🇬🇧 UK · Key Regulation
UK Cryptoasset Regime
The UK's new cryptoasset regime brings a broad range of cryptoasset activities within the Financial Services and Markets Act (FSMA) framework for the first time.
In this briefing
- What it is
- What does the UK Cryptoasset Regime do?
- Key things to know
Previously, UK crypto regulation was spread across the Money Laundering Regulations, the financial promotions regime, the Travel Rule and wider legal developments, with most cryptoasset businesses only requiring FCA registration for AML purposes. The new regime replaces that fragmented approach with a full financial services framework, requiring firms carrying on regulated cryptoasset activities to obtain FCA authorisation and comply with broader prudential, conduct and governance requirements.
What does the UK Cryptoasset Regime do?
Brings Cryptoassets into the FCA Perimeter
Expands the FCA's regulatory perimeter by bringing specified cryptoasset activities within the UK's mainstream financial services framework.
Introduces FCA Authorisation
Requires firms carrying on regulated cryptoasset activities to obtain FCA permission, replacing the previous reliance on AML registration alone.
Regulates a Broader Range of Activities
Introduces regulation for activities including trading, custody, dealing, qualifying stablecoins and other cryptoasset business models defined within the new regime.
Applies Financial Services Standards
Introduces governance, systems and controls, prudential, conduct, operational resilience and organisational requirements comparable to those applying across traditional financial services.
Strengthens Consumer & Market Protection
Introduces requirements covering disclosures, safeguarding, Consumer Duty, admissions and disclosures, market abuse and wider FCA conduct standards.
Modernises UK Crypto Regulation
Creates a comprehensive UK cryptoasset framework designed to support innovation while providing greater regulatory certainty, market integrity and consumer protection.
Key things to know
MLR registration will no longer be enough
FCA registration under the Money Laundering Regulations does not permit firms to continue carrying on regulated cryptoasset activities once the new regime applies. Relevant firms will need FCA authorisation.
The FCA gateway is now open
The application window for new authorisations and variations of permission runs from 30 September 2026 to 28 February 2027. Firms intending to operate under the new regime should apply within that window and allow enough time to demonstrate operational readiness before the regime starts on 25 October 2027.
Existing FCA-authorised firms may still need permissions
Authorisation for another regulated activity does not automatically allow a firm to undertake regulated cryptoasset activities. Many firms will need to vary their permissions before launching new products or services.
The regime goes far beyond AML
The framework introduces prudential, governance, conduct, safeguarding, operational resilience, disclosure and market integrity requirements comparable to those applying to other regulated financial institutions.
The final rule package spans the full operating model
The FCA has published five core policy statements: PS26/9, PS26/10, PS26/11, PS26/12 and PS26/13. Together, these rules extend beyond licensing into product admission, market conduct, stablecoin issuance, capital, liquidity, governance, systems and controls, and wider Handbook requirements.
The regime will continue to evolve
The Cryptoassets Regulations establish the legislative framework, but firms must also monitor FCA Handbook provisions, policy statements, guidance and supervisory communications as the UK regime continues to develop.
For general information only. Not legal, regulatory or compliance advice.
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