protection alongside enhanced disclosures, consent, appropriateness testing, record‑keeping and over‑collateralisation as part of the package of measures addressed in the policy statements.
The overview does not provide technical specifications or operational rules for negative‑balance protection in the summary. Instead, it positions negative‑balance protection as a retained theme in the FCA’s approach and directs readers to the final rules and guidance contained in PS26/11 for the complete policy text. PS26/11’s final status is explicitly recorded in the overview and in the policy materials themselves.
The overview also situates the policy statements within a consultation history. It records that CP25/40 opened on 16 December 2025, closed on 12 February 2026 and was updated on 30 June 2026 to state that final rules and guidance had been published. CP25/40 is consultation provenance and is closed consultation history only; it is not presented as a source of final‑rule claims. The overview therefore serves as a bridge from consultation history to the final policy package.
Across the overview and PS26/11, the FCA signals that firms providing cryptoasset services, including lending and borrowing, should consult the published final policy text. The FCA overview was published on 30 June 2026 and describes the policy statements as a package in the FCA cryptoasset roadmap. PS26/11, titled “Regulated Cryptoasset Activities”, is a final policy statement published in June 2026 and includes Chapter 6, titled “Lending and borrowing”. PS26/11 also states that it should be read alongside other FCA publications; this article does not expand its source family beyond the three FCA documents referenced here.
For the published overview, see the FCA overview. For the final policy statement, see PS26/11 — Regulated Cryptoasset Activities. For the consultation history, see CP25/40: Regulating cryptoasset activities, which records the consultation period and its update on 30 June 2026.
Targeted collateral amendments in the FCA overview
The FCA published an overview of its cryptoasset regime on 30 June 2026 that presents policy statements as a package within its cryptoasset roadmap. Within that overview, the FCA summarises the package’s treatment of lending and borrowing among other regulated cryptoasset activities. The overview notes that the Cryptoassets Regulations brought a broad range of cryptoasset activities within the FCA perimeter and identifies a timeline for the fuller scope of regulated activities, stating it expands from 25 October 2027.
As part of the wider package, the overview records that the FCA has maintained a set of core retail protections in the lending-and-borrowing area and that certain targeted amendments were made to collateral arrangements. The document frames those amendments as part of the FCA’s policy summary for the sector rather than as operational instructions. The overview also directs firms providing cryptoasset services, including lending and borrowing, to read the policy statement that sets out the final rules and guidance.
The FCA’s stated CASS 17 reference
The FCA overview highlights a stated position on staking retail client collateral subject to CASS 17 within the package of collateral-related amendments. That reference is presented in the overview as part of the FCA’s summary of targeted changes to collateral arrangements.
The overview situates the CASS 17 point alongside broader retail-protection themes and the package of documents published in June 2026. The overview is explicit that the policy statements together form a consolidated set of final-policy materials addressing regulated cryptoasset activities, and it signposts where readers should look in the published policy material for the detailed final text.
Automatic and manual collateral-top-up wording
The FCA overview records a clarification concerning limits on automatic collateral top-ups. The overview states that those limits apply to firms without restricting clients’ ability to manually top up positions. The document frames this as a clarification within its policy summary and does not set out operational definitions or procedural detail about top-up mechanisms.
The overview presents that wording alongside the other targeted collateral amendments. The treatment in the overview emphasises its role as a high-level policy summary rather than a step-by-step guide to collateral management. The text in the overview is therefore descriptive of the FCA’s policy position as summarised in the published package rather than an implementation manual.
Why the article does not explain collateral arrangements
This article is confined to a source-limited explanation of what the FCA’s published materials state about lending and borrowing and the targeted collateral amendments. It does not expand on, interpret, or explain collateral arrangements beyond the high-level summaries the FCA has published. The purpose here is to relay the FCA’s published positions and the stated structure of the policy package, not to describe operational arrangements or mechanisms.
