The UK Financial Conduct Authority released its final crypto regulatory framework on Tuesday, establishing a licensing period from September 2026 to February 28, 2027 and setting an effective date of October 25, 2027. The regulator completed its consultation on June 3 and issued a press release detailing the final rules, which bring digital assets under its oversight and require firms to meet standards comparable to other financial service providers. The licensing window will be open from September 2026 until February 28, 2027, after which the regime will take effect on October 25, 2027. Crypto firms, including trading platforms, custodians, stablecoin issuers, staking companies and other intermediaries, must obtain FCA authorization to operate in the UK. Firms that already hold licenses under money‑laundering regulations must apply for new FCA authorization and are not automatically converted. The FCA said transitional savings provisions will allow certain firms to continue specified activities while seeking authorization. Pre‑application support meetings will be available starting next month. Policy statements will be published on July 17 during a webinar and a further statement is planned for September to clarify the regulatory perimeter. Stablecoin rules were simplified, removing the requirement for estimated redemption forecasts, mandating statutory trusts over reserves, and eliminating unallocated backing fund accounts. Issuers must provide specific withdrawal rights, may retain a 5% excess in the backing asset pool, and can use limited intragroup custody subject to safeguards. The FCA noted a baseline regime for stablecoin issuance and said it will consult the Bank of England later this year on how systemic stablecoin issuers will be treated. The regulator also plans to consult on guidance for decentralized finance, operational resilience for distributed ledger technology firms, and updates to the financial crime guide relevant to crypto asset firms. Matthew Long, director of payments and digital assets at the FCA, said the regulator will apply the rules on a case‑by‑case basis, noting that DeFi activities without identifiable participants will be excluded from the scope. The regulator said it will continue to assess the regulatory perimeter for crypto activities and monitor the implementation of the framework.