The new regime
The UK's regime for cryptoassets brings a set of new regulated activities within the Financial Services and Markets Act 2000. The FCA published its final rules on 30 June 2026 in five policy statements, PS26/9 to PS26/13, covering admissions and disclosures and market abuse, stablecoin issuance, the regulated activities, a prudential regime for cryptoasset firms and the application of the FCA Handbook. The full scope of the regime applies from 25 October 2027.
The activities within the regime include:
- issuing stablecoins;
- operating a cryptoasset trading platform;
- dealing in cryptoassets as principal or as agent, and arranging deals in cryptoassets;
- safeguarding cryptoassets for clients;
- cryptoasset lending and borrowing, and staking.
The application window
The FCA's application window is scheduled to open on 30 September 2026 and close on 28 February 2027. A firm that applies within the window may continue the specified activities under the saving and transitional provisions until the FCA determines its application. A firm that applies after the window closes cannot rely on those provisions and may need to stop the activities until it is authorised.
The window is relevant to firms already active in the UK market, including cryptoasset businesses registered with the FCA under the Money Laundering Regulations, payment and electronic money institutions that carry on cryptoasset activities, and firms whose financial promotions are approved by an authorised person.
What the FCA will assess
An application under the new regime is an application for permission under Part 4A of the Act. The FCA assesses it against the threshold conditions: the firm's business model, its governance and management, its systems and controls, its financial resources under the new prudential rules, and the fitness and propriety of the individuals who will run it.
Firms that intend to apply in the window should settle the applicant entity, the permissions required and the senior management team, and prepare the business plan, financial projections, policies and procedures to the standard the FCA expects before the application is submitted.
How we can help
We prepare applications under the UK cryptoasset regime and for authorisation as a crypto-asset service provider under MiCA in the EU. See crypto-asset service providers, or speak to us.
Source
Financial Conduct Authority, Overview of our cryptoassets regime policy statements. Checked 27 September 2026.