UK crypto firms have five months to file for a full Financial Conduct Authority licence or give up the UK market, after the regulator opened its authorisation gateway on 30 September 2026.
The gateway, announced in the FCA’s own press release, starts the clock on the Cryptoassets Regulations 2026. Firms operating in or into the UK must submit authorisation filings by 28 February 2027. From 25 October 2027, unlicensed crypto activity in or into the UK becomes illegal.
The rules cover exchanges, firms that hold coins for customers, stablecoin issuers and companies that arrange staking. Judged on consumer protection, asset safekeeping, market integrity and financial resilience, approval is not automatic, and shortfalls mean refusal, the FCA’s gateway guidance states.
Existing registration counts for nothing. Firms registered under the Money Laundering Regulations must apply from scratch for the broader permissions under the Financial Services and Markets Act 2000, a shift that moves crypto firms from AML-only checks toward standards closer to those facing banks and brokers.
The consequences differ by how firms respond. Those that file on time can keep serving existing and new customers while the FCA decides. Late applicants may only honour existing contracts, with no new customers and no new deals with current ones. Firms that never apply must wind down their UK business before 25 October 2027 or risk carrying on unauthorised financial business, the FCA warns.
“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,” said Dominic Cashman, director of authorisation at the FCA.
Applicants face minimum capital requirements ranging from £75,000 to £750,000 depending on what the firm does, under final rules the FCA published in June 2026. The FCA does not set a decision deadline for on-time applications beyond a general commitment to rule before October 2027.
Whether the FCA will hand out licences generously is a live question: it has reportedly rejected or withdrawn most applicants under its existing crypto registration process.
