Key Takeaways
- • The FCA has opened its application window for crypto firms seeking UK authorisation, running from 30 September 2026 to 28 February 2027, ahead of the cryptoasset regime taking full effect on 25 October 2027.
- • FCA executive David Geale, who is also PSR managing director, said the regime is built on consumer protection, market integrity, innovation, and trust, with the stated aim that crypto and stablecoin firms succeed in the UK.
- • The UK uses an activity-based model, starting from the crypto activities a firm performs and building regulation from there, which differs from the EU's MiCA approach, which begins with whether an issuer is regulated.
- • The new rules for digital assets and stablecoins, announced in July, reinforce capital requirements and stress testing for cryptoassets.
Summary
FinTech Futures interviewed David Geale, the FCA executive and Payment Systems Regulator (PSR) managing director, at the Sibos conference in Miami. The interview came shortly after the FCA opened applications for crypto firms seeking FCA authorisation. The rules for digital assets and stablecoins were first announced in July 2026. They reinforce the importance of capital requirements and stress testing for cryptoassets.
The application window runs from 30 September 2026 to 28 February 2027. Crypto businesses operating in the UK must submit applications within that period, as the cryptoasset regulatory regime takes full effect on 25 October 2027. According to the interview, the regulator's central objective is for crypto and stablecoin firms to succeed in the UK. Geale stated that the framework rests on consumer protection, market integrity, innovation, and trust, and that it provides clear, predictable rules and a consistent end-to-end process across the lifecycle of crypto activity.
Geale contrasted the UK approach with jurisdictions that have adopted dedicated crypto regimes, such as the EU's MiCA framework. He said the UK applies an activity-based model. Instead of first asking whether an issuer is regulated, the FCA begins by identifying the crypto activities a firm undertakes and then builds the regulatory requirements from that starting point. He added that the FCA had examined global standards, including MiCA and developments in the US.
The interview's headline also references agentic AI liability and open finance. The portion of the interview available for this summary does not address those topics in detail, so this summary does not report the regulator's positions on them.
The application window runs from 30 September 2026 to 28 February 2027. Crypto businesses operating in the UK must submit applications within that period, as the cryptoasset regulatory regime takes full effect on 25 October 2027. According to the interview, the regulator's central objective is for crypto and stablecoin firms to succeed in the UK. Geale stated that the framework rests on consumer protection, market integrity, innovation, and trust, and that it provides clear, predictable rules and a consistent end-to-end process across the lifecycle of crypto activity.
Geale contrasted the UK approach with jurisdictions that have adopted dedicated crypto regimes, such as the EU's MiCA framework. He said the UK applies an activity-based model. Instead of first asking whether an issuer is regulated, the FCA begins by identifying the crypto activities a firm undertakes and then builds the regulatory requirements from that starting point. He added that the FCA had examined global standards, including MiCA and developments in the US.
The interview's headline also references agentic AI liability and open finance. The portion of the interview available for this summary does not address those topics in detail, so this summary does not report the regulator's positions on them.
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