Articles
Notes on regulatory developments affecting investment firms, payment and electronic money institutions, crypto-asset service providers, FX and CFD brokers and consumer credit firms in the UK, the EU and the UAE.
The FCA's cryptoasset application window opens on 30 September 2026
Firms carrying on cryptoasset activities in the UK must apply between 30 September 2026 and 28 February 2027 to continue under the transitional provisions when the new regime begins on 25 October 2027.
E-money token services now require PSD2 authorisation
The EBA's transition period ended on 2 March 2026. Crypto-asset service providers that transfer e-money tokens or hold them in custody for clients now need authorisation under PSD2 as well as under MiCA.
Perpetual futures and the EU rules on CFDs
On 24 February 2026 ESMA stated that derivatives marketed as perpetual futures, including those on crypto-assets, are likely to fall within the national product intervention measures on CFDs.
The UAE's Securities and Commodities Authority is now the Capital Market Authority
Two federal decree-laws took effect on 1 January 2026, reconstituting the SCA as the Capital Market Authority and bringing virtual assets within the federal definition of financial products. Licensed firms have until 1 January 2027 to regularise their status.