In brief
- The FCA opened its authorisation gateway for crypto firms on 30 September, and firms that want to keep serving UK customers should apply by 28 February 2027.
- The new UK regime comes into force on 25 October 2027 and covers stablecoin issuance, trading platforms, dealing, custody and staking.
- Firms that apply late face tight limits after that date, and MLR registration does not carry over into the new regime.
Crypto firms can now apply to the UK’s Financial Conduct Authority for full authorisation. The regulator opened its gateway on 30 September and told firms that intend to keep operating in the UK to apply by 28 February 2027. The new regime takes effect on 25 October 2027.
“Authorisation is not automatic,” the FCA said. Applicants will be judged on consumer protection, safeguarding of customer assets, market integrity and financial resilience, and those that fall short will not be allowed to offer regulated crypto services in the UK. Dominic Cashman, the FCA’s director of authorisation, said the regime “will give consumers greater protections and firms a clear framework to operate in.”
The activities that need a licence are set out in the FCA’s perimeter guidance: issuing qualifying stablecoins, running cryptoasset trading platforms, dealing and arranging deals, safeguarding cryptoassets and arranging staking. The final rules themselves were published in June. Stablecoin issuers face a separate rulebook in the US, where the Fed has proposed GENIUS Act capital rules. Applications go through the FCA’s Connect system, and firms already authorised for other financial services apply to vary their permissions instead.
Why the February date matters
The gateway rules split firms into three groups. For those that apply inside the window, the FCA expects to decide before October 2027. If it doesn’t, a saving provision lets them keep serving customers, including new business, until a final decision.
Firms that apply after 28 February 2027 get no such cover. The FCA says it will not speed up late applications, and if these firms are not authorised by the start date they fall into a transitional provision. That only lets them service contracts signed before it applies. They cannot sign new contracts with new or existing UK customers, so in practice it is a route to wind down and leave the market.
Firms that do not apply at all must run off their UK crypto business before the regime starts. Carrying on after that date risks breaching the ban on unauthorised business under section 19 of the Financial Services and Markets Act.
What about firms already registered with the FCA?
Crypto firms registered under the anti-money laundering rules have no automatic pass. The FCA’s note on MLR registration says they also need authorisation, and that being registered “does not guarantee” it. Until the new regime starts, they must keep meeting the registration requirement. “MLR registration will not carry over, and firms should be realistic about the standards they will need to meet,” Emma Banymandhub, chief executive of trade body The Payments Association, told Cointelegraph. From now on the regulator wants newcomers to aim for authorisation instead, and it warns against filing for registration after 31 July 2027, because a decision would not come in time.
The UK is moving later than the EU, where firms already work under MiCA and ESMA is shifting its focus to crypto supervision in 2027. Next up is an FCA consultation in October on targeted updates to the perimeter guidance, covering areas such as UK stablecoins, decentralised protocols and some technology providers.
Sources
- FCA: FCA opens the gateway to regulated crypto (30 September 2026)
- FCA: Cryptoassets, how the gateway will operate
- FCA: Crypto firms get guidance on how the new regime applies
- FCA: Registration under the MLRs ahead of the new FSMA regime
- Cointelegraph: FCA opens crypto authorization window ahead of 2027 UK regime
