FCA cryptoasset registration under the Money Laundering Regulations
UK cryptoasset exchange providers and custodian wallet providers must currently be registered with the FCA under the Money Laundering Regulations. This registration is being replaced by full FSMA authorisation from 25 October 2027 and does not convert automatically. Registered firms that want to stay in the UK market need to apply in the FCA window that closes on 28 February 2027.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · Financial Conduct Authority (FCA) ↗
Key facts
- Who must register
- UK cryptoasset exchange providers and custodian wallet providersas of 2026-10-08Source ↗
- Registration fee
- Pricing category 6: £11,260as of 2026-10-08Source ↗
- Decision period
- Once the FCA has all the information it needs, it has 3 months to decideas of 2026-10-08Source ↗
- Transition to FSMA
- No automatic conversion: registered firms must secure FSMA authorisation; application window 30 September 2026 to 28 February 2027as 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 and route choice (MLR now or straight to FSMA)1–3 weeks
- YouPolicies, business plan and application pack6–12 weeksHartsiz drafts the pack; the client supplies people, data and decisions
- RegulatorFCA assessment12–52 weeksOutside our control; the 3-month clock only starts once the file is complete
Estimated end to end: 4–15 months. Not a guarantee.
What the regulator expects to see
- Fit and proper owners, managers and beneficial owners
- AML/CTF risk assessment, policies and an MLRO
- Business model and systems that the FCA can assess in full at application
Questions we get
Will our MLR registration convert into FSMA authorisation?
No. The FCA has said there will be no automatic conversion. Registered firms must secure FSMA authorisation to keep operating once the new regime starts.
Do we pay twice if we apply for MLR registration and FSMA authorisation together?
No. Under the FCA fee rules, a firm applying for both at the same time pays one fee, at the highest applicable category.