The U.K.'s Financial Conduct Authority (FCA) has opened an application route for wholesale banks seeking to add regulated cryptoasset services ahead of rules taking effect Oct. 25, 2027.
Banks can request changes to their existing permissions through a variation of permission (VoP) application. The FCA recommends filing by Feb. 28, 2027, though that date is not a formal deadline. Wholesale banks mainly serve businesses and financial institutions.
Banks that apply after Feb. 28 and before the new regime begins will enter a transition period. During that period, they may continue fulfilling contracts already in place, but they cannot sign new contracts with U.K. customers.
The route is part of a wider authorization process that began Sept. 30, 2026. An existing registration for anti-money-laundering purposes does not itself authorize a business to conduct activities covered by the new rules; firms must apply when their services fall within the framework. EconoTimes previously covered the FCA's crypto authorization timetable.
The framework also covers crypto trading platforms and intermediaries, custody services, stablecoin issuance, and businesses offering lending, borrowing or staking. Some decentralized finance businesses are included when an identifiable entity controls them.
A joint FCA–Bank of England roadmap is also in preparation. It is expected to set dates for wholesale-market tokenization work, following consultations in May 2026. The crypto authorization regime is scheduled to start Oct. 25, 2027.
