Payment and e-money firms adding crypto

Your payment or e-money licence does not cover the new crypto activities.

Reviewed by Harry Khan, Founder · 10 November 2026

Payment institutions and e-money institutions that offer crypto buying, custody or stablecoins need permission for the new cryptoasset activities under the Financial Services and Markets Act. Their existing authorisation does not cover them.

Who this is for

E-money institutions offering crypto to their customers through a partner
Payment firms planning to issue or settle in a stablecoin
Fintech apps adding crypto buy, sell and hold features

What to do before 28 February 2027

Identify the activities: usually arranging or dealing as agent, often safeguarding, and issuing if you launch a stablecoin
Hold the capital for the crypto activities in addition to your payment or e-money capital
Extend governance, safeguarding and financial crime controls to crypto
Apply in the window

How we help

ScopeWe confirm which of the seven activities your business carries on, and the capital and fee that follow.
PrepareBusiness plan, financial projections, policies, wind-down plan and the individual forms for your senior managers.
FileThe application submitted through the FCA’s Connect system inside the window.
AnswerWe handle the FCA’s questions until it decides, then support the first year of compliance.

Key dates

Date	What happens
30 September 2026	Authorisation window opens
28 February 2027	Window closes
25 October 2027	Regime starts; unauthorised firms that did not apply must have stopped UK business

Get in touch

Tell us where you are and where you want to be.

[email protected]
+44 7563 115980 (phone and WhatsApp)

Further detail

How the two regimes sit together

Payment and e-money authorisation stays under the Payment Services Regulations and the Electronic Money Regulations. The crypto activities need Part 4A permission under the Financial Services and Markets Act. Firms covered by the saving and transitional arrangements include those authorised or registered under the payment and e-money rules.

Stablecoins for payments

Using a stablecoin in a payment flow can involve payment services, e-money and cryptoasset permissions at once. Our guide to stablecoin payments regulation sets out which applies.

Questions

Does our EMI licence cover crypto?

No. Crypto activities need separate permission under the Financial Services and Markets Act.

Which permission do we need to offer crypto through a partner?

Usually arranging deals or dealing as agent, and safeguarding if you hold the assets or arrange for the partner to hold them.

Can an EMI issue a stablecoin?

Yes, with permission for issuing a qualifying stablecoin, including £350,000 minimum capital for that activity.

When should we apply?

Inside the window from 30 September 2026 to 28 February 2027.

Sources

From the blog

All articles

November 2026