FCA publishes landmark crypto authorisation framework, effective October 2027

The Financial Conduct Authority has published its comprehensive regulatory framework for cryptoassets in the United Kingdom, establishing binding rules for firms involved in trading, custody, intermediation, stablecoin issuance, and staking arrangement. The framework follows legislation passed in February 2026 that formally brought cryptoassets within the FCA’s regulatory perimeter, and represents the conclusion of the regulator’s crypto policy roadmap.

All in-scope firms must meet financial resilience standards, including capital adequacy and stress testing requirements. Market integrity obligations, covering insider trading and market manipulation, apply across the regime. Stablecoins attract a dedicated ruleset with capital requirements that were simplified following consultation, alongside a joint supervisory arrangement with the Bank of England for systemically significant issuers. The Consumer Duty, the FCA’s existing conduct standard, extends into this regime where risks are considered comparable to conventional financial services.

The authorisation gateway opens on 30 September 2026, with a filing window running through 28 February 2027. The mandatory regime comes into force on 25 October 2027. Until that date, the FCA’s crypto oversight remains limited to financial promotions and anti-money laundering controls. Pre-application support meetings are available from July 2026, and the FCA will host a policy webinar on 17 July. A further policy statement clarifying the regulatory perimeter is expected in September 2026, with consultations on decentralised finance guidance, distributed ledger technology operational resilience, and Financial Crime Guide updates to follow later in the year.