FCA Opens Five‑Month Window for Firms to Apply Under New UK Crypto Regime

Overview

• The Financial Conduct Authority will accept authorisation applications from September 30, 2026 through February 28, 2027 and expects the new cryptoasset regime to begin on October 25, 2027.
• Existing anti‑money‑laundering registrations will not convert to permission under the new rules, so firms must submit new authorisation applications or vary their current FCA permissions if their UK crypto activities are in scope.
• Firms that apply within the five‑month window may continue specified services under transitional provisions while the FCA assesses filings, but applicants after February 28, 2027 cannot rely on that relief and may need to suspend affected activities until authorised.
• The 2027 framework brings trading platforms, intermediaries, custodians, stablecoin issuers, lending services and certain staking providers into the financial‑services rulebook and sets standards for finances, governance, custody, stablecoin backing and redemptions, disclosures and operational resilience.
• The FCA opened a pre‑application support service in July to help firms prepare and market moves such as Hargreaves Lansdown’s recent Bitcoin and Ether ETNs show incumbents are reshaping offerings while some offshore exchanges, including reports about Binance, are reportedly weighing whether to seek UK permission but have not confirmed filings.