UK cryptoasset regulatory regime

Publication

The UK is introducing a comprehensive regulatory regime for cryptoasset activities.

When the new regime starts in October 2027, firms offering regulated crypto activities in the UK will need to be authorised by the Financial Conduct Authority. Failing to do so risks breaking the law.

To be ready in time, firms providing crypto services will need to apply for a licence or a change to their existing licence. The FCA will start to receive applications from September 2026.

Our financial regulatory and structuring lawyers have extensive experience advising clients on crypto and other digital assets. This includes support crypto businesses register with the FCA under money laundering rules, comply with financial promotions rules and seek FCA authorisation under the existing regime.

Timeline

Legislation made - 4 February 2026
FCA gateway opens - 30 September 2026
Application period closes - 28 February 2027
Cryptoasset regime starts to apply - 25 October 2027

Regulation

Discussion paper	Consultation paper	Policy statement	Themes
DP25/1: Regulating cryptoasset activities (May 2025) Blog: FCA seeks views on its future cryptoasset regime	CP25/40: Regulating cryptoasset activities (December 2025) Blog: FCA drafts more UK crypto regulation	To follow	Trading platforms Intermediaries Lending and borrowing Staking DeFi
DP24/4: Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets (December 2024) Blog: FCA takes first step on its crypto roadmap	CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets (December 2025) Blog: FCA drafts more UK crypto regulation	To follow	Admissions & disclosures Market abuse regime for cryptoassets (MARC)
N/A	CP25/15: A prudential regime for cryptoasset firms (May 2025) Blog: FCA proposes MiFID-style capital requirements for crypto firms CP25/42: A prudential regime for cryptoasset firms (December 2025) Blog: FCA drafts more UK crypto regulation	To follow	Own funds – definition and composition of capital Own funds requirements Liquid assets requirement Concentration risk Overall risk assessment Public disclosure of prudential information
DP23/4: Regulating cryptoassets Phase 1: Stablecoins (November 2023)	CP25/14: Stablecoin issuance and cryptoasset custody (May 2025) Blog: FCA proposes rules for stablecoin issuance and cryptoasset custody	To follow	Requirements for issuing qualifying stablecoins Regulating custody of cryptoassets
N/A	CP25/25: Application of FCA Handbook for Regulated Cryptoasset Activities (September 2025) Blog: FCA tailors how its rulebook will apply to cryptoasset activities CP26/4: Application of FCA Handbook for regulated cryptoasset activities – part 2 (January 2026) Blog: FCA returns with more detail on how its rules will apply to UK-regulated crypto activities GC26/2: Application of the Consumer Duty to cryptoasset firms (January 2026) Blog: Here are the specifics – FCA sets out the application of the Consumer Duty to regulated cryptoasset business	To follow	High level standards and supervision Senior management arrangements (SMCR) Training and competence Systems and controls (SYSC) Operational resilience Business standards (COBS) Consumer Duty Redress and dispute resolution Regulatory reporting Retail collateral treatment in cryptoasset borrowing Location policy guidance Cryptoasset safeguarding
N/A	CP26/8: Quarterly consultation paper No. 51 (March 2026) Blog: Crypto meets CASS – UK FCA to adapt client asset rules for cryptoassets	To follow	Consequential amendments to CASS 1, 7 and 8
Regulatory regime for systemic payment systems using stablecoins and related service providers (November 2023)	Proposed regulatory regime for sterling-denominated systemic stablecoins (November 2025) Blog: Bank of England consults on UK regime for systemic stablecoins	To follow	Backing assets Capital and reserve requirements Systemic importance Legal claim and redemption Safeguarding of backing assets and reserves Ledgers Operational resilience and service providers Location policy

Navigating the UK cryptoasset regulatory regime

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Key contacts

Peter Bevan

Financial Regulation Partner, Global Chair of Financial Regulation, London

United Kingdom

Harry Eddis

Global Co-Head of Fintech, Financial Regulation Partner, London

United Kingdom

Richard Hay

Global Co-head of Fintech, Financial Markets Infrastructure and Payments Partner, London

United Kingdom

Raza Naeem

Financial Regulation Partner, London

United Kingdom

James Morris

Financial Regulation Counsel, London

United Kingdom

Sam Quicke

Derivatives and Financial Markets Managing Associate, London

United Kingdom

Olivia Murphy

Financial Regulation Managing Associate, London

United Kingdom

Sophia Le Vesconte

Counsel (Knowledge), Fintech

United Kingdom

Simon Treacy

Senior Associate, Financial Regulation, London

United Kingdom

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