What changed
The policy framework is now substantially final
On 30 June 2026, the FCA published a coordinated set of policy statements covering admissions and disclosures, market abuse, stablecoin issuance, regulated cryptoasset activities, prudential requirements and the wider application of the FCA Handbook. The package gives prospective applicants a much clearer basis for designing the regulated entity, permissions, controls and financial plan.
Firms carrying on an activity within the expanded perimeter will use FCA authorisation under the Financial Services and Markets Act 2000, or a variation of permission where they are already authorised. Existing FCA registrants and payment or e-money firms should therefore plan the cryptoasset permission application that matches their future activities.
Key dates
The preparation window is already running
30 September 2026
The application window is scheduled to open through the FCA's online system.
28 February 2027
The scheduled closing date for firms seeking to use the stated savings provisions.
25 October 2027
The expanded UK cryptoasset regime is scheduled to take effect.
September 2026
The FCA expects to publish a further statement on how the regulatory perimeter applies to cryptoasset activities.
Business impact
Start with the legal entity and activity map
The first management decision is which legal entity will perform each UK cryptoasset activity. Trading, dealing, custody, staking, lending, stablecoin issuance and admissions can engage different parts of the new framework. The permission request, customer journey and operating model should describe the same business.
The application workstream should now connect ownership and senior-manager files, capital and liquidity planning, custody or backing-asset arrangements, Consumer Duty, market conduct, financial crime, operational resilience and wind-down. Overseas groups also need to decide what sits in the UK entity and how group technology, treasury and service providers will be governed.
SKY7 view
Treat the gateway opening as the delivery date
October 2027 is the regime start, but it is not the sensible date for an applicant to finish designing its file. Firms seeking transition support should work backwards from the 30 September gateway opening and arrive with a settled perimeter, management team, financial model and implementation evidence.
The same discipline applies to acquisitions. A target's current MLR registration or other FCA permission remains useful diligence evidence, but buyers should assess the future permission scope, application ownership and funding required under the new framework before agreeing the transaction plan.
Related SKY7 analysis
Build on the current UK framework
Primary evidence
Official sources
Sources checked .