Digital Assets
Get authorised. Stay in the perimeter. Keep trading.
The UK is moving cryptoasset regulation from an anti-money-laundering registration regime to full authorisation under the Financial Services and Markets Act 2000. The FSMA 2000 (Cryptoassets) Regulations 2026 were made on 4 February 2026, and the substantive regime is expected to commence on 25 October 2027. The authorisation application window is expected to run from 30 September 2026 to 28 February 2027.
This is not a renewal. The FCA has confirmed there is no automatic conversion from MLR registration. Firms currently registered as cryptoasset exchange or custodian wallet providers must apply for full authorisation under Part 4A of FSMA, and meet the conduct, governance and operational standards that come with it. Firms that already hold other FSMA permissions will need to vary them via a VoP application before commencement.
There is a limited safety net. If a firm applies within the window but its application is not determined before the regime commences, a saving provision allows it to continue providing cryptoasset services until the application is finally determined. But that protection only runs to firms that apply in time — miss the window and you risk operating outside the perimeter.
The firms that secure authorisation cleanly will be those that start their perimeter analysis and FCA engagement now. The FCA's perimeter guidance consultation (CP26/13, April 2026) is the natural starting point for that analysis. And from 11 May 2026, firms can request a free pre-application meeting through the FCA's Pre-Application Support Service, with meetings running from July 2026 — a genuine opportunity to test your thinking with the regulator before the formal window opens.
- Perimeter analysis: which of the new regulated cryptoasset activities you carry on, and which permissions you need
- Authorisation strategy and application support, including pre-application engagement with the FCA
- Recalibrating systems and controls designed for AML compliance to meet full FSMA expectations
- Token, stablecoin and tokenised-asset structuring within the regulated perimeter
- Senior management and governance arrangements (SM&CR readiness)
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