Introduction#
The FCA's authorisation gateway for cryptoasset firms opened on 30 September 2026. A firm that wants to keep operating in the UK should apply by 28 February 2027. The regime comes into force on 25 October 2027, when cryptoasset activity comes within FSMA. Existing registrations under the Money Laundering Regulations do not convert.
How it got here#
By March 2026. The FCA stopped issuing portfolio letters from 30 April 2025. It replaced more than forty of them with nine annual Regulatory Priorities reports, one for each of nine sectors. Cryptoasset firms got none. The FCA's reason: “A new UK cryptoasset regulatory regime will be introduced in October 2027.” The old letters are still online but marked historical. Citing one as evidence of what the FCA expects now is wrong.
30 June 2026. The FCA published its final cryptoasset rules. They fixed the gateway's opening for 30 September 2026 and brought cryptoasset activity fully within FSMA from 25 October 2027. The FCA and the Bank of England will take a joint approach to systemic stablecoinA token designed to track a currency, run by an issuer who can typically freeze balances — e.g. USDT or USDC. issuers. Every UK-facing cryptoasset firm must seek full authorisation, including firms that are now only registered under the Money Laundering Regulations.
4 September 2026. CP26/32 consulted on deferred admission of qualifying cryptoassets to UK trading platforms, with related execution-venue and execution-policy rules. Feedback closed on 12 October 2026. These are proposals: no Handbook provision changed on publication.
16 September 2026. PS26/18 finalised the FCA's perimeter guidance on when cryptoasset activity needs authorisation. It records that existing registrations and permissions will not convert automatically.
30 September 2026. The gateway opened. The FCA states that:
- firms that intend to keep operating in the UK should apply by 28 February 2027;
- authorisation is not automatic;
- an existing firm that applies in the window may keep providing its services, including to new customers, while an application still undecided at commencement is assessed.
The FCA also said it would consult in October 2026 on targeted updates to its perimeter guidance, after the Government's amendments to the Cryptoassets Regulations.
21 October 2026. The FCA published two consultationsThe stage where a draft law or rule is published for comment before it is adopted — the one moment arguments can still shape the text. National systems name it differently; Swiss practice says Vernehmlassung for statutes, Anhörung for regulators' rules., both closing on 18 November 2026:
- CP26/36, Cryptoasset perimeter guidance. It explains new exclusions in the draft Cryptoassets (Miscellaneous Amendments) Regulations 2026. They include temporary settlement arrangements, stablecoinA token designed to track a currency, run by an issuer who can typically freeze balances — e.g. USDT or USDC. backing-asset arrangements, some proprietary trading and market making on a trading platform, and technical services that give access to a third party or a decentralised protocol. The FCA will show some forbearance on the arranging permission for applicants materially affected by uncertainty over the technical-services exclusion.
- GC26/7. Guidance on how operational resilience (SYSC 15A), financial crime (SYSC 6) and the Money Laundering Regulations apply to regulated firms that provide services using decentralised finance.
What comes next#
Short term (to January 2027)
- 18 November 2026. CP26/36 and GC26/7 close.
- January 2027. The FCA plans final perimeter and decentralised-finance guidance.
Medium term (to April 2028)
- 28 February 2027. The window for applying closes, for firms that want to keep operating.
- 25 October 2027. The regime comes into force, and cryptoasset activity comes within FSMA.
Open questions#
- When will the Cryptoassets (Miscellaneous Amendments) Regulations 2026 be made? The FCA consults on them in draft.
- Which applicants will the forbearance on the arranging permission cover? The FCA says those “materially affected” by the uncertainty.
- Will the FCA write a Regulatory Priorities report for cryptoasset firms once the regime is in force? It has said only that the regime comes in October 2027.
What this is not#
- Applying is not authorisation. The FCA states authorisation is not automatic.
- A registration under the Money Laundering Regulations is not a permission, and it does not convert.
- CP26/32, CP26/36 and GC26/7 are consultationsThe stage where a draft law or rule is published for comment before it is adopted — the one moment arguments can still shape the text. National systems name it differently; Swiss practice says Vernehmlassung for statutes, Anhörung for regulators' rules.. They change nothing until the FCA publishes final text.
- A pre-2022 portfolio letter is not a statement of what the FCA expects now.
Reading#
Primary
- FCA press release on its final cryptoasset rules, FCA, 30 June 2026
- FCA opens the gateway for regulated crypto, FCA, 30 September 2026
- CP26/32, Quarterly Consultation Paper No. 53, FCA, 4 September 2026
- CP26/36, Cryptoasset perimeter guidance, FCA, 21 October 2026
Ours
Official