Overview
- The FCA began accepting applications for crypto authorisation on Sept. 30, 2026, opening a five-month window that closes on Feb. 28, 2027.
- Companies that submit valid applications inside the window may continue specified crypto services while the FCA assesses their files, but filing does not guarantee approval.
- The new perimeter guidance in PERG 18 defines a 'qualifying cryptoasset' and brings stablecoin issuance, trading venues, custody, dealing and staking into the FSMA regime.
- Existing Money Laundering Regulations registrations and overseas licences will not automatically convert to FCA authorisation and firms must meet new standards for consumer protection, safeguarding, market integrity and capital.
- The FCA is offering pre-application support and webinars as it expects the rules to raise entry costs, prompt market consolidation and change how stablecoins and custody services operate in the UK before the regime starts on Oct. 25, 2027.