UK

The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were made on 4 February 2026, the FCA published final rules on 30 June 2026, and the authorization gateway opens on 30 September 2026 and closes on 28 February 2027, ahead of the regime commencing on 25 October 2027. Five activities come inside the perimeter, being stablecoin issuance, safeguarding and administering qualifying cryptoassets, operating a qualifying trading platform, dealing in or arranging deals in qualifying cryptoassets, and staking. The part that catches people is that registration under the Money Laundering Regulations does not convert into FSMA authorization, so every firm on the existing crypto register has to apply through the gateway like everybody else. Firms that file inside the window keep trading while the FCA decides. Firms that file late fall into transitional provisions that let them service existing contracts and nothing new. The FCA has improved its throughput, cutting decision times from 17 months to around five and lifting acceptance rates from 15% to 45%, which still leaves most applicants outside. Alongside the crypto listings, the UK entities on this page include payment authorizations such as small payment institutions, where a change in control needs FCA approval before completion rather than after.

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Frequently Asked Questions (FAQ)

Do you need an FCA license for crypto in the UK? +

Right now you need registration under the Money Laundering Regulations to carry on cryptoasset business in the UK. From 25 October 2027 you need full FSMA authorization for stablecoin issuance, custody, trading platform operation, dealing or arranging, and staking, and the application window for that opens on 30 September 2026.

Does existing MLR registration convert to the new authorization? +

No, and this is the single most expensive misunderstanding in the UK market. MLR registration does not convert automatically into FSMA authorization, so registered firms have to go through the gateway on the same terms as new applicants.

When does the FCA cryptoasset gateway open and close? +

It opens on 30 September 2026 and closes on 28 February 2027. Applications submitted inside that window let a firm keep operating while the FCA decides. Applications submitted after it leave the firm limited to existing contracts once the regime commences on 25 October 2027.

What is the FCA approval rate for crypto firms? +

Historically poor, with only around 15% of applicants approved in the early years of the MLR register. The FCA has since cut average decision times from 17 months to roughly five and lifted acceptance to about 45%, which is a real improvement and still means the majority of applicants do not get through.

Can you buy an FCA-registered crypto firm? +

Yes, and it is a common route into the UK. The registration sits with the company, so a share purchase keeps it, though the FCA assesses the incoming controllers and can object. Any purchase now should be underwritten on whether the firm intends to apply through the gateway, because the registration on its own has a shelf life.

What is a small payment institution and what does it allow? +

An SPI is a lighter-touch FCA payment authorization for firms whose average monthly payment volume stays under €3 million, covering money remittance, payment execution, and merchant acquiring inside the UK without passporting rights. Growing past the threshold means upgrading to authorized payment institution status.

Does the FCA have to approve a change of ownership? +

For authorized firms, yes, and the change in control approval has to come before completion rather than after, with the FCA holding a statutory assessment period. For MLR-registered cryptoasset firms, changes in beneficial ownership go to the FCA as well and the incoming owners face a fit and proper assessment.

How long does a UK acquisition take to close? +

Plan for the regulatory clock rather than the commercial one. Change in control assessments run to a statutory 60 working days once the FCA deems the notice complete, and incomplete notices restart the calendar, so three to six months from signing to completion is a realistic range.