UK Crypto Authorisation Gateway Opens Amid Regulatory Scrutiny

The Financial Conduct Authority (FCA) has opened its new crypto authorisation gateway on September 30, allowing firms to submit applications for various crypto activities. The main application period closes on February 28, 2027, ahead of the new regime's start date of October 25, 2027.

Firms that fail to apply by the deadline risk being restricted to pre-existing contracts only, while those awaiting approval can still sign new UK customers after the regime starts. The FCA has published a 73-page preview of the application form, which requires firms to provide detailed information about their business plans, controls, and financial forecasts.

The regulator's guidance stresses that existing money laundering registration does not automatically convert into authorisation under the Financial Services and Markets Act 2000 (FSMA). Firms need to identify specific permissions for each activity, as a single licence will not cover multiple services. For example, an exchange may need to consider both operating a trading platform and safeguarding.