The source pack for this article comprises three named FCA documents only. PS26/11 and the FCA overview are treated as final-policy sources. CP25/40 is included as closed consultation history and is not used to assert final-rule claims. PS26/11 itself indicates it should be read alongside other FCA publications; this article does not broaden that source family beyond the three FCA documents in the source pack.
Why final policy is not personalised advice
PS26/11 is final policy. The policy statement sets out the final rules and guidance for regulated cryptoasset activities, including lending and borrowing. As a final-policy document, PS26/11 forms part of the FCA’s published regulatory framework for the sector but it is not personalised advice to any individual or firm.
The FCA overview published on 30 June 2026 reiterates that firms providing cryptoasset services, including lending and borrowing, should read PS26/11. The overview and PS26/11 together provide the published, high-level rule and guidance framework; they do not amount to specific advice tailored to prospective clients, consumers or firms. This article therefore restricts itself to describing the content and status of the published materials rather than offering advice, interpretation, or application to individual circumstances.
Official FCA sources
The FCA overview, published 30 June 2026, sets out the context for the policy statement package and describes the Cryptoassets Regulations bringing a broad range of activities within the FCA perimeter. For reference, that overview is available on the FCA website as the FCA’s overview of its cryptoasset regime.
PS26/11 — Regulated Cryptoasset Activities is the named policy statement published in June 2026 and is the final rules and guidance document within the package. PS26/11 includes a chapter specifically titled “Lending and borrowing” (Chapter 6) that addresses the lending-and-borrowing component of regulated cryptoasset activities. The PS26/11 document is available as the FCA policy statement PS26/11.
CP25/40: Regulating cryptoasset activities is part of the consultation history. CP25/40 opened on 16 December 2025 and closed on 12 February 2026. The consultation paper was updated on 30 June 2026 to record that final rules and guidance had been published. That paper concerned proposed rules and guidance for regulated cryptoasset activities, including aspects of lending and borrowing, and is consultation provenance rather than a source of final-rule claims. The CP25/40 material can be consulted on the FCA website as the closed consultation history.
Conclusion: a source-limited reading of FCA cryptoasset lending and borrowing
This article provides a source-limited reading of what the FCA’s published materials say about FCA cryptoasset lending and borrowing. It draws on the FCA overview published on 30 June 2026 and on PS26/11 as the final-policy statement; it treats CP25/40 as closed consultation history only. The overview sets out that the Cryptoassets Regulations broadened the perimeter of regulated activity and states that the full scope of regulated activities expands from 25 October 2027 as an overview date.
The FCA overview identifies maintained retail protections in the lending-and-borrowing strand — enhanced disclosures, consent, appropriateness testing, record-keeping, over-collateralisation and negative-balance protection — and records targeted collateral amendments including the CASS 17 staking reference and the clarification on limits for automatic collateral top-ups versus manual client top-ups. This account is a description of the FCA’s policy summary as published in June 2026 and is confined to those official materials.
For access to the published documents referenced here, see the FCA overview of its cryptoasset regime, PS26/11 — Regulated Cryptoasset Activities, and the CP25/40 consultation record as the consultation provenance.
How the FCA final-policy package groups activity-specific material
The FCA’s published final-policy material brings together cross-cutting requirements and activity-specific provisions under a single policy family. The FCA overview of its cryptoassets regime, published in June 2026, presents PS26/11 as the final-policy statement that sets out the rules and guidance applying to regulated cryptoasset activities. That overview states that PS26/11 covers the full set of final rules and guidance for firms conducting regulated cryptoasset activities, explicitly including activity-specific chapters such as lending and borrowing. The primary final-policy document itself is titled PS26/11 — Regulated cryptoasset activities, and Chapter 6 of that statement is dedicated to lending and borrowing.
