The Financial Conduct Authority published Policy Statement PS26/9 on 30 June 2026. The document completes the core rules and guidance for the UK mandatory cryptoasset authorisation regime. Parliament passed the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 on 4 February 2026. The Regulations brought cryptoasset dealing, intermediation, custody, stablecoin issuance, and staking arrangement within the FSMA regulatory perimeter for the first time. The FCA authorisation gateway opens on 30 September 2026. The mandatory regime takes effect on 25 October 2027.
PS26/9 sets out the FCA Handbook rules that apply to cryptoasset firms from the date they receive FCA permission. The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 define the regulated activities. These include dealing in cryptoassets as principal or agent, arranging cryptoasset deals, operating a cryptoasset trading platform, providing cryptoasset custody, issuing qualifying stablecoins under regulation 9M, and arranging staking. Firms must apply between 30 September 2026 and 28 February 2027 to operate lawfully from 25 October 2027.
Cryptoasset trading platforms, intermediaries, custodians, stablecoin issuers, and firms arranging staking who serve UK clients must obtain FCA authorisation. Firms currently registered only under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 must apply for FSMA authorisation or cease the relevant activities before 25 October 2027. Overseas firms actively marketing cryptoasset services to UK retail clients also fall within the perimeter.
The FCA is publishing PS26/9 alongside two open consultations: CP26/13 on cryptoasset perimeter guidance and CP26/4 on Handbook application for part 2. Decentralised finance and non-custodial service providers are excluded from the current authorisation scope, and the FCA has signalled a separate review for those activities. Key details on conduct of business rules for specific activity classes remain under consultation.
Licentium advises cryptoasset firms on FCA authorisation and compliance under PS26/9 and the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. We maintain a partner network for FCA application strategy and cross-border digital asset regulatory structuring. Work we undertake includes cryptoasset firm authorisation, FSMA regulatory perimeter analysis, stablecoin compliance structuring, custody licensing, and FCA Handbook implementation support.