UK Tells Crypto Firms Who Needs a License as Treasury Moves to Exempt UK Stablecoin Payments

The Financial Conduct Authority published final guidance on which crypto activities need its authorization, and said it will consult on changes after Treasury drafted exemptions for UK stablecoin payments and some DeFi interfaces.

UK moves to license crypto, exempt stablecoins

Posted September 16, 2026 at 7:42 pm EST.

The UK’s Financial Conduct Authority published final guidance on Wednesday setting out which crypto activities will need its authorization, ahead of the Sept. 30 opening of applications and a day after HM Treasury published draft changes that carve exemptions out of the same rules.

Activities in scope range from issuing qualifying stablecoins and operating trading platforms to dealing, arranging deals, safeguarding crypto and arranging staking. The regime takes effect Oct. 25, 2027. The application window runs from Sept. 30 until Feb. 28, 2027, for firms that want to use the transitional arrangements, and the regulator said existing registrations and permissions will not convert automatically.

“Getting ready for regulation starts with understanding how the regime applies to your business,” David Geale, who oversees consumers, payments and competition at the FCA, said in the regulator’s release.