UK Regulator Opens Crypto Permissions Route for Wholesale Banks Ahead of 2027 Rules
Summary
The FCA says wholesale banks can apply to extend their permissions to cover regulated crypto activities, including custody, trading platforms, dealing, stablecoin issuance and staking. Applications opened September 30, 2026, and banks are encouraged to apply by February 28, 2027. Qualifying early applicants may continue relevant activities while decisions are pending. The broader UK regime is planned to start October 25, 2027. Banks will still need individual FCA approval and must demonstrate suitable safeguards, governance and operational controls; the guidance does not grant blanket permission or mean new bank crypto products are imminent.
