What the FCA cryptoasset regime is
Until now, most UK crypto firms have dealt with the FCA through anti-money-laundering registration under the Money Laundering Regulations (MLRs) and through financial promotion rules. The new regime goes further: it brings cryptoasset activities within the Financial Services and Markets Act 2000 (FSMA), so firms need full FCA authorisation and are supervised like other financial firms.
The legal base is The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, SI 2026/102, made on February 4, 2026 (legislation.gov.uk). The FCA published its final rules and guidance on June 30, 2026, in a set of policy statements, PS26/9 to PS26/13, and says the regime is expected to come into force on October 25, 2027 (FCA, page last updated September 30, 2026). The FCA says it will keep consulting on further rules before then.
Who it applies to
- Firms providing the new regulated cryptoasset activities in or to the UK: need FSMA authorisation with the right permissions.
- MLR-registered cryptoasset firms: no automatic conversion; they must apply for authorisation (FCA gateway page).
- Firms already FSMA-authorised for other activities: must apply to vary their permissions.
- Firms relying on s.21 approvers for financial promotions: see the FCA's s.21 approver guidance.
- International firms: PS26/11 includes the FCA's approach to international cryptoasset firms.
Policy statements and what they cover
| Document | Topic | Plain-language meaning |
|---|---|---|
| PS26/9 | Admissions and disclosures; market abuse (CRYPTO 3 and 4) | Rules for public offers, admission to trading and market abuse in cryptoassets. |
| PS26/10 | Stablecoin issuance (CRYPTO 2, CASS) | Issuance, backing assets, redemption, safeguarding and disclosures for UK-issued stablecoins. |
| PS26/11 | Regulated cryptoasset activities (CRYPTO 5 to 10) | Trading platforms, dealing, arranging, lending and borrowing, staking, safeguarding, DeFi approach. |
| PS26/12 | Prudential regime (COREPRU, CRYPTOPRU) | Overall prudential framework for cryptoasset firms. |
| PS26/13 | Applying the FCA Handbook | Which general Handbook rules apply, with guidance on Consumer Duty and operational resilience. |
Source: FCA cryptoasset regime policy statements, accessed 2026-10-21.
The authorisation gateway
The FCA's application period started on September 30, 2026 and closes on February 28, 2027, as set in its direction. By law the period must be at least 28 days long and close at least 28 days before the regime starts. Applications go through FCA Connect. Firms can still apply after February 28, 2027, but the FCA says it will not speed up its assessment to make up for a late submission (FCA).
HM Treasury is proposing a transitional provision so that existing firms that fail to get authorised can run off their UK business in an orderly way and exit (FCA transitional provision page, last updated August 24, 2026). Treat it as proposed until confirmed.
UK regime vs MiCA
| Point | UK FSMA regime | EU MiCA |
|---|---|---|
| Legal base | SI 2026/102 under FSMA 2000 | Regulation (EU) 2023/1114 |
| Status (2026-10-21) | Rules final; in force expected 2027-10-25 | Fully applicable since 2024-12-30 |
| Licence reach | UK only | Passport across EU member states |
| Stablecoins | FCA PS26/10; systemic coins also Bank of England | EMT and ART rules; significant tokens supervised by EBA |
What it means for builders
- If you serve UK customers, plan your application inside the window ending February 28, 2027.
- MLR registration will not carry over; budget for a full FSMA authorisation file.
- Map each product to the right policy statement: staking and lending are covered in PS26/11.
- Stablecoin issuers should also read UK stablecoin rules.
- EU operations need separate MiCA authorisation; see MiCA explained.
- Not legal advice; the FCA offers pre-application meetings.