United Kingdom — License Map

The United Kingdom is building one of the world's most comprehensive crypto regulatory frameworks. Rather than creating standalone crypto legislation, the UK integrates cryptoasset activities into the existing Financial Services and Markets Act 2000 (FSMA) architecture — applying the principle of "same risk, same regulatory outcome." This page compares the licensing requirements for three activity types side-by-side: custody (termed "safeguarding"), stablecoin issuance, and mining.

1. Regulatory Architecture

Single Regulator, Dual Oversight for Systemic Risk

The Financial Conduct Authority (FCA) is the sole regulator for all cryptoasset activities in the UK. The Bank of England (BoE) assumes additional oversight only for systemic stablecoins — those designated as posing risks to financial stability.

The Two-Regime Transition

The UK currently operates a limited MLR registration (Money Laundering Regulations 2017) regime focused on AML/CTF compliance. This is being replaced by a full FSMA authorization regime that brings conduct, prudential, and market abuse regulation into scope.

Consultation Paper Architecture

The FCA has published an extensive set of consultation papers forming the detailed rulebook for the new regime:

Legal Foundation: Property Rights

The Property (Digital Assets etc) Act 2025 established that digital assets constitute a distinct category of personal property under English and Welsh common law — a "third thing" beyond choses in possession and choses in action. This provides the common law foundation for custody trust arrangements that no other major jurisdiction has yet matched.

2. Activity Comparison Table

3. Multi-Activity Licensing

Combining Custody and Stablecoin Issuance

A firm seeking to both safeguard client cryptoassets and issue qualifying stablecoins applies for a single Part 4A FSMA authorization with multiple permissions. The key structural implications:

Capital requirements stack to the highest PMR. Where a firm conducts multiple activities, the highest applicable Permanent Minimum Requirement applies — not the sum. A custody-plus-issuance firm would face a PMR of GBP 350,000 (the stablecoin issuance floor), not GBP 500,000.

However, K-factor requirements are additive. A firm safeguarding GBP 1 billion in client assets (K-CSG = GBP 400,000) while also issuing stablecoins faces both the K-CSG capital charge and the BoE's systemic issuer capital requirement if designated as systemic.

CASS framework creates parallel trust structures. The FCA has established distinct CASS chapters for each activity:

CASS 16 and CASS 7 funds cannot be commingled — stablecoin backing assets must be segregated by stablecoin product and kept separate from client money pools.

SM&CR Implications for Multi-Activity Firms

The Senior Managers and Certification Regime applies uniformly. Core Tier firms must allocate at minimum:

Enhanced Tier firms (GBP 50bn+ AUM or CASS Large designation) must allocate up to 17 SMFs including Chief Finance Officer, Chief Risk Officer, and Head of Internal Audit. A multi-activity firm combining custody and stablecoin issuance at scale is more likely to trigger Enhanced Tier classification.

Each SMF holder is subject to the duty of responsibility — personal accountability for regulatory failures within their area. This is a meaningful deterrent that does not exist in most competing jurisdictions.

Adding Mining to the Mix

Mining itself requires no FCA authorization. However, a mining operation that also provides custody or exchange services triggers registration/authorization requirements. The key triggers:

• Exchanging mined crypto for fiat on behalf of others
• Holding cryptoassets on behalf of third parties
• Operating an exchange or trading platform
• Providing staking-as-a-service (under new regime)

Mining and selling mined coins on a third-party exchange for the firm's own account does not trigger FCA registration.

4. The Transition Challenge

From Registration to Authorization (Sep 2026 – Oct 2027)

The transition from MLR registration to full FSMA authorization is the defining operational challenge for UK crypto firms. There is no grandfathering — all firms must apply fresh through the new gateway regardless of existing MLR registration status.

Timeline pressure is severe:

What happens if you miss the window:

• Firms that apply during the window may continue operating while their application is pending
• If the FCA has not determined the application by commencement (25 Oct 2027), the firm may continue under a saving provision
• Late applicants enter a transitional provision that permits only servicing pre-existing contracts — no new customers or contracts
• Firms that do not apply at all must wind down cryptoasset activities

Practical preparation requirements:

The FCA estimates average implementation costs per firm of GBP 100,000 (with an additional GBP 65,000 for custodians specifically) to prepare for the new regime. Firms must:

1. Map all SM&CR senior management functions and prepare Statements of Responsibilities
2. Build or adapt CASS-compliant segregation and reconciliation systems
3. Implement the CRYPTOPRU prudential framework (capital adequacy, ICARA process, wind-down planning)
4. Establish daily reconciliation capability for 24/7 crypto markets
5. Prepare for the Market Abuse Regime for Cryptoassets (MARC) under CP25/41

The FCA has stated it "will not provide advice to firms" and "pre-application meetings do not guarantee a successful application."

