FCA cryptoasset authorisation under FSMA
The UK is moving cryptoasset firms from AML registration to full FSMA authorisation by the FCA. The application window opened on 30 September 2026 and closes on 28 February 2027, and the regime starts on 25 October 2027. Firms that apply in the window and are still waiting at commencement can keep operating until their application is decided; late applicants get no such protection.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · Financial Conduct Authority (FCA) ↗
Key facts
- Application window
- 30 September 2026 to 28 February 2027as of 2026-10-08Source ↗
- Regime start
- 25 October 2027as of 2026-10-08Source ↗
- Applicants still pending at start
- Firms that applied in the window may continue until a final decision, including any Upper Tribunal appealas of 2026-10-08Source ↗
- Late applicants
- No expedited review; if not authorised by commencement, may only service pre-existing contractsas of 2026-10-08Source ↗
- Application fee categories
- Category 4 for arranging, dealing as agent and staking; category 6 for dealing as principal, safeguarding and stablecoin issuance; category 7 for operating a trading platformas of 2026-10-08Source ↗
- Category fee amounts
- Category 4: £2,820; category 6: £11,260; category 7: £28,150as of 2026-10-08Source ↗
Realistic timeline
Who does what, and how long each phase usually takes once work starts. The regulator’s share is outside anyone’s control.
- HartsizScoping, permissions mapping and gap analysis2–4 weeks
- YouBusiness plan, policies, hires and application pack8–16 weeksHartsiz drafts the pack; the client supplies people, capital and decisions
- RegulatorFCA assessment26–52 weeksOutside our control; depends on FCA volumes and the quality of answers
Estimated end to end: 8–17 months. Not a guarantee.
What the regulator expects to see
- UK-authorised firm meeting the FSMA threshold conditions
- Senior managers and controllers approved by the FCA
- Prudential resources, safeguarding and conduct rules for the activities applied for
- Financial crime controls and operational resilience
Questions we get
We are MLR-registered. Are we covered automatically?
No. The FCA has said MLR registrations will not convert automatically. You need to apply for FSMA authorisation, ideally within the window.
What happens if we apply after 28 February 2027?
The FCA will not expedite late applications. If you are not authorised when the regime starts on 25 October 2027, you may only service pre-existing contracts.
Can we request a pre-application meeting?
Yes. The FCA has offered pre-application meetings to cryptoasset firms. We prepare the agenda and materials so the meeting is useful.
Changes affecting this route
- UpcomingUnited Kingdom · Crypto · high impact
UK cryptoasset regime expected to commence
The FCA says the new cryptoasset regime is expected to come into force on 25 October 2027, with its final rules applying to firms granted permission under FSMA from that date. Carrying on regulated cryptoasset activities in the UK after commencement will require FCA authorisation.
Source ↗ - UpcomingUnited Kingdom · Crypto · high impact
FCA cryptoasset application window closes
This is the last day of the FCA application period for the new cryptoasset regime. The FCA's gateway page sets out how applications made within the window are treated ahead of commencement. Firms that miss it should plan on the basis that they cannot rely on that treatment.
Source ↗ - United Kingdom · Crypto · high impact
FCA cryptoasset application window opens
The FCA opened the application period for firms seeking authorisation under the new UK cryptoasset regime. Firms already carrying on cryptoasset activities that want to continue after commencement should prepare and submit within the window, which closes on 28 February 2027.
Source ↗