UK cryptoasset regime: application window and start date

The UK brings cryptoasset activities, such as running trading platforms, dealing in cryptoassets and holding them for clients, under the Financial Services and Markets Act 2000 (FSMA), the main UK law for financial services. From 25 October 2027, carrying out these activities in the UK requires permission from the Financial Conduct Authority (FCA) (FCA (external site)).

To obtain that permission, firms apply through an application window, the gateway, open from 30 September 2026 to 28 February 2027 (FCA (external site)).

Until the new regime starts, cryptoasset firms are registered with the FCA under the Money Laundering Regulations, which cover anti-money laundering only. Those registrations do not convert automatically into the new permissions (FCA (external site)).

Authorised firms come under the FCA Handbook, the FCA's rulebook. The Consumer Duty (UK), which sets standards for the treatment of retail customers, applies with specific guidance for cryptoasset firms (FCA (external site)).

Client cryptoassets come under new custody rules on ownership, record-keeping, reconciliation and private key management. The financial crime rules of the Handbook apply in the same way as for traditional finance firms (FCA policy statement PS26/13 (external site)).

As an example, a firm that applies in January 2027 and has no decision by 25 October 2027 can continue its services, including new business, while the assessment continues. A firm that applies after the window risks delays, rejection or refusal (FCA (external site)).

The regime covers cryptoasset firms and banks or investment firms that carry out regulated cryptoasset activities in the UK (FCA (external site)). The roles most directly concerned:

• Compliance Officer: the application file and the Handbook rules on conduct and financial crime come into scope.
• Regulatory Change Analyst: FCA policy statements and perimeter guidance are mapped to activities and processes.
• Conduct Risk Analyst: the Consumer Duty applies to retail cryptoasset customers.
• AML Analyst: financial crime controls follow both the Money Laundering Regulations and the Handbook.
• KYC Analyst: onboarding checks follow the same financial crime standards as traditional finance.
• Custody Operations Analyst: client cryptoassets need records, reconciliations and key management under the new custody rules.
• Programme Manager (Banking): the application window and the start date set a fixed plan.

The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were made on 4 February 2026. They set full commencement on 25 October 2027, a confirmed date (statutory instrument 2026/102 (external site)).

Firms could request pre-application meetings from 11 May 2026 (FCA (external site)). The gateway opened on 30 September 2026 and closes on 28 February 2027 (FCA (external site)).

The FCA expects to decide applications made in the window before 25 October 2027 (FCA (external site)).

Until now, cryptoasset firms in the UK have been registered with the FCA for anti-money laundering purposes under the Money Laundering Regulations, without a full FSMA authorisation (FCA (external site)).

The new regime moves cryptoasset activities into the same framework as other financial services, with authorisation, conduct, custody and prudential rules set out in a series of FCA policy statements (FCA (external site)).