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FCA's New Crypto Regime: Authorisation Gateway Opens Sept 2026
FCA Director Matthew Long says the UK wants responsible crypto firms to succeed. The new regime requires authorisation by Sept 2026, with full rules in Oct 2027. Firms should engage early via the PASS service.
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The UK Financial Conduct Authority published its final crypto regime last week, setting a 30 September 2026 deadline for firms to apply for authorisation. Full rules take effect in October 2027. Matthew Long, Director of Payments and Digital Assets at the FCA, described the framework as a milestone that moves the market "from a period of uncertainty to one of greater clarity."
Long said the regime is built on proven regulatory principles adapted for crypto markets. The FCA reduced the capital requirement for qualifying stablecoin issuers from 2% to 1% of the value of coins in circulation. Trading positions now require capital equal to 40% of net exposure, down from an earlier proposal of 100%. Custody and disclosure rules were also simplified, especially for smaller firms.
"Start preparing now and engage with us as soon as possible," Long said. "The authorisations gateway opens on 30 September, firms should use the time now to understand the requirements of the new regime, assess whether they can meet them and identify any gaps that need to be addressed."
The FCA offers a free Pre-Application Support Service – PASS – for firms to ask questions before applying. Long encouraged firms to use it. The regulator plans to hold webinars and other engagement sessions ahead of the gateway opening.