The FCA has published new webpages on the upcoming cryptoasset regulation regime, which is expected to come into force October 2027.
The pages provide guidance on:
- How the gateway will operate
- The regulated activities
- Authorisation, supervision and enforcement
- FCA standards
- The transitional provision for existing crypto firms – the FCA is proposing a transitional provision to provide existing cryptoasset firms that are unsuccessful in securing authorisation with an exemption, to allow them to run-off their UK business in an orderly way and exit the market. The exemption would only cover the new cryptoasset regulated activities and within this only to the extent necessary for the performance of a pre-existing contract entered into before the firm entered the transitional provision.