Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026

The Regulations place specified cryptoasset activities inside the existing Financial Services and Markets Act 2000 architecture rather than creating a separate licensing statute. They principally amend the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and make related changes to FSMA, the financial-promotion regime, anti-money-laundering legislation and other secondary legislation.

The instrument introduces definitions for qualifying cryptoassets, qualifying stablecoins and specified investment cryptoassets. Qualifying cryptoassets are broadly fungible and transferable cryptoassets within the FSMA definition. A qualifying stablecoin is a qualifying cryptoasset referencing a national currency and using backing assets to seek a stable value. Tokenised versions of existing specified investments are treated separately so that the framework can account for securities and contractually based investments represented on distributed-ledger systems.

From full commencement, a person carrying on an in-scope activity by way of business will generally need the relevant FCA permission. The new regulated activities cover issuing qualifying stablecoin in the United Kingdom; safeguarding qualifying cryptoassets and relevant specified investment cryptoassets; arranging safeguarding; operating a qualifying cryptoasset trading platform; dealing as principal or agent; arranging deals or making arrangements with a view to transactions; and qualifying cryptoasset staking.

The perimeter can apply to some overseas firms serving UK consumers. The detailed territorial analysis depends on the activity, the customer and whether an authorised intermediary is involved. Existing registration under the Money Laundering Regulations does not automatically convert into FSMA authorisation. Firms already authorised under FSMA may instead need to vary their permissions.

Part 2 creates designated-activity regimes for public offers and admissions to trading. A public offer of a qualifying cryptoasset in the United Kingdom is unlawful unless a Schedule 1 exception applies. FCA or trading-platform rules may require a qualifying cryptoasset disclosure document or supplementary document. The Regulations also establish responsibility, compensation and withdrawal-right mechanisms relating to false, misleading or omitted information.

A separate cryptoasset market-abuse regime prohibits insider dealing, unlawful disclosure of inside information and market manipulation. It also supports requirements for public disclosure of inside information, insider lists, market-abuse systems and procedures, information sharing and FCA enforcement. The market-abuse provisions are designed to reach relevant conduct involving qualifying cryptoassets and related instruments whether the conduct occurs in or outside the United Kingdom.

The FCA-directed application period runs from 9:00 a.m. on 30 September 2026 to 11:59 p.m. on 28 February 2027. A firm applying during that period may use the statutory saving provision if its application has not been finally determined when the regime begins. Certain late, refused or withdrawn applicants may enter a more limited transitional arrangement permitting only activity necessary to perform pre-existing contracts. Firms that do not apply and intend to continue in-scope UK business do not receive an automatic transition.

The Regulations establish the statutory perimeter, but detailed FCA rules and guidance remained under development as of 18 June 2026. The FCA stated that policy statements were planned for summer 2026 and final perimeter guidance for autumn 2026. HM Treasury also published draft amending regulations on 21 April 2026, including proposed changes concerning UK-issued qualifying stablecoin payments and other perimeter issues. Those proposals were not treated as enacted law in this profile.