The British financial services watchdog on Tuesday set out a plan to implement a wide-reaching regulatory regime for the cryptocurrency industry by 2026.

The Financial Conduct Authority (FCA), which oversees banking and investment products in the U.K., unveiled a timeline detailing key dates and milestones it’s working toward on its regulatory roadmap for crypto.

In the fourth quarter, the regulator will launch discussion papers on the rules governing the issuance and custody of stablecoins, as well as admission and disclosure processes and how to tackle market abuse.

In the first half of 2025, the FCA said it plans to launch papers on trading platforms, intermediation, lending, prudential crypto exposure and so-called staking rewards offered by firms on users’ token holdings.

By 2026, the FCA said that a full regime governing cryptoassets will go live in the U.K. following the publication of final policy statements that same year.

The FCA said its latest research indicates that crypto adoption is expanding in the U.K. The average value of crypto held by people in the U.K. rose to £1,842 as of August this year from £1,595 a year ago, according to the watchdog.

However, there are still misconceptions about how the market is regulated. For example, a third of people surveyed for the FCA research said they believed they could raise a complaint with the regulator if something went wrong and they sought recourse or financial protection.

The FCA findings “highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the U.K.,” Matthew Long, director of payments and digital assets at the FCA, said in a statement Tuesday.

“We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right,” Long added.