Three papers, one message: Get serious or get OUT. Crypto firms need REAL capital—Common equity, preference shares, or subordinated loans.
Minimums? £350k for stablecoin issuers PLUS 25% of annual expenses OR 2% of issuance—whichever's HIGHEST.
Stablecoin issuers face EXTRA requirements. TradFi firms know the drill.
Consultation ends July 2025.
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