Big changes coming to crypto in the UK
Key Points
- Crypto firms can now apply for FCA authorisation in the UK.
- The application deadline is 28 February 2027.
- The new crypto regime comes into force on 25 October 2027.
- Firms failing FCA standards cannot offer regulated crypto services.
- Existing applicants can keep trading while the FCA assesses them.
The Financial Conduct Authority (FCA) has opened applications for crypto firms seeking authorisation under the UK’s new regime.
The regulator announced on Wednesday (30 September) that firms intending to keep operating in the UK must apply by 28 February 2027.
The new regime comes into force on 25 October 2027, bringing crypto firms under full FCA regulation for the first time.
Firms will need to show that they meet the FCA’s standards across four areas:
- Consumer protection
- Safeguarding of customer assets
- Market integrity
- Financial resilience
Authorisation is not automatic, and the FCA said firms that fail to meet these standards will not be able to offer regulated cryptoasset services in the UK.
“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.
Existing firms that apply within the window can keep providing crypto services, including taking on new customers, while the FCA assesses their application.
The FCA said it expects to decide on applications submitted during the window before the new regime takes effect.
The regulator published its final crypto rules and guidance in June 2026.
Firms can request a pre-application support meeting with the FCA and watch its on-demand webinars on preparing for authorisation.
Until now, the FCA has only required crypto firms to register with it under the UK’s anti-money laundering rules, which came into effect in January 2020.
That registration covered checks on money laundering and terrorist financing, and did not hold firms to standards on consumer protection, safeguarding customer assets or financial resilience.
The FCA brought crypto adverts under its financial promotion rules in October 2023, but the new regime marks the first time the regulator will supervise how crypto firms run their businesses.
