Short answer: On September 30, 2026, the UK Financial Conduct Authority (FCA) opened its authorisation gateway for crypto firms under the country's new cryptoasset regime. Exchanges, custodians, brokers, staking providers and stablecoin issuers serving UK customers have until February 28, 2027, to apply if they want to keep operating when the regime takes effect on October 25, 2027. Existing anti-money-laundering registrations do not carry over.
What happened
The gateway is the first practical step of the regime created by the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, made in February 2026. The FCA finalised its core crypto rules over the summer, covering capital, market abuse, stablecoin backing and conduct. Now firms can formally apply. The key dates:
| Date | Milestone |
|---|---|
| September 30, 2026 | Application window opens |
| February 28, 2027 | Window closes; deadline to keep operating while an application is pending |
| October 25, 2027 | Regime takes effect; unauthorised regulated crypto activity becomes a breach of the law |
Legislative work began in 2022, and the UK has moved more slowly than the European Union, whose MiCA regulation entered into force in June 2023.
Which crypto activities need FCA authorisation
The regime lists nine regulated activities. Any firm doing one of them for UK consumers needs FCA authorisation or an exclusion:
- Issuing a qualifying stablecoin in the UK.
- Safeguarding, or custody of, cryptoassets.
- Arranging for someone else to safeguard cryptoassets.
- Operating a cryptoasset trading platform.
- Dealing in cryptoassets as principal, meaning trading with clients from the firm's own book.
- Dealing in cryptoassets as agent.
- Arranging deals in cryptoassets.
- Making arrangements with a view to crypto transactions.
- Cryptoasset staking, including pooled and liquid-staking structures.
The reach is wide. A foreign exchange with no UK office, staff or company still falls in scope if it serves UK retail customers. Calling a service decentralised does not help if identifiable people control it. Overseas firms that serve only institutions, or that reach UK consumers through a UK-authorised platform acting as intermediary, may be exempt.
Why the February deadline matters
The 13 months between the gateway opening and the regime starting are meant to let the FCA decide applications before go-live. Under the so-called savings provisions, a firm already operating in the UK that applies within the window can keep serving customers until its application is decided. A firm that misses February 28 risks a forced pause in UK business from October 2027.
Existing registration under the Money Laundering Regulations (MLRs) does not convert: registered firms must file a new application, and firms already authorised for other services, such as payments, must vary their permissions. More than 60 crypto firms hold MLR registration today, according to CoinDesk, but the bar has been high. Of 391 MLR crypto registration cases completed by August 1, 2026, only 17% ended in registration, while 67% were withdrawn, 12% rejected and 4% formally refused.
Market backdrop on September 30
The gateway opened on the last day of the third quarter. Bitcoin traded near $83,000 on Wednesday morning in Europe, about 1% lower over 24 hours, as investors waited for U.S. PCE inflation data and the 30-year Treasury yield sat above 5.6%, its highest since 2002.
What it means for you
- Check who is authorised. From late 2027, UK users can check the FCA register to see whether a crypto platform is allowed to serve them.
- Expect some exits. Platforms that do not apply by February 28 may restrict or pause UK accounts; keep an eye on service emails and do not leave funds on a platform that announces it is leaving.
- Staking is covered. Services that stake on your behalf, including liquid staking, will need authorisation, which may change terms or availability.
- Stablecoins get UK rules. Stablecoins issued in the UK will need backing and governance under FCA rules, separate from e-money.
Key takeaways
- The FCA crypto authorisation gateway opened on September 30, 2026.
- Firms have until February 28, 2027, to apply and keep operating during review.
- The regime takes effect on October 25, 2027, covering nine activities, including staking and stablecoin issuance.
- MLR registrations do not convert; only 17% of 391 completed MLR cases succeeded.
Regulatory status is one of the points in our 10-point checklist for choosing a crypto exchange service. For background on the coins the UK will regulate as stablecoins, see what is a stablecoin.
Frequently asked questions
When does the UK crypto regime start?
The FCA's full cryptoasset regime takes effect on October 25, 2027. From that date, carrying on a regulated crypto activity in or into the UK without FCA authorisation breaches UK financial services law.
What is the FCA crypto application deadline?
The application window opened on September 30, 2026, and closes on February 28, 2027. Firms already operating in the UK that apply in time can keep serving customers while the FCA decides; later applicants lose that protection.
Do overseas crypto exchanges need FCA authorisation?
Yes, if they serve UK consumers directly. Having no UK office or legal entity does not take a firm out of scope, although firms dealing only with institutions, or reaching consumers through a UK-authorised intermediary, may be exempt.
