The UK Financial Conduct Authority (FCA) has published final guidance explaining which cryptoasset activities will require regulatory authorisation under the country’s new cryptoasset regime.
The guidance, published on September 16, gives crypto companies, traditional financial institutions and other businesses more clarity on whether their activities fall within the FCA’s regulatory perimeter. The new regime will come into force on October 25, 2027, while applications for authorisation will open on September 30, 2026.
Crypto activities that will be regulated
The FCA’s guidance covers a range of activities that will require authorisation when carried out as a business in the UK. These include issuing qualifying stablecoins, safeguarding cryptoassets, operating cryptoasset trading platforms and dealing in qualifying cryptoassets.
The framework also covers arranging cryptoasset deals, making arrangements for cryptoasset transactions and arranging qualifying cryptoasset staking. The guidance is also relevant to overseas companies providing crypto services to UK consumers.
Existing registrations will not automatically carry over
Crypto firms already registered under the UK’s existing anti-money-laundering regime will not automatically become authorised under the new framework.
The FCA said firms currently operating within the scope of the new regulated activities will need to apply for authorisation or, where applicable, a variation of their existing permission.
Firms that want to use the transitional arrangements can apply from September 30, 2026, until February 28, 2027. The FCA has encouraged firms to apply early so they can continue eligible activities under the transitional provisions while their applications are being assessed.
One area that attracted industry concerns was the FCA’s treatment of businesses that arrange cryptoasset transactions.
Some industry respondents argued that including arranging activities could potentially bring certain technology and infrastructure providers within the regulatory framework even when they do not directly control transactions.
The final guidance retains arranging deals within the regulated perimeter, subject to the applicable rules and exemptions.
The FCA has also provided targeted exclusions and clarifications for certain technical service providers following changes to the underlying legislation.
Traditional finance firms are also affected
The guidance is not limited to dedicated crypto companies. The FCA specifically identifies traditional financial institutions, electronic-money issuers and payment service providers as businesses that may need to assess whether their activities fall within the new regime.
This means banks, fintech companies and other financial firms exploring cryptoasset services will also need to determine whether they require FCA authorisation.
Overseas firms serving UK consumers may also fall within the rules for certain activities, even when the company itself is based outside the UK.
UK crypto regulation takes shape
The new guidance builds on the FCA’s wider cryptoasset regulatory framework, which was finalised in June.
That package introduced final rules covering areas including stablecoin issuance, cryptoasset trading platforms, market abuse, prudential requirements and the application of existing FCA rules to crypto businesses.
The full regime is scheduled to take effect on October 25, 2027, giving firms time to prepare their systems, governance and compliance processes.
For crypto companies operating in or targeting the UK market, the immediate deadline is closer: the authorisation application window opens on September 30 and runs until February 28, 2027 for firms seeking to use the transitional arrangements.
The FCA said it will consult on further targeted changes to the perimeter guidance later in 2026 following amendments to the underlying legislation.