This grouping is presented in the FCA material as a policy structure: a statement of final rules and guidance accompanied by an overview that situates individual activity chapters within the overall regime. The overview functions as a high-level map to the final-policy package, with PS26/11 named as the source of the final rules and guidance for firms carrying on regulated cryptoasset activities, and specific chapters used to address distinct activities such as FCA cryptoasset lending and borrowing.
Readers should rely on the final-policy documents cited in the FCA material for the detailed obligations that apply within each activity chapter. The overview and PS26/11 together form the FCA’s public presentation of those obligations at the time of publication; the overview links the thematic protections and the regime timing to the PS26/11 final-policy output.
PS26/11 alongside the wider FCA overview
PS26/11 is the FCA’s final policy statement that contains the rules and guidance for regulated cryptoasset activities. The FCA’s June 2026 overview describes PS26/11 as the document carrying the final rules and guidance for these activities and identifies Chapter 6 within PS26/11 as the chapter addressing lending and borrowing. The overview provides a concise, high-level summary of the FCA’s approach across the regime and highlights the themes that the FCA has set out for retail protections in lending and borrowing.
The overview lists particular consumer-protection elements that the FCA maintains for lending and borrowing as part of the final-policy package. These themes are described in the overview as core retail protections and include a set of measures the FCA identifies as relevant for activity-specific supervision and compliance in lending and borrowing. The overview also records that CP25/40 was a consultation stage on the path to final policy and that the final rules and guidance were published on 30 June 2026.
Where PS26/11 provides the detailed rules and guidance text, the overview draws out cross-cutting themes and the timing for expansion of the regime’s scope. Together, the PS26/11 final policy statement and the FCA overview are the FCA’s published sources for the final-policy position on FCA cryptoasset lending and borrowing as of the June 2026 publication.
What final-policy publication changed from consultation status
The FCA’s materials make clear that CP25/40 formed part of the consultation process that led to the final-policy package. The CP25/40 consultation record is retained as closed consultation history and the CP page records that final rules and guidance were published on 30 June 2026. The FCA overview explicitly treats PS26/11 as the final-policy successor to that consultation work and identifies the PS26/11 document family as the source of the final rules and guidance now in force.
Within that transition from consultation to final policy, the FCA has identified the lending-and-borrowing chapter of PS26/11 as the activity-specific location for requirements relevant to those activities. The overview summarises the outcome of the policymaking process in thematic terms, listing the retail-protection themes the FCA says it maintains for lending and borrowing under the final policy. The CP25/40 consultation record therefore represents the closed consultation history that preceded the publication of PS26/11 and the related overview that sets out the final-policy context.
Those seeking the final rules and guidance text will find PS26/11 identified as the authoritative final-policy document in the FCA’s published package, with the overview providing the high-level framing and CP25/40 identified as the prior consultation history.
Why the article records published themes rather than outcomes
The FCA’s public materials present a combination of specific rules and broader thematic protections. The FCA overview offers a high-level statement of the core retail protections it maintains for lending and borrowing; it does not, in the overview, set out firm-level determinations or adjudications. For the purposes of a public-information explainer that relies solely on the FCA’s published material, it follows the FCA’s emphasis by recording the published themes rather than attempting to report outcomes at the level of individual firms or services.
Recording themes rather than outcomes reflects two constraints: first, the FCA’s overview documents and PS26/11 itself present the policy in regulatory and thematic language, not as a catalogue of firm-specific positions; second, a source-limited explainer must take its facts from those public sources and avoid drawing conclusions that the sources do not themselves state. The FCA overview lists enhanced disclosures, consent, appropriateness testing, record-keeping, over-collateralisation and negative-balance protection as the core retail protections it maintains for lending and borrowing, and it flags targeted collateral amendments as part of the package. An explainer limited to those sources therefore summarises those published themes rather than stating outcomes for individual firms, products or arrangements.
This approach preserves a clear distinction between what the FCA has published as its general policy stance and any subsequent factual questions about how those rules apply to particular entities or activities. The explainer therefore mirrors the FCA’s own public framing: emphasise the policy themes and direct readers to the final-policy technical text for the precise rules and guidance.
