Policy Statement PS26/18 names five regulated activities and confirms existing registrations will not convert automatically, with the authorisation window opening on 30 September 2026.
The Financial Conduct Authority (FCA) published guidance on 16 September 2026 setting out how the law underpinning the UK’s incoming cryptoasset regime applies to firms and which of their activities will require FCA authorisation.
The guidance, issued as Policy Statement PS26/18, arrives two weeks before the authorisation application window opens on 30 September 2026. The regime comes into force on 25 October 2027.
David Geale, FCA Executive Director of Consumers, Payments and Competition, said: “We are building a crypto regime that firms, consumers and international partners can trust. Getting ready for regulation starts with understanding how the regime applies to your business.
“This guidance gives firms the clarity they’ve asked for so they can prepare with confidence.”
What the FCA guidance covers
PS26/18 covers five regulated activities: issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing and arranging deals in cryptoassets, safeguarding cryptoassets and arranging cryptoasset staking.
The regime rests on the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which Parliament passed on 4 February 2026. The regulations bring cryptoassets within the FCA’s remit and create new regulated activities that firms must be authorised to carry out in or to the UK.
The FCA said the guidance applies beyond existing crypto businesses. Payment and electronic-money firms, traditional financial institutions, overseas businesses serving UK customers and firms that need additional permissions all fall within its scope.
No automatic conversion
Existing registrations and permissions will not convert automatically under the new regime, the FCA said. Firms registered under the Money Laundering Regulations must determine whether their activities fall inside the new perimeter and apply for authorisation where required, rather than relying on their current registration.
The application window opens on 30 September 2026 and closes on 28 February 2027 for firms seeking to use the savings and transitional provisions in the regulations. The FCA encouraged firms to apply early.
PS26/18 follows the final rules and guidance the FCA published on 30 June 2026 across five policy statements, PS26/9 to PS26/13, covering admissions and disclosures, market abuse, stablecoin issuance, regulated cryptoasset activities, prudential requirements and application of the FCA Handbook.
Authorised firms will also face Consumer Duty obligations, governance requirements, safeguarding rules, operational resilience standards and the Senior Managers and Certification Regime.
The FCA consulted on the perimeter guidance in April 2026 as CP26/13. The consultation ran from 15 April to 3 June 2026, and most respondents supported the approach.
Consultation still to come
The guidance does not yet reflect subsequent changes the Government has made to the legislation.
The Government published amendments introducing targeted exclusions and clarifications covering UK qualifying stablecoins, proprietary trading and market making, certain technology providers, decentralised protocols, safeguarding arrangements involving central securities depositaries and financial promotions.
The FCA will consult in October on further amendments to its Perimeter Guidance Manual to reflect the new statutory instrument, and aims to publish final amended guidance in early 2027. The FCA said the changes will not affect most firms, which can use the current guidance to prepare.
CryptoUK, the industry trade body, said the guidance leaves a timing gap. The new legislation introduces an exclusion for certain technical services from the arranging activity, which the body said is particularly relevant to technical and infrastructure providers.
Some firms may apply before the guidance is updated to reflect changes that determine whether they are in scope and which permissions they need, CryptoUK said.
“CryptoUK would welcome as much practical certainty as possible during this period,” the body said.
The FCA is running pre-application support meetings and webinars for firms preparing to apply.
Aditya Mittal, managing principal, FRRF, at Capco, told Payment Expert firms should first establish which parts of their business fall within scope, mapping products and end-to-end activities against the regulated activities and checking whether existing operating models and controls will meet the standards for authorisation. Evidencing that those controls work will be the bigger operational challenge, he said.
“Having policies on paper will not be enough. Firms will need to demonstrate clear ownership and accountability, show that controls are embedded into day-to-day operations and have reliable data and evidence to demonstrate that those controls are working effectively”, Mittal said.
He added: “Stablecoin-based payments will still need to demonstrate a clear benefit over more traditional payment methods, particularly in areas such as settlement, while meeting the expected standards around resilience, safeguarding and consumer protection.”
