Who regulates crypto in the UK?

The Financial Conduct Authority (FCA) is the UK's main crypto regulator. HM Treasury writes the legislation, and the Bank of England is responsible for stablecoins large enough to matter to the payment system as a whole. As of October 2026 the UK is partway through a move from light registration to full authorization.

What are the rules today?

Two sets of rules already apply.

• Money laundering registration. Since January 2020, crypto firms operating in the UK have had to register with the FCA and run identity checks on customers. Registration covers financial crime controls only.
• Advertising. Since October 8, 2023, crypto promotions aimed at UK consumers have had to meet FCA rules, including being clear and carrying risk warnings.

The FCA bans the sale of crypto derivatives, which are contracts that track a token's price, to retail customers. Since October 8, 2025, retail investors have been able to buy crypto exchange-traded notes, a type of listed security that tracks a crypto price, on approved UK exchanges. The FCA says those notes are not covered by the Financial Services Compensation Scheme, which pays out when a regulated firm fails.

What is changing?

The legislation for a full regime, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, was made on February 4, 2026. Activities that will need FCA authorization include:

• operating a crypto trading platform,
• dealing in crypto or arranging deals,
• safeguarding customers' crypto,
• staking,
• issuing a stablecoin.

The FCA published its final rules on June 30, 2026. They cover conduct, capital and market abuse.

What are the key dates?

1. September 30, 2026. The FCA opened its application window.
2. February 28, 2027. The window closes.
3. October 25, 2027. The new regime is expected to come into force.

An existing registration does not convert automatically. A firm that applies after the window closes may only carry out existing contracts once the regime starts, and cannot sign up new UK customers. A firm that never applies must wind down its UK crypto business.

Until the regime starts, FCA registration is not the same as authorization, and crypto buyers generally lack the compensation cover that applies to regulated investments.

What does the Bank of England do?

The Bank will supervise sterling stablecoins judged systemic, meaning widely used for payments. In June 2026 it published a draft framework that dropped an earlier plan to cap how much each person could hold. It proposed a temporary £40 billion limit on each coin's issuance instead, The Block reported. Final rules were expected by the end of 2026.

Rules differ by country, and in the US by state, and they change often. Check the FCA's website or a qualified professional for a specific case.