The Financial Conduct Authority published its final package of rules and guidance for the UK's new crypto regime on 30 June 2026. Pre-application support opened this month, the formal authorisation window starts 30 September 2026, and the regime is expected to go live on 25 October 2027. The FCA held an introductory webinar on 17 July to brief the industry on what's coming.
Timeline to go-live
Firms that want to operate under the new framework can already tap pre-application support. The formal window for submitting authorisation applications opens at the end of September. The FCA has said it will process applications ahead of the October 2027 go-live date, giving firms a runway of roughly 13 months to get approved. The regulator has not said how many staff it will dedicate to crypto applications, but the numbers so far suggest a steady — not overwhelming — pipeline.
Application pipeline
As of 1 July, the FCA reported 4 applications in the last month, 30 in the past 12 months, and 408 since January 2020. In the most recent month, 3 applications were determined: 2 were registered, 1 was withdrawn. None were rejected or refused. That's a high approval rate for those who make it through the process, though the FCA has historically been tough on firms that don't meet its standards.
What users should watch for
The new regime will bring stronger consumer protections. Users should always confirm a platform is on the FCA Register, look for mandated crypto risk warnings, and expect tougher KYC and withdrawal checks — including self-declaring wallet addresses. For those buying crypto in the UK, the cheapest route remains a GBP bank transfer via Faster Payments to a large exchange, buying on the spot market, then withdrawing to a self-custody wallet. Coinbase, for example, charges no fee for GBP Faster Payments deposits, though deposits typically take 1 to 3 business days. Debit or credit cards and 'instant buy' buttons carry higher fees and wider spreads. The FCA's rules don't mandate a specific buying method, but the emphasis on consumer protection means users should shop around.
The next concrete milestone is 30 September 2026, when the formal authorisation window opens. Firms that want to be ready for the October 2027 go-live will need to start preparing now.
