UK crypto firms must apply for FCA licenses by September 2026 before new regime starts October 2027

FCA sets gateway and regime dates

The UK Financial Conduct Authority (FCA) plans a crypto licensing gateway opening in September 2026. The new cryptoasset regime under the Financial Services and Markets Act 2000 (FSMA) starts on 25 October 2027.

From MLR registration to FSMA authorisation

Current anti-money laundering rules sit in the UK Money Laundering Regulations (MLRs), which require some crypto firms to register with the FCA. The FCA states there is no automatic conversion from MLR registration to FSMA authorisation. Firms that hold MLR registration apply again under FSMA before the new regime starts. Firms already authorised under FSMA for other activities request a variation of permission to cover cryptoasset services.

Firms that are registered with us under the MLRs should note that there will be no automatic conversion and that they will need to secure authorisation by us under FSMA prior to the commencement of the new regime. — Financial Conduct Authority, UK financial regulator, January 2026

Application window and transitional rules

Draft rules describe an application window that lasts at least 28 days and closes at least 28 days before 25 October 2027. Applications submitted during this window are expected to receive a decision before the regime starts. A saving provision lets firms that apply on time keep operating while the FCA assesses their case. Firms that miss the gateway face tighter transitional options, with existing products continuing but new services restricted until full authorisation.