FCA opens crypto authorisation window until February 2027
The FCA began accepting crypto authorisation applications on 30 September, opening a five-month window before the UK’s full regime starts in October 2027.
The Blockheight Editors··2 min read
The UK Financial Conduct Authority began accepting crypto firm authorisation applications on 30 September, opening a five-month gateway ahead of a new regime covering consumer protection, asset safeguarding, market integrity and financial resilience, according to the FCA’s announcement. Firms must apply by 28 February 2027; the regime starts on 25 October that year.
The FCA says firms seeking to carry out the new regulated crypto activities must apply under the Financial Services and Markets Act 2000. Applications go through its Connect system. Firms already authorised for other activities can apply to vary their permissions.
Who needs to apply for FCA authorisation?
Crypto firms registered under the UK’s anti-money laundering rules also need to apply: their registration will not convert automatically to authorisation under the new framework, the FCA says. The regulator says firms will be assessed against standards for consumer protection, customer asset safeguarding, market integrity and financial resilience; authorisation is not guaranteed.
CoinDesk’s report on the gateway opening also puts the application window at five months, ending in February 2027. Existing firms that apply during the window can continue providing crypto services, including taking new business, while applications are being assessed if the FCA has not decided by the regime’s start date, according to the regulator.
What happens after the application window closes?
The FCA expects to determine applications submitted during the period before the new regime begins on 25 October 2027. Firms that do not apply and intend to keep operating must wind down their UK crypto business before that date, the regulator says.
The FCA has not disclosed how many firms applied when the gateway opened or how many it expects to authorise. Applications are now open, and the regulator’s next stated milestone is the 28 February 2027 deadline.
Source material
- FCA’s announcement — fca.org.uk
- CoinDesk’s report on the gateway opening — coindesk.com