Overview

• Although the FCA has largely confirmed the rules set out in its consultation papers, it has made some limited but meaningful changes in response to feedback.
• Further consultations and other publications are planned for the coming months, as discussed below.

For links to the new UK crypto regime policy statements, and other materials including further consultation papers, please see: FCA website - Overview of our cryptoassets regime policy.

As a reminder, the FCA rules build on a new licensing regime introduced by the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which – from 25 October 2027 – will extend regulation to issuing qualifying stablecoins; safeguarding of qualifying cryptoassets or relevant specified investment cryptoassets; operating a qualifying cryptoasset trading platform; dealing in qualifying cryptoassets as principal or agent; arranging deals in qualifying cryptoassets; and qualifying cryptoasset staking.

Next steps

The new regime takes full effect from 25 October 2027, but firms will need to begin work now. The FCA will start to accept applications for authorisation from 30 September 2026.

• There is an incentive to apply sooner rather than later, as firms applying by 28 February 2027 will benefit from a ‘saving provision’ allowing them to continue doing business if their application has not yet been determined by 25 October 2027.
• FCA pre-application support (‘PASS’) meetings are already available, for firms wishing to engage with the FCA in advance of their applications.

The FCA has flagged an intention to reject inadequate applications, and firms should be preparing to make applications as early as possible to ensure that, if rejected, there is time to re-apply and benefit from the saving provision window. Although application documents are not yet available, certain aspects of what will be required can be predicted so as to conduct preparatory work.

FCA crypto policy statements and guidance

The final policy statements published by the FCA on 30 June are:

• PS26/9 – Admissions & Disclosures and Market Abuse Regime for Cryptoassets
• PS26/10 – Stablecoin Issuance
• PS26/11 – Regulated Cryptoasset Activities
• PS26/12 – Prudential Regime for Cryptoasset Firms
• PS26/13 – Application of the FCA Handbook to Cryptoasset Activities

We will be publishing key takeaways from each policy statement in separate blog posts.

The FCA also published the following final guidance:

• FG26/5: Application of the Consumer Duty to cryptoasset firms
• FG26/6: Cryptoasset operational resilience
• FG26/7: Approach to international cryptoasset firms

Further FCA documents to come

• The application pack and downloadable forms to apply for authorisation are not available as at 1 July 2026 but are due to be published this month.
• The FCA will publish a further policy statement in September 2026 in response to CP26/13 (which has closed for comments), setting out how the regulatory perimeter applies to cryptoasset activities.
• The FCA has also flagged a substantial September 2026 consultation programme, expected to cover likely deferrals in relation to admission and disclosure requirements for cryptoassets already in circulation and a parallel deferral mechanism for qualifying cryptoasset disclosure document preparation and publication, best execution implementation, and retail access.
• Other work expected before the 25 October 2027 go-live date includes progress on decentralised finance guidance (late 2026), guidance on operational resilience for distributed ledger technology (DLT) use, and CASS rules for relevant specified investment cryptoasset safeguarding.
• In addition, the FCA is currently consulting on annual fees and Financial Ombudsman Service levies for cryptoasset firms via CP26/17, and on non-Handbook prudential guidance GC26/4 and GC26/5.
• Firms should also monitor the Bank of England's parallel work on systemic stablecoins, the Treasury's Modernising Payments Regulation programme, and developments in the digital securities sandbox.

Conclusion

While the rulemaking sequence for the UK crypto regime is broadly settled, firms need to plan for an intensive period of implementation, supplementary consultations, and supervisory engagement between now and 25 October 2027.