UK FCA publishes new suite of webpages on upcoming UK cryptoassets regime

The UK Financial Conduct Authority (FCA) has published a new suite of webpages outlining its approach to the upcoming regulatory regime for cryptoasset activities. The regime will be implemented under the Financial Services and Markets Act 2000 (FSMA), through the draft statutory instrument laid before Parliament in December. The regime's go-live date is 25 October 2027.

The webpages include:

• How the new gateway for cryptoasset regulated activities will operate, including for firms currently registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) or authorised under the Payment Services Regulations 2017 or the Electronic Money Regulations 2011.
• The transitional provision, explaining how this provision will allow certain cryptoasset firms, who are unsuccessful in securing the necessary permission(s) under the upcoming regime, to exit the UK market in an orderly way. It also addresses firms that apply for authorisation (or variation) outside of the application period but before the full commencement of the new regime and whose application is still being considered at the point the new regime commences.
• Cryptoasset regulated activities: FSMA and the FCA Handbook, setting out information, particularly useful for first-time cryptoasset firms seeking registration, on the legislative framework under FSMA, the FCA's expectations of firms and individuals and the overall regulatory regime.
• Authorisation, supervision and enforcement, outlining the FCA's approach to authorisation, supervision and enforcement for firms that will be undertaking the new cryptoasset regulated activities. The FCA will host a webinar on the new regime to help firms prepare for authorisation on 29 January.
• The FCA's cryptoassets standards, explaining the FCA's minimum standards and regulatory expectations for cryptoasset firms and their staff, covering threshold conditions, fit and proper requirements, high level standards, principles for businesses, the consumer duty and the senior managers & certification regime.

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