UK’s 2027 crypto rules could block new business with existing customers

The Financial Conduct Authority opened its authorization gateway for the new UK crypto rules on Sept. 30, starting an application window that can protect existing Bitcoin providers' ability to keep serving UK customers and take new business if approval is still pending when the full regime begins.

The window closes Feb. 28, 2027. The full regime starts Oct. 25, 2027, according to the FCA's announcement. February is the deadline for qualifying for the saving provision, a temporary protection for pending applicants, rather than a date when Bitcoin services must immediately stop.

For eligible existing firms applying within the window, an undecided application at commencement can allow the relevant services to continue, including new business. The protection covers the activities in the application, so it does not amount to unrestricted permission for every service a platform offers.

The statutory protection is bounded: the saving chapter expires two years after full commencement, and submitting an application does not guarantee authorization.

The protection can also cover a refusal still open to review. But the FCA can direct such a firm into restricted run-off when necessary for criminal enforcement, consumer protection or its objectives.