UK FCA Opens Authorisation Gateway for Cryptoasset Firms Ahead of 2027 Regulatory Regime

The FCA opened the gateway on 30 September 2026. The application period runs until 28 February 2027, as set by an FCA direction, and the new regime starts on 25 October 2027. Firms apply through the FCA Connect system. Firms that need new authorisation and firms that are already authorised and must vary their existing permissions both use the gateway. Firms registered under the Money Laundering Regulations 2017 (MLRs) and firms registered or authorised under the payment services and e-money rules are included. A registration under the MLRs is not converted into an authorisation automatically.

The regime rests on the Financial Services and Markets 2000 (Cryptoassets) Regulations 2026 (SI 2026/102). They add new regulated activities to the Regulated Activities Order 2001 and take effect on 25 October 2027. The activities are issuing a qualifying stablecoin in the UK, safeguarding qualifying cryptoassets and arranging for someone else to do so, operating a qualifying cryptoasset trading platform, dealing as principal or as agent, arranging deals, making arrangements with a view to transactions, and qualifying cryptoasset staking. The FCA published its final rules and guidance on 30 June 2026 and perimeter guidance in PS26/18. The application period must be at least 28 days long and must close at least 28 days before the regime starts.

A firm’s legal position depends on when it applies. A firm that applies inside the window and has no decision by 25 October 2027 can keep operating under a saving provision until its application is finally determined, including during an appeal to the Upper Tribunal. A firm that applies after 28 February 2027 gets no such protection. If it is not authorised when the regime starts, it enters the transitional provision by operation of law for up to two years. It may then only perform contracts concluded before that date and cannot sign new contracts with existing or new UK customers. The FCA will not speed up late applications. A firm that does not apply at all must wind down its UK business before the regime starts and has neither provision.

Any firm that will carry on one of the new activities in or to the UK is affected, for example exchanges and trading platforms, brokers and dealers, custodians and wallet providers, stablecoin issuers and staking services. This covers businesses that today are registered only under the MLRs, firms with payment or e-money status, and firms already authorised for other activities that now add crypto. The PS26/18 guidance helps decide whether a business model is in scope. Non-UK groups that serve UK customers should check this too.

• Map the business model to the new activities and decide whether you need a new authorisation or a variation of permission, using PS26/18.
• Plan to submit inside the window, ideally well before 28 February 2027, since the FCA expects a complete, good-quality application and may reject or delay one with missing information.
• Carry out a gap analysis against the new FCA requirements and agree a board-level implementation plan.
• Prepare governance, senior management, compliance and financial information using the FCA application form information document and financial data template.
• Consider the optional free pre-application support service for a meeting with the FCA.
• Plan contingencies for customers and contracts in case authorisation comes late.

An MLR registration shows that a firm meets anti-money laundering rules but does not authorise it under the new regime, and the FCA states that nothing converts automatically. Because the window protects only firms that apply on time, the date of 28 February 2027 matters more than the start date of 25 October 2027. Firms should run the application package as a project with its own timeline.