5. Consolidated Banking Access

Banking access remains the single largest practical obstacle for crypto firms operating in the UK, cutting across all activity types.

Bank-by-Bank Landscape

Industry Survey Data (UK Cryptoasset Business Council, 2025)

HM Treasury stated in January 2026 that banks must stop blocking FCA-licensed crypto firms from fair access if the UK is to become a digital asset hub. However, no binding regulatory action has been taken. One FCA-registered exchange stated: "If we are registered with the FCA, it should not be this challenging" and reported prioritizing other markets as a result.

Implications by Activity Type

• Custody firms need client money accounts under CASS 7 — blocked banking relationships directly impair the ability to operate a compliant custody business
• Stablecoin issuers need reserve accounts and redemption settlement capability — the BoE's November 2025 proposal for 40% of systemic stablecoin backing at the central bank may partially mitigate commercial banking dependency, but issuers still need commercial banking for the remaining backing (short-term UK government debt custody) and for processing fiat redemptions. NOTE: on 19 May 2026 (City Week speech) BoE Deputy Governor Sarah Breeden signalled the BoE is prepared to lower the 40% unremunerated central-bank-deposit requirement (see Section 7, Recent Developments)
• Mining firms face the least banking friction as standard business accounts suffice, though converting mined assets to fiat remains challenging

Practical Recommendation

Firms entering the UK market should engage BCB Group or ClearBank as primary banking partners from the outset, as these specialist providers have demonstrated willingness to serve FCA-registered crypto businesses. Revolut offers a crypto-friendly retail and business banking layer. Approaching high-street banks (HSBC, Barclays, NatWest) is viable for large institutional entrants with established compliance track records — as evidenced by BlackRock and Standard Chartered receiving FCA registration in 2025.

6. Total Cost: Multi-Activity Operation

Year 1: Setup and Authorization

Ongoing Annual Costs

7. Regulatory Direction

Overall Trajectory: Significant Tightening and Formalization

The UK is moving decisively from light-touch AML registration to full FSMA authorization. Every signal points to a more demanding regulatory environment.

Approval Rate History

The approval rate has improved from ~11% to ~45%, but the absolute number of approvals remains very low. Processing time has dropped from 17 months to ~5 months. The FCA has publicly stated that "protecting crypto users is more important than faster UK registration."

No data has been published on projected approval rates for the new full FSMA authorization regime.

Tax Treatment Across Activities

HMRC treats all cryptoassets — including stablecoins — as property, not currency. The tax framework applies uniformly regardless of activity type:

From 1 January 2026, crypto platforms must proactively report all relevant transactions to HMRC under the OECD Crypto-Asset Reporting Framework (CARF). First reports are due by May 2027.

Key Risks for Operators

1. Compressed timeline — final rules may not be published until H2 2026, leaving firms months to prepare before the September 2026 application window
2. Banking access — despite government rhetoric, 80% of exchanges still face banking blocks with no binding regulatory action taken
3. No EU passporting — UK authorization provides zero access to EU/EEA markets; firms must obtain separate MiCA authorization
4. FSCS coverage uncertain — it remains under consultation whether the Financial Services Compensation Scheme (up to GBP 85,000 per claimant in traditional finance) will extend to cryptoassets. FCA CP25/33 (Regulatory fees and levies: policy proposals for 2026/27, published 21 November 2025), para 2.24, confirms the FCA "will consult on the periodic fee structure, and (if applicable) the FSCS levies and Financial Ombudsman industry block for firms with cryptoasset activity permissions in November 2026" — the "if applicable" framing signals FSCS extension to cryptoassets is not yet decided. FCA CP25/33
5. BoE systemic stablecoin regime in flux — the November 2025 proposal of a GBP 20,000 per-individual holding limit and 40% central-bank backing drew heavy criticism; on 19 May 2026 the BoE confirmed it is abandoning individual holding limits in favour of temporary aggregate issuance caps and is prepared to lower the 40% requirement. Revised draft rules (June 2026) and final Codes of Practice (late 2026) remain pending, leaving systemic-issuer requirements uncertain

8. Tax Reporting Obligations

Licensing-Taxation Nexus

CARF tax reporting obligations operate independently of and in addition to FCA authorization. The two regimes intersect but do not substitute for one another:

A firm holding FCA MLR registration (or future FSMA authorization) that conducts exchange transactions as a business is also a Reporting Cryptoasset Service Provider (RCASP) under CARF — meaning it must comply with both regimes simultaneously. Mining-only operations that do not conduct exchange transactions on behalf of others are not RCASPs.

