United Kingdom/UK/Comparables
United Kingdom
FCA, HM Treasury, Bank of England (systemic)
The stacked regime is now statute. Promotions and MLR registration are live. The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 are made; the activity perimeter, market-abuse chapter and the general prohibition on public offers of qualifying cryptoassets commence on 25 October 2027. RCA is an offering exemption. The UK SI is, in the ordinary case, an offering ban.
SI
2026/102
Made
4 Feb 2026
Apply from
30 Sep 2026
Live
25 Oct 2027
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- Proposed
Activity perimeter — the inverse of Rule 300’s public offer
- FCA final rules for regulated cryptoasset activitiesPolicy statement 30 June 2026 · live 25 Oct 2027Proposed
Handbook overlay on the SI
- Consultation
Authorisation window while RCA is still a proposal
- In force
Marketing — RCA permits general solicitation after qualification
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 CIC | Qualifying cryptoasset / qualifying stablecoin | Inverse | UK classifies the asset and the activity. RCA classifies the investment contract. |
| Rule 103 disclosure | Prescribed disclosure where an offer is even allowed | Partial | SI imposes disclosure, civil liability and withdrawal rights on permitted offers. |
| Rule 200 / 300 | General prohibition on public offers of qualifying cryptoassets | Inverse | The ordinary UK case is: you do not offer to the public. You admit to a platform or use a listed exception. |
| Rule 400 | FCA DeFi guidance (consulted 2026) | No analogue | Guidance on decentralised arrangements is not a deemed-cessation of an investment contract. |
| Rule 500 | UK-wide FSMA (no state blue sky) | Analogue | One jurisdiction. The US needs NSMIA because it has fifty. |
Analysis
What the file is
Until 25 October 2027 the FCA’s crypto perimeter remains what it has been since 2023: financial promotions (PS23/6) and the Money Laundering Regulations registration. On 4 February 2026 Parliament made SI 2026/102. The SI defines qualifying cryptoasset and qualifying stablecoin, brings issuing stablecoins, safeguarding, operating a platform, dealing, arranging and staking into FSMA, writes a market-abuse chapter, and — the line that matters for this briefing — generally prohibits public offers of qualifying cryptoassets save listed exceptions.
An offering ban next to an offering exemption
RCA’s entire point is to make a public CIC offering possible under section 5 exemptions. The UK SI’s public-offer chapter is the opposite policy: cryptoassets are bought on authorised platforms under Handbook rules, not sold off a Form 1-CRYPTO. If you are drafting a dual-list US/UK token, you cannot treat Rule 300 as the UK path. You treat it as the US path and you design the UK leg as an admission-to-trading plus authorised-firm distribution.
Research
The record
- PS23/6 remains the live consumer-marketing rule: fair, clear, not misleading; risk warnings; incentive restrictions. RCA’s general solicitation after qualification would fail a UK promotions test on the same landing page.
- MLR registration is an AML gateway, not a conduct licence. Do not cite an MLR number as FSMA authorisation.
- The FCA will consult on DeFi guidance later in 2026. That file is the UK’s Rule 400 conversation. It will not look like Form TR.
- Bank of England systemic-stablecoin work is a third stack, above the FCA issuer rules, for coins that become payments infrastructure.
Ideation
What to file
- Cite SI 2026/102 regs. 3–16 (public offers and admissions) in any comment on Rule 300’s retail architecture. The UK chose platform-centric distribution. If you want that in the US, you are asking for ATS/exchange work, not for a bigger Tier 2.
- If you will apply to the FCA between September 2026 and February 2027, say so in the SEC letter. Parallel take-up is evidence.
- Promotions: ask whether a Rule 103 website aimed at US readers needs a UK geo-block. If you already geo-block, put the log in the exhibit.
Analysis
What the file is
Until 25 October 2027 the FCA’s crypto perimeter remains what it has been since 2023: financial promotions (PS23/6) and the Money Laundering Regulations registration. On 4 February 2026 Parliament made SI 2026/102. The SI defines qualifying cryptoasset and qualifying stablecoin, brings issuing stablecoins, safeguarding, operating a platform, dealing, arranging and staking into FSMA, writes a market-abuse chapter, and — the line that matters for this briefing — generally prohibits public offers of qualifying cryptoassets save listed exceptions.
An offering ban next to an offering exemption
RCA’s entire point is to make a public CIC offering possible under section 5 exemptions. The UK SI’s public-offer chapter is the opposite policy: cryptoassets are bought on authorised platforms under Handbook rules, not sold off a Form 1-CRYPTO. If you are drafting a dual-list US/UK token, you cannot treat Rule 300 as the UK path. You treat it as the US path and you design the UK leg as an admission-to-trading plus authorised-firm distribution.
Primary sources on file
FCA statement — common issues with crypto marketing
Financial Conduct Authority/18 Mar 2024/RCA review 28 Aug 2026
Primary regulatory
PS23/6 — Financial promotion rules for cryptoassets
Financial Conduct Authority/8 Jun 2023/RCA review 18 Aug 2026
Primary regulatory
HM Treasury — future financial services regulatory regime for cryptoassets
HM Treasury/26 Oct 2023/RCA review 22 Aug 2026
Primary regulatory
Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026
UK statutory instrument/4 Feb 2026/RCA review 8 Sept 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.