04.11.2026, 08:51 (UK time)
News
The Financial Conduct Authority (FCA), the UK’s financial markets regulator, is consulting on paper CP26/36. It covers which cryptoasset activities will fall under the new rules and which will not. The consultation opened on 21 October and runs until 18 November 2026. The FCA aims to publish final guidance in January 2027.
Analysis
The FCA proposes several exclusions. They cover, among other things, temporary settlement arrangements, holding backing assets for UK qualifying stablecoins, proprietary trading, and purely technical services that only give access to another firm’s services. Key dates: the application period for authorisation opened on 30 September 2026 and runs until 28 February 2027. The new cryptoasset regime takes effect on 25 October 2027.
What it means
For firms it is a signal: anyone who wants to keep operating in the UK must apply on time. For ordinary people it means that in less than a year more crypto firms will be supervised by the FCA – but not yet.
Risk
Until October 2027 investor protection in crypto is limited. Cryptoassets are not protected by the FSCS the way bank savings are. Fraudsters may cite “new FCA rules” to gain trust.
What to do
- Before paying in, check the firm on the FCA Financial Services Register.
- Do not invest money whose loss would ruin your budget.
- Do not believe in “guaranteed returns” or people offering help to “recover” lost crypto.
- If you run a crypto business, check with an adviser whether you must apply by 28 February 2027.
How to read this
This is still draft guidance, not final law. Details may change after the consultation. We need to watch, wait for the FCA’s decision in January and stay careful.
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Sources: FCA – CP26/36: Cryptoasset perimeter guidance, FCA – A new regime for cryptoasset regulation
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