The UK Financial Conduct Authority has issued final perimeter guidance defining which cryptoasset activities require authorization under a regime starting Oct. 25, 2027. The framework covers qualifying stablecoin issuance, trading platforms, dealing and arranging transactions, custody and certain staking services, with obligations determined by a firm's functions rather than its description. Applications open Sept. 30, 2026, and firms seeking transitional arrangements must apply by Feb. 28, 2027; existing anti-money-laundering registrations and other permissions will not automatically transfer. Clearer authorization rules will not necessarily ensure banking access, as nine of the 10 largest UK retail banks block or limit some crypto-related transactions. Parliament is also considering a broader digital-assets strategy that would address access to banking and payment services.