FCA Publishes Landmark Policy Statements Finalising the UK’s Cryptoasset Regulatory Regime

Introduction

On 30 June 2026, the Financial Conduct Authority (FCA) published a comprehensive suite of policy statements setting out final rules and guidance for the regulation of cryptoasset firms in the UK. The publication caps more than three years of consultations and policy work and constitutes one of the largest extensions of the FCA’s regulatory reach in recent memory. The legislative foundation for the new regime is the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which was enacted on 4 February 2026.

Scope and Key Themes

Together, the policy statements establish an end-to-end regulatory framework for cryptoasset activities in the UK. The principal publications are as follows: 

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

Pursuant to the policy statements, authorised cryptoasset firms will be expected to satisfy financial resilience obligations, including maintaining adequate capital and conducting stress testing, while new market integrity provisions are aimed at targeting conduct. Notably, existing FCA handbook obligations, including the Consumer Duty, SM&CR, operational resilience and financial crime frameworks, will extend to regulated cryptoasset activities.

Key Deadlines and Transitional Provisions

Authorisation requirements for the full scope of the new regulated cryptoasset activities will come into force on 25 October 2027. Firms requiring authorisation may apply to the FCA between 30 September 2026 and 28 February 2027. Existing authorisations and registrations with the FCA under the Financial Service and Markets Act 2000 (FSMA), the Money Laundering Regulations or authorisations under the Payment Services Regulations or Electronic Money Regulations will not convert automatically to permit firms to undertake the newly regulated cryptoasset activities.

Firms that submit an application within the above window can rely on savings and transitional provisions to continue carrying on specified activities while the FCA assesses their application. However, any firm that misses the deadline will lose access to these transitional arrangements and may be required to stop carrying out relevant activities until it obtains authorisation.

What Firms Should Do Now

Firms operating or considering operating in the cryptoasset space in the UK should prioritise the following: 

• reviewing the policy statements applicable to their business model and determining whether they fall within scope for FSMA authorisation or a variation of permission;
• if so, taking advantage of the FCA’s Pre-Application Support Service (PASS), with support meetings open from July 2026; and
• submitting authorisation applications at the earliest opportunity within the September 2026 – February 2027 window, so as to ensure access to the transitional provisions.

Looking ahead, the FCA has signalled additional consultations will be published later this year covering topics such as decentralised finance, updates to the Financial Crime Guide, and proposals for handling cryptoasset firm failures. A formal post-implementation review is planned for roughly two years after the regime goes live.

The FCA’s overview of the regime and links to each of the policy statements can be found here.