FCA Finalises Which Crypto Activities Need UK Authorisation

The guidance forces firms to follow a strict application timetable that determines who can keep operating while their permission is assessed.

Overview

The Financial Conduct Authority published final guidance on Wednesday, Sept. 16, that defines which crypto functions fall into the new UK rulebook.
The application portal opens on Sept. 30, 2026, firms that apply by Feb. 28, 2027 can use transitional arrangements, and the full regime takes effect on Oct. 25, 2027.
Regulated activities named in the guidance include stablecoin issuance, operating trading platforms, dealing in digital assets, arranging transactions, custody and safeguarding, and staking services.
Existing FCA registrations and UK anti‑money‑laundering permissions will not automatically convert and overseas licences such as SEC or CFTC approvals do not replace the need for FCA authorisation when serving UK customers.
The FCA will consult further from October and the regulator and Bank of England will publish a tokenisation roadmap later this year, a move that could reshape custody, market‑making and technology provider rules and force firms to change systems and capital plans.