The UK Financial Conduct Authority said in a November 2, 2026 supervisory update that wholesale banks can apply to extend their permissions to regulated cryptoasset activities. The application window opened on September 30, 2026, but the broader regime is not expected to begin until October 25, 2027. Applying does not grant automatic approval; permission depends on each bank’s proposal, legal requirements and the FCA’s assessment.
The FCA is encouraging applications by February 28, 2027. It said banks applying before that date should either receive a decision before the regime begins or be able to continue relevant crypto activities while their applications remain under review. Later applications made before the planned start may face a different transitional arrangement.