CARF Implementation (SI 2025/744)

The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025 (SI 2025/744), enacted 24 June 2025, implements the OECD Crypto-Asset Reporting Framework into UK law, effective 1 January 2026.

Domestic extension: The UK extended CARF to cover all customers including UK residents — going beyond the OECD minimum requirement, which only mandated reporting on non-resident users for international exchange purposes. This was confirmed in the Autumn Budget 2025.

Reporting entities: Approximately 50 UK RCASPs are subject to initial compliance obligations.

Information reported:

• User identity information (name, address, TIN/NI number, date of birth)
• Tax residency of users
• Activity summaries for in-scope transactions
• Aggregate transaction values

Reporting timeline:

Penalties for non-compliance:

Revenue impact: HMRC estimates a total exchequer benefit of GBP 315 million over four years (GBP 40–110 million annually from 2026–2028), against an implementation cost of GBP 69 million.

Self Assessment Obligations for Individuals

Regardless of CARF provider reporting, individual taxpayers remain responsible for reporting crypto gains and income via the Self Assessment tax return:

• From the 2024/25 tax year onwards, a dedicated cryptoasset section exists on the capital gains pages of the Self Assessment form
• All gains must be reported in pound sterling
• Filing deadline: 31 January following the end of the tax year (e.g., 31 January 2027 for 2025/26)
• Capital losses should be reported within four years even if below the GBP 3,000 Annual Exempt Amount, to preserve the right to carry them forward
• Taxpayers can also use the Capital Gains Tax real-time service for reporting disposals

Record-Keeping Requirements (CRYPTO10400)

HMRC requires individuals to maintain their own records for every cryptoasset transaction (CRYPTO10400), including:

• Type of cryptoasset and date of transaction
• Whether a purchase or sale, and number of units involved
• Value in pound sterling at the date of transaction
• Cumulative total of units held
• Bank statements and wallet addresses
• Blockchain transaction records linked to public keys

HMRC warns that exchanges may only keep records for a short period. If an individual cannot prove their cost basis, HMRC may treat it as zero, making the entire disposal proceeds a taxable gain.

Implications by Activity Type

9. RWA / Security Token Platform Licensing

The UK regulates tokenized real-world assets through existing financial services legislation. Security tokens are classified as specified investments under the Regulated Activities Order (RAO) 2001, meaning firms dealing in, advising on, or operating platforms for tokenized securities require FCA authorization. The Digital Securities Sandbox (DSS) provides a dedicated pathway for DLT-based settlement infrastructure.

9.1 License Details

9.2 Requirements

9.3 Application Process

9.4 Ongoing Obligations

• FCA regulatory reporting and transaction reporting
• SM&CR compliance (Senior Management Functions, Certification Regime, Conduct Rules)
• MIFIDPRU prudential requirements (ongoing capital adequacy, concentration risk)
• AML/CTF obligations under MLR 2017
• CARF reporting (from April 2027)
• Client money and assets rules (CASS) for firms holding client assets

9.5 Passporting

No EU/EEA passporting post-Brexit. UK firms cannot passport into the EU or EEA. No MiCA equivalence agreement exists. Cross-border services require separate authorization in each jurisdiction.

9.6 Banking Access

FCA-authorized investment firms dealing in security tokens benefit from established banking relationships. DSS participants (including Archax, which partnered with abrdn on tokenized money market funds) have demonstrated institutional credibility. Broader crypto banking challenges (80% of exchanges reporting increased bank blocks) are less acute for firms operating in the regulated securities space.

9.7 Key Holders

9.8 Transition

The UK is expanding its digital securities framework through three concurrent initiatives: (1) the DSS operational period running until December 2028 with transition to a permanent regime; (2) the FSMA 2000 (Cryptoassets) Regulations 2025 introducing broader cryptoasset authorization requirements; and (3) planned legislation for standalone VA custodian and dealer licensing (2026 target). The FCA has committed to faster processing times (4-month target) and increased the MLR approval rate to ~45%.

