UK FCA clarifies wholesale banks’ crypto timetable

A supervisory publication, not a newly opened window

The Financial Conduct Authority published its third wholesale bank supervision review on November 2, 2026. Among the issues covered, the UK regulator restates the timetable for entering the future cryptoasset regime. The application window opened on September 30, a date that predates the publication and should not be described as a November 2 announcement. The new document primarily gives banks an operational summary of the steps they must take before 2027.

The announced perimeter includes cryptoasset custody, operating trading platforms, dealing for a firm’s own account or for clients, arranging transactions, stablecoin issuance, and staking. For wholesale banks that are already regulated, the route identified is a variation of permission application. This is not automatic authorization: the FCA will continue to assess each application, and the activities a bank may carry out will depend on the decision it receives.

Two dates shape the transition to 2027

The FCA encourages banks to submit their applications by February 28, 2027. According to the document, firms that meet that deadline will either receive a decision before the new regime starts or be able to continue their crypto activities while the review remains underway if no decision has yet been issued. That continuity is therefore linked to an application filed within the prescribed timetable; it does not amount to final approval of the firm’s business model.

The full regime is due to take effect on October 25, 2027. A bank that applies after February 28 but before that date will fall under a more restrictive transitional provision. While its application is assessed, it may conduct the new regulated crypto activities only where they are necessary to fulfill a contract agreed before entering the transition. The FCA says it may not enter into new contracts with existing or new UK customers for those activities.

Crypto joins banks’ ordinary control framework

The crypto reminder sits within a broader publication about resilience, data, trading algorithms, and risk surveillance. That editorial structure matters: the FCA presents digital assets as an area that must enter banks’ established governance and control processes, rather than as a separate activity. The regulator also refers to demand for support through its Regulatory Sandbox for digital market infrastructure, including projects focused on liquidity, connectivity, and portfolio management.

The publication finally says that the FCA and the Bank of England will shortly publish a roadmap on tokenization in UK wholesale markets, without yet providing its content or publication date. That prospect does not change the already stated crypto authorization deadlines. For affected banks, the verifiable position at this stage is therefore clear: preparing a complete application by February 28, 2027 provides access to the more favorable continuity arrangement, while the full framework remains scheduled for October 25, 2027.