UK banks looking to offer crypto services must apply to add them to their existing banking permissions.
In a banking supervision report published on November 2, the FCA reminded firms that wholesale banks can now apply to vary their permissions to offer crypto services. It recommends submitting applications by February 28, 2027. The new regime takes effect on October 25, 2027, and covers activities such as custody, trading platforms, stablecoin issuance and staking.
The timing affects what banks can do. If a bank misses the application window above and applies only after the new regime takes effect, then during the transitional period it may carry out only the related activities necessary to fulfil contracts entered into previously. It cannot enter into new contracts with new or existing UK customers.
When you read news about banks moving into crypto, it’s worth checking a few things: which activity they’ve applied to offer, whether approval has been granted, and when the service will become available to customers. The FCA’s application guidance also makes clear that existing anti-money laundering registrations will not automatically convert into authorisation under the new regime. Applying and getting permission are two different things.
Regulatory approval does not eliminate price volatility or custody risks.
Binance Wallet invitation code: MOLLY666
In a banking supervision report published on November 2, the FCA reminded firms that wholesale banks can now apply to vary their permissions to offer crypto services. It recommends submitting applications by February 28, 2027. The new regime takes effect on October 25, 2027, and covers activities such as custody, trading platforms, stablecoin issuance and staking.
The timing affects what banks can do. If a bank misses the application window above and applies only after the new regime takes effect, then during the transitional period it may carry out only the related activities necessary to fulfil contracts entered into previously. It cannot enter into new contracts with new or existing UK customers.
When you read news about banks moving into crypto, it’s worth checking a few things: which activity they’ve applied to offer, whether approval has been granted, and when the service will become available to customers. The FCA’s application guidance also makes clear that existing anti-money laundering registrations will not automatically convert into authorisation under the new regime. Applying and getting permission are two different things.
Regulatory approval does not eliminate price volatility or custody risks.
Binance Wallet invitation code: MOLLY666
