Skip to main content
Uruguay Can

News from across crypto

FCA opens UK crypto authorisation window ahead of 2027 regime

The FCA opened its crypto authorisation gateway on 30 September, giving firms until 28 February 2027 to apply before the UK regime starts that October.

Uruguay Can Editorial

FCA opens UK crypto authorisation window ahead of 2027 regime

UK crypto firms have until 25 October 2027 to prepare for a new regulatory regime; the Financial Conduct Authority opened its authorisation gateway on 30 September, giving firms until 28 February 2027 to apply. The FCA’s announcement says authorisation will bring firms into full regulation, with standards covering consumer protection, safeguarding, market integrity and financial resilience.

Who needs to apply, and by when?

Firms that want to carry on regulated cryptoasset activities in the UK under the new regime need FCA authorisation. The application period is open now and closes on 28 February 2027, well before the regime takes effect on 25 October that year. If you are already authorised by the FCA for other activities, you may need to apply to vary your existing permissions. An existing registration under the Money Laundering Regulations does not automatically convert to authorisation under the Financial Services and Markets Act.

How does a firm submit its application?

The FCA says applications must go through its Connect system. For a firm preparing to apply, the steps are:

  1. Identify which new regulated cryptoasset activities the business plans to carry on.
  2. Prepare the authorisation application—or, if already authorised, an application to vary permissions.
  3. Submit through Connect by 28 February 2027 if the firm wants to use the application period.

What happens if the FCA has not decided by October 2027?

The regulator expects to determine applications submitted during the window before the new regime starts, but some may still be pending. In that case, firms already providing cryptoasset services can continue while the FCA assesses their applications, under the saving provision described in its guide to how the gateway will operate. The FCA says this can include taking on new business.

Applying after the window closes is possible, but it does not give firms the same position. If a late application remains undecided when the regime starts, the firm may enter a transitional provision that limits activity to carrying out pre-existing contracts; it cannot enter new contracts with UK customers. For firms seeking to keep operating fully through the change, the February deadline is the key date.

Sources