Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking with the Financial Conduct Authority to implement the UK’s regulatory regime for cryptoassets; and what support and transitional arrangements will be provided to firms preparing for authorisation.

The Government has worked closely with the Financial Conduct Authority (FCA) to deliver a comprehensive and internationally competitive UK regulatory regime for cryptoassets. The Government’s objective is to ensure the regime appropriately balances the protection of consumers with a regulatory environment that supports innovation and growth.

The regime will come into force in October 2027 and includes transitional and savings provisions to support an orderly transition to the new regulatory framework. The FCA’s authorisation gateway opened on 30 September 2026, and the FCA is providing various forms of support for firms through the authorisation process. This includes offering a free, optional pre-application meeting to discuss a firm’s business model, the authorisation process, and the FCA’s expectations.