FCA opens applications for crypto firms to seek full UK authorization

The U.K. Financial Conduct Authority has opened applications for crypto firms to seek full authorization for the first time, starting a transition to a broader regulatory regime and setting a key deadline for firms that want to keep serving the British market.

In a press release published Tuesday, the FCA said firms can apply for authorization from Sept. 30, 2026. Companies that want to continue operating in the U.K. should apply by Feb. 28, 2027, ahead of the new regime taking effect on Oct. 25, 2027.

The move marks the first time crypto firms operating in the U.K. will be brought into full FCA regulation, rather than the narrower oversight that has applied until now. The regulator said firms will need to meet standards covering consumer protection, safeguarding customer assets, market integrity and financial resilience. For consumers, the change means crypto services will move into a more formal regulatory framework; for firms, it sets a clearer compliance path for serving U.K. customers.

The FCA made clear that authorization will not be automatic. Firms must show they meet the regulator’s requirements, and those that fail to meet the standards will not be authorized to operate in the U.K. market.

The transition rules are designed to avoid a cliff edge. The FCA said it expects to determine applications submitted during the application period before the regime comes into force. If an existing firm applies during that window and the FCA has not reached a decision by the time the new rules start, the firm may continue providing cryptoasset services, including taking on new business, while its application is assessed.

Dominic Cashman, director of authorization at the FCA, said in the announcement: “The U.K.’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 regulator said firms can request pre-application support meetings and use webinars available on demand to prepare their applications. That follows the FCA’s publication of its final crypto rules and guidance in June 2026, which set out the standards firms will be expected to meet under the incoming regime.

The legal basis for the change is the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, made on Feb. 4, 2026, which set Oct. 25, 2027, as the full commencement date. The June policy package covers a broad range of regulated crypto activities, including custody and safeguarding, trading platforms, dealing, arranging, staking, lending and borrowing, and stablecoin issuance.

Until now, U.K. crypto oversight had been more limited. Since 2020, the FCA has supervised crypto firms for anti-money-laundering compliance, and from 2023 crypto promotions were brought under FCA marketing rules. The new regime expands that approach into full authorization under the country’s wider financial services framework, extending regulation across a broader set of crypto activities.