See

DeFi Protocol Licensing

Regulatory Approach

The UK is building a comprehensive DeFi regulatory framework through CP25/40 (Platforms, Intermediaries, Lending, and Staking), which will bring DeFi activities under FSMA authorization from 25 October 2027. The approach applies the principle of "same risk, same regulatory outcome" -- DeFi protocols performing the same economic functions as traditional financial intermediaries will require the same authorizations. A proposed "truly decentralized" exemption would exclude protocols where no identifiable person exercises material control.

Available License Types

DeFi-Specific Requirements

• Smart contract audits: CP25/40 proposes that operators of DeFi platforms must conduct and publish independent smart contract audits. The FCA's approach treats smart contract risk as equivalent to operational risk under SYSC requirements.
• Governance framework: DeFi protocol operators must identify responsible individuals under SM&CR. DAO governance structures must map to FCA's governance expectations, including clear accountability for compliance decisions.
• Decentralization threshold: CP25/40 proposes a "truly decentralized" exemption where no identifiable person or group exercises material control over the protocol. The FCA acknowledges this is a spectrum and proposes factors including: control over smart contract upgrades, ability to halt or modify the protocol, concentration of governance tokens, and reliance on centralized front-ends.
• Property Act 2025: The Property (Digital Assets etc) Act 2025 established digital assets as a distinct category of personal property, providing legal certainty for DeFi smart contract interactions, custody arrangements, and collateralization under English law.
• DeFi lending and staking: CP25/40 brings crypto lending and staking under regulation. Platforms offering lending pools or staking services must obtain FSMA authorization and comply with conduct rules including disclosure, fair treatment, and risk warnings.

Application Timeline

• Current MLR registration: 6--12 months
• Pre-application support (PASS): Firms can request meetings from 11 May 2026; meetings held from July 2026
• FSMA application window: Opens 30 September 2026, closes 28 February 2027
• Full FSMA regime commencement: 25 October 2027
• Transitional protection: Existing MLR-registered firms have until 25 October 2029

Cross-Reference

See

Sources: FCA CP25/40, Platforms, Intermediaries, Lending, and Staking (2025); Property (Digital Assets etc) Act 2025; FCA Cryptoasset Roadmap (November 2025)

Insurance / Risk Transfer Licensing

Overview

The United Kingdom is the global epicentre of digital asset insurance, anchored by Lloyd's of London -- the world's oldest and most specialised insurance marketplace. The UK's insurance regulatory framework is technology-neutral: insurers and intermediaries writing digital asset policies must hold the same authorisations as those covering any other risk class. There is no mandatory insurance requirement for crypto custody or exchange operations under either the current MLR regime or the forthcoming FSMA authorization framework, though the FCA has consulted on whether the Financial Services Compensation Scheme (FSCS) should extend to cryptoassets.

Regulatory Authority

Insurance Provider Licensing

Entities seeking to underwrite digital asset insurance in the UK require:

• PRA authorisation as an insurer or reinsurer under FSMA 2000 (Solvency II regime applies)
• Lloyd's syndicate membership for participation in the Lloyd's marketplace -- Lloyd's syndicates writing digital asset policies must comply with Lloyd's Performance Management Directorate requirements and Lloyd's minimum standards
• FCA authorisation for intermediaries (brokers, MGAs) distributing digital asset insurance products under the IDD

Insurance Requirements for Crypto Businesses

Named Insurance Providers Active in the UK

Lloyd's as Global Hub

Lloyd's of London remains the dominant marketplace for digital asset insurance globally. Key features:

• Syndicate structure allows specialist underwriters to allocate capacity to digital asset risks without requiring a standalone insurer
• Lloyd's minimum standards require syndicates to demonstrate underwriting expertise and risk assessment capability for new classes including digital assets
• Lloyd's Brussels provides a separate EU-facing entity for post-Brexit cross-border business
• Lloyd's Asia (Singapore) extends the marketplace's reach into Asia-Pacific digital asset markets
• Estimated 60-70% of global crypto insurance capacity originates from or passes through the Lloyd's market

