UK crypto regime enters authorisation phase as FCA gateway opens 30 Sept 2026 ahead of Oct 2027 start

Published October 15, 2026

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Why it matters

The UK's cryptoasset regime has moved from design to implementation. The FCA's authorisation gateway opened on 30 September 2026 and closes on 28 February 2027. Firms that want to keep serving UK customers after commencement on 25 October 2027 must apply within that window. The rules bring cryptoasset activities into the Financial Services and Markets Act 2000 perimeter under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which HM Treasury made on 4 February 2026. Covered activities include issuing qualifying stablecoins, operating trading platforms, dealing and arranging deals, safeguarding, and staking. The statute also sets public offer and admissions rules and a cryptoasset-specific market abuse regime prohibiting insider dealing, unlawful disclosure, and market manipulation. The Bank of England will oversee systemic sterling-denominated stablecoins as part of the UK's payments and financial stability infrastructure. The FCA issued its final rules on 30 June 2026 in policy statements PS26/9, PS26/11 and PS26/12, and its final perimeter guidance, PERG 18, followed in September 2026.

Several points remain open. The FCA has said it will consult on further PERG 18 amendments, and final guidance is not expected until early 2027. Firms relying on transitional arrangements have been told to apply as early as possible, but the precise terms of those arrangements sit within the rules and guidance still being refined.

For attorneys, the priority is the application window, which closes on 28 February 2027. Firms already authorised under FSMA will generally need a variation of permission to add the new activities. The FCA applies a "same risk, same regulatory outcome" principle, so existing exclusions designed for traditional financial services may not cover new cryptoasset activities. Overseas firms serving UK consumers may also be treated as carrying on business in the UK. Clients in this space should be told now that the regime is not light-touch, even though the FCA made concessions to industry feedback.