U.K. FCA Opens Crypto Applications for Wholesale Banks Ahead of 2027 Rules

The U.K. Financial Conduct Authority (FCA) is accepting applications from wholesale banks seeking permission for regulated crypto activities, opening a path into the country’s regime scheduled to take effect in 2027.

Wholesale banks, which mainly serve businesses and financial institutions, can apply through a variation of permission (VoP). The FCA recommends applying by Feb. 28, 2027; that is a recommended date, not a formal deadline.

Banks that apply after that date and before the new regime takes effect Oct. 25, 2027, will enter a transition period. They may fulfill existing contracts during that period but cannot sign new contracts with U.K. customers.

The application schedule is part of the broader authorization process covered by the FCA’s finalized crypto rules. Separately, the FCA and Bank of England plan to publish a joint roadmap for tokenization in wholesale markets. Their agencies consulted on the topic in May 2026, and the roadmap will set target dates for their work.