Involved parties and legislation: Key agency is the FCA. Affected are unauthorised or unregistered cryptoasset firms (including overseas ones), not covered by FSMA authorisation or the Money Laundering Regulations 2017 (MLRs), relying on s.21 approvers.[1][2][4] Core laws include FSMA (s.19, s.20, s.21), Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102), PS23/6 (crypto promotion rules), and FG23/3 (guidance).[2][3][4][7][8] No specific companies or individuals named.[1][2]
Context and timeline: Since October 2023, crypto promotions required FCA compliance via s.21 approvers for unauthorised firms; tightened in February 2024.[4][8] The new webpage addresses transition to the UK's cryptoasset regime starting 25 October 2027: application window 30 September 2026–28 February 2027 lets using firms continue s.21 approvals until determination; non-appliers during window can use until regime start (then limited to pre-existing contracts); failures must run-off UK business pre-regime or risk FSMA breaches.[1][2][3][4] Authorised firms self-approve post-regime.[2][4] Pre-app support opens July 2026.[6]
Newsworthy now: Published less than two weeks ago (27 Feb 2026), it provides critical guidance ahead of September 2026 applications, urging preparation as s.21 reliance ends under new regime—impacting esp. international firms accessing UK market.[1][2][5][6] Follows webinar queries and Regulations 2026 enactment.[3][5][7][9]