The Financial Conduct Authority published final policy statements and rules for the UK cryptoasset regulatory regime on 30 June 2026. The statutory basis is the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, S.I. 2026/102, made by Parliament on 4 February 2026. The regime establishes FCA authorisation as a mandatory requirement for all firms carrying on regulated cryptoasset activities in the United Kingdom, with the new obligations coming into force on 25 October 2027.
S.I. 2026/102 introduces six new regulated activities under FSMA 2000: operating a qualifying cryptoasset trading platform; dealing in qualifying cryptoassets as principal; dealing in qualifying cryptoassets as agent; arranging deals in qualifying cryptoassets; issuing qualifying stablecoins; and safeguarding qualifying cryptoassets and relevant specified investment cryptoassets. A person carrying on any of these activities in the United Kingdom on or after 25 October 2027 without FCA authorisation commits a criminal offence under section 23 FSMA 2000. Firms must apply for authorisation during the application window running from 30 September 2026 to 28 February 2027.
Cryptoasset trading platforms, custodians, stablecoin issuers, intermediary brokers, and operators of staking arrangements must obtain FCA authorisation before the 25 October 2027 operative date or cease UK-facing operations. Firms registered under the FCA's cryptoasset anti-money laundering registration regime do not receive automatic permission under the new FSMA regime and must submit new authorisation applications. Overseas firms actively soliciting UK customers must assess whether their activities constitute regulated cryptoasset activities in the United Kingdom and whether the overseas persons exemption under FSMA 2000 applies.
The FCA and the Bank of England will publish a further consultation later in 2026 on how the FCA's rules apply to stablecoin issuers designated as systemic by HM Treasury. A draft amending SI published in April 2026 proposes to exclude UK-issued qualifying stablecoins used in retail payments from the arranging and dealing regulated activities, pending a future payments regime. Firms that submitted applications to the FCA before 30 September 2026 under the temporary registration regime may continue operating pending a final authorisation determination.
We advise cryptoasset firms on FCA authorisation requirements under S.I. 2026/102 and may assist through our partner network. Contact us to discuss your authorisation strategy, regulated activity analysis, or structuring options ahead of the October 2027 operative date. Work we undertake includes FCA authorisation advisory, cryptoasset regulated activity classification, stablecoin regulatory assessments, compliance gap analysis for trading platforms, and structuring advice for custodians and intermediaries.