Crypto firms can now apply to the Financial Conduct Authority for authorisation. The application window opened on 30 September 2026 and firms that want to keep operating in the UK should apply by 28 February 2027, ahead of the full regime coming into force on 25 October 2027, the FCA said. For UK holders nothing changes overnight, but from late 2027 firms offering regulated crypto services in the UK will need FCA authorisation, or an application made in the window still being assessed.
Crypto authorisation: what the FCA has decided
The FCA published its final rules on 30 June 2026 in five policy statements, PS26/9 to PS26/13, summarised on its website. They rest on the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which Parliament passed on 4 February 2026. Together they cover:
- trading platforms, dealing, custody, staking, and crypto lending and borrowing (PS26/11);
- disclosure rules for crypto offers and admissions, and a market abuse regime (PS26/9);
- stablecoin issuance (PS26/10) and prudential rules for crypto firms (PS26/12);
- how the wider FCA Handbook, including the Consumer Duty and complaints rules, applies (PS26/13).
For retail customers, the FCA kept protections on lending and borrowing, including appropriateness tests, over-collateralisation and negative balance protection. Client cryptoassets held by custodians will fall under new safeguarding rules. On 16 September 2026 the FCA added perimeter guidance (PS26/18) on which activities need authorisation, and made clear that existing registrations and permissions “won’t convert automatically”.
Key dates
| Date | What happens |
|---|---|
| 4 February 2026 | Cryptoassets Regulations passed by Parliament |
| 30 June 2026 | FCA final rules published (PS26/9 to PS26/13) |
| 16 September 2026 | Perimeter guidance published (PS26/18) |
| 30 September 2026 | Authorisation application window opens |
| 28 February 2027 | Window closes for firms that want to keep operating |
| 25 October 2027 | Full regime comes into force |
What it means for UK holders
Authorisation is not automatic. Firms must show they meet the FCA’s standards on consumer protection, safeguarding of customer assets, market integrity and financial resilience. Those that cannot “will not be authorised to operate in the UK market”, the FCA said. Existing firms that apply during the window can keep serving customers, including taking on new business, while their application is assessed, if no decision has been made before 25 October 2027.
The protection picture changes in one important way. Under PS26/13, the Financial Ombudsman Service will be able to consider complaints about the new regulated crypto activities of UK authorised firms. The FCA decided not to extend FSCS cover to those activities, and will rely on standard risk wording in promotions stating that crypto activities are not covered by the FSCS.
| Protection | Now | From 25 October 2027 |
|---|---|---|
| FSCS compensation | Highly unlikely to apply (FCA) | Not extended to regulated crypto activities |
| Financial Ombudsman Service | The FCA describes crypto as having “no protections if something goes wrong” | Complaints about regulated crypto activities of authorised firms |
| Firm standards | Crypto marketing is regulated | Full FCA authorisation, conduct, safeguarding and prudential rules |
Sources: FCA InvestSmart; FCA PS26/13. The FCA’s 2025 consumer research found that 25% of crypto users said they would be more likely to invest if crypto were more regulated in the UK, and 73% bought through a centralised exchange, as of September 2025.
Crypto ETNs and ISAs
A regulated route already exists. Since 8 October 2025, retail investors have been able to buy crypto exchange traded notes (cETNs) listed on the FCA’s Official List and traded on a UK recognised investment exchange, according to the FCA. They are classed as restricted mass market investments, so firms must not offer incentives, must run appropriateness checks and cooling-off periods, and must show risk warnings, the FCA says. There is no FSCS cover, and the ban on retail crypto derivatives remains.
Since 6 April 2026, new cETN purchases are not allowed in a stocks and shares ISA, though cETNs already held in one immediately before that date can stay for as long as they remain in that account, according to HMRC guidance. cETNs can instead be held in an Innovative Finance ISA, where the manager must issue the FCA risk summary and meet the cooling-off rules.
For the full rulebook in plain English, see our guide to UK crypto rules. A new regime is also a hook for fraudsters, so read crypto recovery scams and how to spot an investment scam.
