The UK's Financial Conduct Authority has opened a fixed application gateway for crypto firms seeking authorisation under the new Financial Services and Markets Act regime. The window runs from 30 September 2026 to 28 February 2027. After that, any firm carrying on in-scope cryptoasset activities in or to the UK without FCA permission will be breaking the law from 25 October 2027.
The timeline
The FCA's mandatory cryptoasset regime kicks in on 25 October 2027. Firms that file during the six-month gateway window may qualify for transitional or savings provisions while their application is processed. That means they can keep operating during the review period — but only if they get their paperwork in before the February 2027 cutoff.
The regulator expects firms to use a UK legal entity for authorisation, with narrow exceptions for overseas platforms. That's a clear signal: if you're serving UK customers from abroad, you'll need a local base.
What firms need to do
Before applying for FSMA authorisation, firms should already hold Money Laundering Regulations registration. The FCA signalled that MLR registration should be applied for before 30 September 2026 to avoid delays. That deadline has just passed, so any firm that hasn't started the MLR process is already behind.
The authorisation process itself requires detailed documentation on governance, financial crime controls, custody, outsourcing, operational resilience, and wind-down plans. The FCA has warned that preparing these documents and going through reviews can take months. Firms should start well in advance — the clock is ticking.
The policy package
The FCA published its final policy package on 30 June 2026, including policy statements PS26/9 through PS26/13 and final guidance FG26/7. That gave the industry about three months to digest the rules before the gateway opened. The package sets out the full scope of what the regulator expects from crypto firms under the new regime.
This is the UK's biggest push to bring crypto into the formal regulatory perimeter. The FCA has been tightening its grip since the MLR regime started in 2020, but FSMA authorisation is a different league. Firms that miss the gateway window won't be able to operate legally after October 2027 — and there's no guarantee the FCA will accept late applications.
The next concrete deadline is 28 February 2027. After that, the gateway closes. Firms that haven't filed by then will have to stop serving UK customers or risk enforcement action. The FCA has made its position clear: get your MLR registration in now, start preparing your authorisation pack, and don't wait until the last minute.
