UK FCA Sets Out Crypto Regime Scope; Authorisation Applications Open Sept 30, 2026

The significance lies less in the rules themselves than in the sequencing: a defined scope now, applications opening well before the regime takes effect, and a further consultation in October. That gives firms a runway to structure around authorisation rather than react to it, and it signals which activities the FCA treats as regulated perimeter — staking arrangement and custody among them. Whether firms actually apply early, or wait for the October updates to settle the detail, is the open question worth watching.