Why the 25 October 2027 date is described without individual conclusions
The FCA’s overview states that the full scope of regulated cryptoasset activities expands from 25 October 2027. The overview presents this date as a timing milestone for the regime and not as a conclusion about any individual firm’s authorisation, permission, or compliance position. The explainer follows the FCA’s own framing by recording that the fuller scope of regulated cryptoasset activities expands from that date and by not inferring or asserting any firm-specific outcomes linked to the date.
Describing the 25 October 2027 date without drawing individual conclusions aligns with the overview’s role as a high-level summary of the regulatory timetable. The FCA’s public documents separate timing, the content of final rules and guidance (as set out in PS26/11), and any firm-level authorisation or supervisory determinations. As such, the date is reported here only as the regime milestone the FCA itself states in its overview; the date is not presented as evidence about a provider’s status, the applicability of an individual arrangement, or the practical consequences for a particular actor.
Where readers require information about how the regime timing interacts with any single firm or service, the appropriate sources are the FCA’s published rules and guidance in PS26/11 and any firm-specific public records held or published by the FCA. This explainer, constrained to the FCA’s overview and PS26/11, therefore records the date as a regime-wide timing statement and stops short of drawing conclusions about particular parties.
Limits of a source-limited public-information explainer
A public-information explainer based strictly on the FCA’s published overview and PS26/11 is deliberately limited in scope. It reproduces the policy themes that the FCA itself highlights and identifies the authoritative final-policy documents, but it does not—and should not—attempt to substitute for the detailed final-policy text or for firm-specific disclosures and regulatory records. The explainer does not make determinations about whether any particular arrangement, activity, or entity falls within the scope of the rules; it does not provide legal, tax, regulatory, suitability, compliance, or investment advice; and it does not describe operational or implementation steps for firms or consumers.
The explanatory approach taken here also means that the content is necessarily thematic. The FCA overview names the protections it maintains for lending and borrowing—enhanced disclosures, consent, appropriateness testing, record-keeping, over-collateralisation and negative-balance protection—and notes targeted collateral amendments. A source-limited explainer reports those published elements, but it does not expand beyond them into new factual claims, judgemental assessments, or instructions. It therefore functions as a précis of the FCA’s public policy statements rather than as a substitute for the final-policy documents, regulator communications, or professional advice.
For readers who wish to consult the primary materials, the FCA’s overview page and PS26/11 are the starting points for the official published policy. The CP25/40 consultation page remains available as the closed consultation history that led to the final rules and guidance published on 30 June 2026.
Closing note on FCA cryptoasset lending and borrowing
In the FCA’s June 2026 overview and the PS26/11 final-policy statement, the FCA positions lending and borrowing within the regulated cryptoasset activities covered by the final rules and guidance. The FCA overview identifies the lending-and-borrowing chapter of PS26/11 and lists the core retail-protection themes it maintains for that activity: enhanced disclosures, consent, appropriateness testing, record-keeping, over-collateralisation and negative-balance protection, together with targeted collateral amendments referenced in the overview.
PS26/11 is the FCA’s final-policy statement for regulated cryptoasset activities, and the June 2026 overview situates that statement in the broader policy package and the regime timing. The CP25/40 consultation is recorded as the closed consultation history on the path to final policy, with the final rules and guidance published on 30 June 2026. The overview also sets out that the full scope of regulated cryptoasset activities expands from 25 October 2027; that date is presented as a regime milestone and is not a conclusion about any individual party’s regulatory position.
For authoritative detail, consult the FCA’s June 2026 overview of its cryptoassets regime and the PS26/11 final-policy statement. The CP25/40 consultation page is available as the consultation history that preceded the final publication. These are the FCA sources on which this explainer is based: the FCA overview, PS26/11 — Regulated cryptoasset activities, and the CP25/40 consultation record.