The Financial Conduct Authority (FCA) of the UK will open the authorization window for crypto companies on September 30, 2026, at 7:00 AM local time. The main application period will last until February 28, 2027. The new regime will come into effect on October 25, 2027. Submitting an application does not guarantee automatic approval. Existing registration for anti-money laundering does not convert into authorization under the Financial Services and Markets Act 2000; each company must separately request new permissions.
The FCA identifies nine types of regulated activities: issuance of qualified stablecoins in the UK, custody of crypto assets, third-party custody arrangements, operation of trading platforms, dealer operations as a principal or agent, two types of transaction organization, and placement of crypto assets. The application form review spans 73 pages and covers governance structure, financial reporting, business plan, forecasts, and control systems.
A key distinction concerns timelines. A company that submits an application during the window from September 30 to February 28 may, after October 25, 2027, utilize a protective provision and continue operations while the FCA reviews the application. A company that applies later enters a transitional position that only allows executing existing contracts, prohibits entering into new agreements with UK clients, lasts a maximum of two years, and requires notifying counterparties. Late applications will not receive expedited reviews. The FCA states that applications submitted during the main period will generally be reviewed before the new regime begins.
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