Britain's Financial Conduct Authority (FCA) has issued final guidelines on which crypto businesses will be subject to authorisation under a new digital asset regulatory framework.

On Sept. 16, blockchain outlet Cointelegraph reported that Britain will begin accepting authorisation applications from late September, and existing registered firms will also need to re-check requirements under the new framework.

The guidelines cover major business areas including issuing qualifying stablecoins, operating crypto trading platforms, broking and arranging trades, crypto custody and arranging crypto staking. The key is that they set standards so firms can determine in advance whether their services fall within the regulatory scope and what authorisation or permission changes are needed under the new framework.

Existing registrations or existing authorisations will not automatically be converted to the new system. As a result, firms currently operating in Britain must assess individually whether they need new FCA authorisation or changes to existing permissions. Once the new framework takes effect, it will become difficult to continue operating based only on past registration history.

David Geale (데이비드 질), the FCA's executive director for consumer, payments and competition, also made clear how firms should prepare. "The starting point is understanding how the new regime applies to your business," he said, adding that the guidance provides the clarity firms have been asking for.

The FCA will accept applications from Sept. 30. Firms seeking transitional arrangements before the new system is implemented must apply by Feb. 28, 2027, and the start date of the new regulatory framework is scheduled for Oct. 25, 2027. The FCA also plans to hold separate consultations later this year on additional changes to guidance on the regulatory scope.

The move comes as Britain steps up efforts to build a regulatory framework for digital assets. The British parliament approved rules in February to bring crypto under the FCA's supervisory remit, and the FCA finalised a package of related rules and guidance in June.

Further legislative moves are also under way. The House of Lords added an amendment last week to the Financial Services and Markets Bill, requiring the Treasury to develop a digital asset strategy within 12 months after the law takes effect. It includes crypto and stablecoins, tokenised securities and digital financial infrastructure.

Work on tokenised assets is proceeding in parallel. On Sept. 14, the FCA began seeking views on whether to exclude certain tokenised gold products from the scope of UK fund rules. The FCA and the Bank of England plan to publish a tokenisation roadmap for wholesale financial markets later this year.

Against this backdrop, the focus of British regulators is shifting beyond whether individual services are allowed to bringing the broader digital asset business into the existing financial regulatory framework. For firms, the most urgent task has become determining the authorisation scope by business model at an early stage.