FCA Clarifies Which Crypto Firms Need Authorization But UK Banks Still Block Payments

UK’s financial regulator has given digital-asset businesses a clearer map of what will count as a regulated activity under the country’s incoming crypto framework. The Financial Conduct Authority (FCA) has published perimeter guidance explaining which firms will need full authorisation once the new regime takes effect, even as many high-street banks continue to restrict or refuse payments linked to crypto platforms.

The guidance is intended to help companies judge whether their work falls inside the regulatory boundary.

Covered activities include issuing qualifying stablecoins, running crypto trading venues, dealing in or arranging deals in cryptoassets, safeguarding customer holdings, and arranging staking.

The regime itself is scheduled to start on 25 October 2027. Applications for authorisation open on 30 September 2026 and, for firms that want transitional cover while their files are reviewed, must be submitted by 28 February 2027.

That timetable matters because existing anti-money laundering registrations will not convert automatically into the new permissions.

Businesses already on the FCA’s crypto register still need to apply if they want to carry on newly specified activities after the start date.