THE FCA OPENS APPLICATIONS FOR THE UK’S CRYPTO REGIME — FIRMS HAVE UNTIL FEBRUARY 28, 2027 — THE RULES START OCTOBER 25, 2027 — FIRMS THAT NEVER APPLY MUST RUN OFF THEIR UK BUSINESS — HOLDING YOUR OWN BITCOIN IS NOT ON THE LIST

The Financial Conduct Authority opened applications for the UK's new cryptoasset regime on September 30, 2026. The window closes February 28, 2027. The regime starts October 25, 2027. "Authorisation is not automatic," the FCA said.

The dates decide who stays. Existing firms that apply inside the window can keep serving customers, including taking new business, while the FCA decides. Firms that never apply "must run-off their UK cryptoasset business before the new regime commences." Late applications will not be fast-tracked. A money-laundering registration with the FCA does not carry over either: "there will be no automatic conversion."

The regime adds nine regulated activities: issuing a stablecoin, safeguarding, arranging safeguarding, operating a trading platform, dealing as principal, dealing as agent, arranging deals, making arrangements with a view to transactions, and staking. Every one is a service somebody provides to somebody else.

What is not on the list is a person holding their own bitcoin. The rules license the parties you have to trust. The chain checks itself, and a wallet you control needs no one's authorisation. At the time of this writing, bitcoin was $84,038.