On 4 February 2026, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) (the Regulations) were published on legislation.gov.uk, together with an explanatory memorandum. The Regulations will establish a regulatory regime for cryptoasset activities under the Financial Services and Markets Act 2000 (FSMA).

Background

A draft of the regulations had been laid before Parliament and published in December 2025.

Key provisions

In particular, the Regulations will:

  • Amend the FSMA (Regulated Activities) Order 2001 to define the main categories of cryptoassets: ‘qualifying cryptoassets’, ‘qualifying stablecoin’ and ‘specified investment cryptoassets’.
  • Specify certain activities related to these assets as regulated activities, such that any persons carrying on those activities by way of business needs to be authorised for that activity by the Financial Conduct Authority (FCA). These new regulated activities include issuing qualifying stablecoin, safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets, operating a qualifying cryptoasset trading platform, dealing in qualifying cryptoassets as principal or agent, or arranging deals in qualifying cryptoassets, and qualifying cryptoasset staking.
  • Make certain associated consequential amendments to other instruments such as existing anti-money laundering and financial promotions requirements for cryptoasset firms to reflect the new regulatory perimeter.
  • Introduce new designated activities in relation to offering a relevant qualifying cryptoasset to the public and admitting a cryptoasset to trading on a regulated platform, and prohibit a person from making a public offer of a qualifying cryptoasset in the UK unless the offer falls within an exception, the contravention of which will become a criminal offence.
  • Create new designated activities to establish a market abuse framework for relevant qualifying cryptoassets; define inside information and market manipulation; prohibit insider dealing, the unlawful disclosure of inside information and market manipulation, and establish obligations relating to the public disclosure of inside information.
  • Include savings and transitional provisions, such as providing the FCA with a power to specify a relevant application period and make provision for the treatment of, and obligations on, persons that do or do not secure all relevant authorisations within that period, and also provides the FCA with powers to gather information from certain persons, publish information concerning certain persons and censure persons the FCA considers not to have complied with relevant obligations under this part.

Next steps

The Regulations will fully commence on 25 October 2027, although provisions enabling the FCA to issue directions, guidance and rules will come into force 21 days after publication.