FCA opens gateway for UK crypto licences, applications expected in September 2026

The Financial Conduct Authority said it will open a gateway for crypto asset service providers to apply for UK authorisation, with the application period expected to begin in September 2026.

The FCA said all firms providing regulated crypto asset services must be authorised under the Financial Services and Markets Act. That requirement covers entities currently registered under Money Laundering Regulations and payment-related frameworks, and the FCA warned there will be no automatic conversion for MLR-registered firms.

The gateway will offer a limited window — at least 28 days long and closing no later than 28 days before the new regime starts — during which applications are expected to be decided before the regime comes into force. Draft legislation includes a saving provision allowing businesses to continue operating while their applications are assessed.

The regulator said the new regime is expected to go live on Oct. 25, 2027, and the precise timeline will be confirmed in due course. Firms that miss the application window or are not authorised when the regime begins will fall under transitional rules that allow existing products but restrict new offerings, and late applicants may face longer assessment timelines.

Key Topics

Crypto, Financial Conduct Authority, Fsma, Casps, Money Laundering Regulations