Estimated Insurance Costs for Crypto Businesses

Regulatory Direction

• The FCA's decision on FSCS extension to cryptoassets remains the most consequential pending development -- if coverage is extended, it could create an implicit insurance mandate for the industry
• Lloyd's is expected to continue expanding digital asset underwriting capacity as the FSMA regime takes effect and institutional participation increases
• The PRA has not issued crypto-specific guidance for insurers, relying on the technology-neutral Solvency II framework
• SM&CR personal liability under the new FSMA regime will increase demand for D&O coverage among crypto firm senior managers

Cross-Reference

See

NFT & Digital Collectibles

Activity type: NFT marketplace operation, NFT issuance, fractionalized NFT platforms

Payment / Transfer Service License

Overview

The UK operates three distinct licensing regimes relevant to crypto payments: (1) the current FCA MLR registration for AML/CTF (since January 2020), (2) Payment Institution (PI) authorization under the Payment Services Regulations 2017 (PSRs 2017) and E-Money Institution (EMI) authorization under the Electronic Money Regulations 2011, and (3) the forthcoming full FSMA authorization under the Cryptoassets Regulations 2026 (commencing 25 October 2027). Stablecoins are not currently within the PSRs; they will be regulated under FSMA 2000 via the new Cryptoassets Regulations. Post-Brexit, UK-authorized PIs and EMIs have lost EU/EEA passporting rights.

License Details

Requirements

Application Process

Ongoing Obligations

Passporting & Cross-Border

Banking Access

Key License Holders

Transition / Grandfathering

Cross-Reference

See

Sources: FCA: New Regime for Cryptoasset Regulation; FCA: Payment Institution Applicants; FCA: EMI Applicants; PSRs 2017 (SI 2017/752); EMRs 2011 (SI 2011/99); BoE: Systemic Stablecoin Consultation (November 2025)

Recent Licensing Developments (20 March 2026 – 4 June 2026)

Related coverage

United Kingdom — License Map in other research domains:

• CBDC Frameworks
• Crypto Mining Regulations
• DeFi Regulation & Liability Frameworks
• Digital Asset Insurance & Risk Transfer
• Digital Asset Taxation
• Institutional Crypto Custody Regulations
• NFT & Digital Collectibles Regulations
• Payment Services & Crypto Payment Regulation
• Stablecoin Regulations & License Regimes
• Tokenized Real-World Assets (RWA) Regulation

Verification Notes

This page is an aggregator; licensing facts are reconciled against the nine refreshed source-domain files for the UK (all modified: 2026-06-04) under content/deep-research/<domain>/regulations/europe/united-kingdom.md, then against primary regulator sources.

Corrections made this refresh (Correction Protocol):

1. BoE systemic stablecoin holding limits & 40% backing — corrected from stated fact to "under revision/superseded." The prior version presented "40% backing at central bank, GBP 20,000 individual holding limits" as settled rules (Sections 5, 7). Per the BoE's 19 May 2026 City Week speech (Deputy Governor Sarah Breeden) and the 2 June 2026 House of Lords report, individual holding limits are being abandoned in favour of temporary aggregate issuance caps, and the 40% requirement is being reconsidered/lowered. Reconciled to match stablecoin-regulations and crypto-payment-regulation source files. Revised BoE draft rules were due June 2026; final Codes of Practice late 2026.
2. PASS date — corrected. Prior version stated "PASS opens July 2026." Per the FCA and the crypto-custody/nft-digital-collectibles source files, firms can request PASS meetings from 11 May 2026, with meetings held from July 2026. Updated across all milestone tables (Sections 1, 4, payment, DeFi, transition).
3. CP26/13 added to the consultation-paper architecture table (published 15 April 2026, closed 3 June 2026), and CP26/4 / CP26/8 statuses updated to reflect closure/publication.

Reconciliation confirmations (no change required): Custody PMR GBP 150,000 and K-CSG 0.04%; stablecoin issuance PMR GBP 350,000; trading-platform/staking PMR GBP 150,000; dealing/arranging PMR GBP 75,000–750,000; FSMA application fees GBP 11,150 (Cat 6) / GBP 55,740 (Cat 8); MLR fee GBP 2,000–10,000; regime dates (gateway 30 Sep 2026–28 Feb 2027, commencement 25 Oct 2027, transitional protection to 25 Oct 2029); CARF SI 2025/744 effective 1 Jan 2026, first reports due 31 May 2027; CGT 18%/24%, AEA GBP 3,000; DSS 16 Gate 1 entrants, operational to December 2028; mining = no crypto-specific licence — all verified consistent with the refreshed source domains.

