UK banks can now apply to offer crypto services, but they haven’t got approval yet. This is a queue, not a licence being granted.
The UK Financial Conduct Authority (FCA) says that, ahead of the introduction of the new cryptoasset regulatory regime, UK banks can now submit applications to conduct cryptoasset business. Firms that apply by 28 February 2027 and meet certain requirements can continue operating while their applications are reviewed.
For retail customers, the change is only in the channel.
In future, the point of entry may shift from overseas exchanges to local banks. It’s still the same money, just under a different account name. What really matters is the timing: the application window closes on 28 February 2027. After that, watch how many firms are approved in the first batch—and whether any banks are rejected.
#UKBanksCanApplyToOfferCryptoassetServices
The UK Financial Conduct Authority (FCA) says that, ahead of the introduction of the new cryptoasset regulatory regime, UK banks can now submit applications to conduct cryptoasset business. Firms that apply by 28 February 2027 and meet certain requirements can continue operating while their applications are reviewed.
For retail customers, the change is only in the channel.
In future, the point of entry may shift from overseas exchanges to local banks. It’s still the same money, just under a different account name. What really matters is the timing: the application window closes on 28 February 2027. After that, watch how many firms are approved in the first batch—and whether any banks are rejected.
#UKBanksCanApplyToOfferCryptoassetServices
