United Kingdom — crypto regulation

Status: partial · Last reviewed 2026-11-05

The UK is moving from MLR registration to a full FSMA-based crypto regime under the Cryptoassets Regulations 2026, which take effect on 25 October 2027. The FCA published its final rules in June 2026 (PS26/9–PS26/13, covering admissions and market abuse, stablecoin issuance, custody and other activities, and prudential requirements) and its perimeter guidance in September 2026 (PS26/18). It opened the authorisation gateway on 30 September 2026, and firms must apply by 28 February 2027 to keep operating. Existing registrations do not convert. The Bank of England's systemic stablecoin framework (June 2026) dropped individual holding limits in favour of a temporary £40bn issuance cap. The Property (Digital Assets etc) Act 2025 recognises crypto as personal property.

Legislation

• FCA Policy Statements PS26/9–PS26/13 — Final cryptoasset regime rules (2026)
• FCA PS26/18 — Cryptoasset Perimeter Guidance (PERG 18) (2026)
• Bank of England — Systemic Sterling Stablecoin Policy Statement and Draft Code of Practice (2026)
• Draft FSMA 2000 (Cryptoassets) (Amendment) Regulations 2026 (2026)
• FSMA 2023 — Crypto Financial Promotions Regime (2023)
• FCA Cryptoasset Registration Regime (MLR 2017) (2017)
• Property (Digital Assets etc) Act 2025 (2025)
• Cryptoassets Regulations 2026 (FSMA-based) (2026)
• FCA Consultation Papers CP25/40-42 (2025)
• FCA Stablecoin Issuance Framework (CP25/14) (2025)