Flagged as self-reported / estimated: All "total setup cost," "annual compliance cost," banking-survey figures (UK Cryptoasset Business Council 2025: 80%/40%/70%), insurance premium ranges, and FCA-estimated implementation costs (GBP 100,000 + GBP 65,000 custody) are industry-reported or estimates, not regulator-fixed fee schedules. FCA periodic fees for the crypto regime remain TBD pending the November 2026 consultation.

Not verified / pending: FSCS extension to cryptoassets remains under consultation (custody source: not confirmed; insurance/payment sources: FSCS currently does NOT cover cryptoassets). Final FSMA periodic fee rates and final BoE systemic-stablecoin Codes of Practice are not yet published.

Targeted gap-closure pass (2026-06-06)

Operated under verification-standards.md Standard version: 2026-06-04. Four gaps worked from the license-map gap register.

Gap CLOSED — FSCS extension / November 2026 fees & levies consultation. Fetched FCA primary CP25/33, "Regulatory fees and levies: policy proposals for 2026/27" (published 21 November 2025), PDF text-extracted. Para 2.24 states verbatim: the FCA "will consult on the periodic fee structure, and (if applicable) the FSCS levies and Financial Ombudsman industry block for firms with cryptoasset activity permissions in November 2026." This confirms (a) the November 2026 consultation is real and pending, and (b) the "if applicable" framing means FSCS extension to cryptoassets is not yet decided — consistent with the file's existing "under consultation" wording. CP25/33 also sets out proposed cryptoasset application fees (Category 4 £2,790 up to Category 7 £27,870 range per fee-block, Question 8). Citation added to Section 7 risk #4 and the Insurance FSCS-coverage row. Source: https://www.fca.org.uk/publication/consultation/cp25-33.pdf

Gap STILL OPEN — final BoE systemic-stablecoin Codes of Practice / revised draft rules. The BoE consultation page and the Breeden City Week speech page both returned HTTP 403 to the fetcher; archive.org is unreachable from this fetcher. Fetched corroborating secondary (Skadden, "Bank of England Revises Its Proposed Regime…", 13 Nov 2025) confirms the BoE "intends to consult on and finalise its draft Codes of Practice during the course of next year," with the "final rules instrument and supervisory approach in the second half of 2026." No primary confirms a published revised draft as of 2026-06-06; the file's honest wording (revised draft due June 2026, final Codes of Practice late 2026, both pending) is retained. Per fetch-blocker protocol, the BoE primary pages are recorded as primary-known-but-unfetchable; the gap is not closed.

Gap STILL OPEN — House of Lords committee/697 page & report PDF (bot-block). Both the committee news page (committees.parliament.uk/committee/697/.../news/214040) and the report PDF (publications.parliament.uk/pa/ld5902/ldselect/ldfsrc/6/6.pdf) returned HTTP 403 to the fetcher; archive.org unreachable. Report existence, title ("Stablecoins: waiting for regulation", HL Paper 6), chair (Baroness Noakes), and dates confirmed via WebSearch result snippets ("Ordered to be printed 20 May 2026 and published 3 June 2026") plus corroborating secondaries (regulationtomorrow.com, coindesk.com). CORRECTION applied: publication date 2 June 2026 → 3 June 2026 (the 2 June secondary-reporting date was the pre-publication press date; the report was formally published 3 June 2026). Recommendation detail expanded. The primary pages remain unfetchable; gap not closed per the standard.

Gap STILL OPEN — BoE Breeden City Week speech / DSS deep-links (bot-block). BoE speech URL returns HTTP 403; archive.org unreachable. The 19 May 2026 policy signals (abandon individual holding limits → temporary aggregate issuance caps; prepared to lower the 40% requirement) are corroborated by fetched/snippet secondaries but the BoE primary was not fetchable this run; carried forward from the refreshed stablecoin/payment source files. Gap not closed per the standard.

Correction (Correction Protocol): House of Lords report publication date 2 June 2026 → 3 June 2026 (Recent Licensing Developments table), per UK Parliament publication metadata surfaced in WebSearch ("Ordered to be printed 20 May 2026 and published 3 June 2026"); report PDF URL (HL Paper 6) added alongside the committee/697 news URL.

10. For Full Details