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FCA opens authorisation window for UK crypto firms

The FCA opened applications on 30 September, requiring crypto firms to seek permission by February before full UK regulation begins in October 2027.

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FCA opens authorisation window for UK crypto firms

The UK Financial Conduct Authority opened its authorisation gateway for crypto firms on 30 September, starting the application process for companies that want to operate under the new regime. The FCA says the rules will bring cryptoasset activities into full regulation and set standards for consumer protection, safeguarding, market integrity and financial resilience, according to its announcement that the gateway is open.

When must crypto firms apply for FCA authorisation?

Firms should apply by 28 February 2027, ahead of the regime’s start on 25 October 2027, the FCA said. Applications must go through its Connect system, and authorisation is not automatic: firms must show they meet the regulator’s requirements.

The FCA’s gateway guidance says firms already authorised under the Financial Services and Markets Act must apply to vary their permissions if they want to carry out the new cryptoasset activities. Existing registration under money-laundering rules does not convert automatically into the new authorisation.

Can firms keep operating while applications are assessed?

Existing firms that apply during the application period can continue providing cryptoasset services, including taking on new business, if the FCA has not decided their application before the regime begins. The FCA expects to decide applications submitted during that period before 25 October 2027.

Firms that do not apply in the window may apply later, but the FCA says it will not speed up an assessment because an application was late. If they lack the required permission when the regime starts, they will face limits on new UK customer contracts while their application is assessed.

The FCA says firms that do not seek authorisation must wind down their UK cryptoasset business before the new regime begins. It is offering optional pre-application meetings and webinars to help firms prepare.

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