The UK's Financial Conduct Authority has formally opened its crypto authorisation gateway, bringing cryptoasset firms under full FCA regulation for the first time. The application window opened on 30 September 2026 and will close on 28 February 2027, ahead of the new regime taking effect on 25 October 2027.
Firms that intend to continue operating in the UK must apply within the five-month window. Authorisation is not automatic; applicants must demonstrate they meet FCA standards on consumer protection, safeguarding of customer assets, market integrity and financial resilience. Those that cannot meet the necessary standards will not be authorised to operate in the UK market.
Dominic Cashman, FCA director of authorisation, said: “The UK’s new crypto regime will give consumers greater protections and firms a clear framework to operate in. Firms can now apply for authorisation and start preparing for regulation.”
The FCA is supporting firms through pre-application discussions and webinars. The regulator has also clarified that existing Money Laundering Regulations registrations will not automatically roll over into full Financial Services and Markets Act authorisation.
The UK framework covers a broad range of activities, including stablecoin issuance, trading platforms, custody and staking. The FCA published its final crypto rules and guidance in June 2026, and confirmed the gateway date in guidance released on 16 September.
There are warnings the new regime could thin the market. The FCA has historically used its regulatory framework to limit approvals. Under the earlier money-laundering registration scheme, only four of 35 applications were approved in the year to March 2024, and by August 2026, 263 of 391 completed cases had ended in withdrawals, with only 17% resulting in registrations. More recently, however, 13 of 23 rulings over the last 12 months were registrations, a 56% approval rate.
Comparisons with Europe's MiCA regime highlight the stakes. When the MiCAR grace period ended on 1 July, only 213 licensed entities cleared the bar, according to Elliptic. CASP Tracker data as of 28 September showed only 16 of the world’s 100 largest exchanges by volume held a MiCA licence. Binance, the largest exchange by volume, remained in the “not licensed” column, and AML Intelligence reported that ECB President Christine Lagarde helped talk Greece out of granting Binance a MiCA licence earlier this year.
For UK businesses, the timeline is strict: firms that apply during the five-month window can continue operating while their application is assessed, even if no decision is made before the new regime starts. Firms that apply after 28 February 2027 will face restrictions on signing new customers or selling new business, and firms that do not apply will be cut off from the UK crypto market when the regime begins on 25 October 2027.
