FCA crypto authorisation applications are now open, marking a significant step towards the introduction of the UK’s new regulatory regime for cryptoasset firms.
The Financial Conduct Authority (FCA) has officially opened its authorisation gateway for firms wishing to carry out regulated cryptoasset activities in the UK.
Applications opened on 30 September 2026, with firms intending to continue operating in the UK encouraged to apply by 28 February 2027. The new regulatory regime will come into force on 25 October 2027.
The move will bring crypto firms within full FCA regulation for the first time, introducing clear standards covering consumer protection, safeguarding of customer assets, market integrity and financial resilience.
What does the new regime mean for crypto firms?
The new framework represents a significant change for businesses operating in the UK cryptoasset market.
Firms wishing to carry out activities that fall within the new regulatory perimeter will need to be authorised by the FCA. This includes firms currently registered with the FCA under the Money Laundering Regulations (MLRs).
Importantly, existing MLR registrations will not automatically convert into authorisation under the new regime. Firms that are already authorised under the Financial Services and Markets Act 2000 (FSMA) may instead need to apply to vary their existing permissions.
The FCA has published further information on how the cryptoasset authorisation gateway will operate.
Firms should therefore understand how the new regulatory perimeter applies to their particular business model and what permissions they will require before preparing an application.
Authorisation will not be automatic
The FCA has made clear that opening the gateway does not mean applications will automatically be approved.
Applicants will need to demonstrate that they meet the FCA’s required standards, including those relating to consumer protection, safeguarding of customer assets, market integrity and financial resilience.
Firms that cannot demonstrate the necessary standards will not be authorised to provide regulated cryptoasset services in the UK.
Dominic Cashman, the FCA’s 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 expects to determine applications submitted during the application period before the new regime comes into force.
Key dates for firms
30 September 2026 – FCA cryptoasset authorisation application period opens.
28 February 2027 – FCA application period closes.
25 October 2027 – New UK cryptoasset regulatory regime comes into force.
Existing firms that apply during the application period can continue providing cryptoasset services, including taking on new business, while their application is being assessed if the FCA has not reached a decision before the new regime comes into force.
The FCA is encouraging firms to apply as early as possible rather than waiting until the end of the application period.
Preparing for authorisation
Firms considering an application should now be assessing their readiness and identifying areas that may need further work before submitting.
The FCA is encouraging firms to develop a clear plan for meeting the new requirements. This includes understanding the regulated activities relevant to their business, reviewing the scope of permissions required and carrying out a gap analysis against the expected requirements.
Firms should also consider whether their governance, systems and controls, resources and compliance arrangements will be sufficient under the new framework.
The FCA has published guidance on what firms should be doing to prepare for the new cryptoasset regulatory regime.
Support is also available from the FCA through webinars and its Pre-Application Support Service (PASS), which allows firms to request a meeting to discuss their business model, the authorisation process and the FCA’s expectations before submitting an application.
Further information about the new framework is available on the FCA’s cryptoassets information page.
How Neopay can help
Preparing for FCA authorisation takes time, particularly where firms need to review existing arrangements or put new systems and controls in place.
Neopay can support cryptoasset businesses throughout the authorisation process, helping firms understand the requirements, prepare their application and review the policies, procedures, governance and compliance arrangements that sit behind it.
Starting early also gives firms time to identify any gaps and address them before submitting their application.
If your firm is preparing for the new UK cryptoasset regime and would like to discuss the authorisation process, please get in touch with our team.
