The UK has established a timetable with specific targets for integrating crypto assets into the regulated financial system. The deadline for completion is October 2027. HM Treasury and the Financial Conduct Authority have already published draft legislation and a series of documents outlining which activities will be regulated and how businesses should prepare.
The timetable published by the UK and the FCA aims to strengthen market integrity and consumer protection while enabling regulated innovation. This timetable is crucial for both businesses and market participants, as they now face a short-term, phased rulemaking process that will determine operational and compliance obligations.
Meanwhile, HM Treasury has led the statutory design and published the final draft, “Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025,” formally designating a range of crypto-asset activities as regulated.
These designated activities include the issuance of qualifying stablecoins, the custody and administration of crypto-assets, the operation of trading platforms and the organization of transactions, and staking activities. This statutory work empowers the FCA to translate the core rules of the Handbook into practical requirements for businesses and platforms.
What’s still to come in the UK
Over the past few years, the FCA has been providing details on how the new regulations will operate in the future and responding to inquiries from participating companies. In December, it published CP25/40, CP25/41, and CP25/42, which cover trading platforms and intermediaries, admissions and disclosure, a market abuse regime, and a prudential regime for crypto-asset companies. Then, on January 23, it published CP26/4 to detail how the existing Handbook will be applied to these activities.
Meanwhile, the FCA expects to publish the final rules and Policy Statements by mid-2026. Crypto-asset companies will begin accepting applications for authorization in September. Companies that submit applications will be able to continue operating while their applications are being considered.
Companies should treat the timeline as operational and compliance deadlines, not merely as guidance, as there is a real possibility that they may not be able to continue operating. The new regulations tighten requirements and introduce an admissions and disclosure regime for public offerings.
Companies that rely on leverage, borrowing, or staking should pay particular attention to the proposed prudential K-factors and liquidity requirements, as these rules materially affect capital and business models.
Investors and market participants are now focusing on the FCA’s mid-2026 Policy Statements and the September application deadlines.
