Crypto license in United Kingdom

Registration regimeLast reviewed 2026-08-24

Do you need a crypto license in United Kingdom?

Today you need FCA registration under the money laundering regulations. From 25 October 2027 that is replaced by full authorisation, the application window runs from 30 September 2026 to 28 February 2027, and an existing registration does not carry across.

Read this before you plan an application

An existing FCA registration under the money laundering regulations does not convert into authorisation under the new regime. A registered firm that misses the window closing on 28 February 2027 is in the same position as one that never registered.

The United Kingdom is in the middle of the change that decides whether a crypto firm can still operate here in 2028, and the calendar is unusually unforgiving. The FCA's authorisation gateway opens on 30 September 2026 and closes on 28 February 2027. That is a five month window, after which the next opportunity is whatever the FCA allows for new entrants under a regime that becomes mandatory on 25 October 2027. The trap is quiet: a firm already registered under the money laundering regulations is not carried over. Registration and authorisation are different permissions with different tests, and the first does not convert into the second.

Regime: Registration regime
Regulator: Financial Conduct Authority (FCA)
Time to license: The gateway opens 30 September 2026 and closes 28 February 2027, with the mandatory regime commencing 25 October 2027. Firms intending to operate after that date should be preparing now rather than when the window opens.
Foreign owners: An overseas firm serving UK consumers is generally within the perimeter rather than outside it. The new regime is drawn around activities provided to UK users, so an offshore structure does not by itself remove the requirement.

Where the regime is now

Crypto firms operating in the UK have needed FCA registration under the Money Laundering Regulations since 2020. That regime is anti-money-laundering supervision, not a licence to conduct financial services, and the FCA has been open that its registration bar was high and its approval rate low.

What replaces it

The FCA published its final cryptoasset rules in 2026, completing its crypto roadmap. The new regime sits under the Financial Services and Markets Act and covers regulated cryptoasset activities properly, with rules for stablecoins alongside.

The dates are the substance of this page:

30 September 2026: the authorisation gateway opens and applications can be made through the FCA's online system.
28 February 2027: the application window closes.
25 October 2027: the new regime becomes mandatory.

The FCA's framing is that firms apply within the window so they are ready to start or continue trading when the mandatory regime commences.

The part that catches firms out

An existing MLR registration does not automatically become an authorisation. A registered firm that does not apply in the window is in the same position as an unregistered one when the regime commences.

Costs

The FCA sets fees through its annual fees policy statement. Registration has sat in a fee category costing a little over GBP 11,000, with a minimum annual periodic fee in the low thousands and a variable element for firms with income above GBP 100,000. Permanent minimum capital requirements attach by activity, and are materially higher for a firm dealing as principal than for one arranging or dealing as agent.

What to watch

This page describes a moving regime and the gateway opens within weeks of its review date. Check the FCA's own new regime pages before relying on any date here.

What the application requires

UK entity within the regulatory perimeter for the activities provided
FCA registration under the money laundering regulations, until the new regime commences
Authorisation under the new regime for firms operating after 25 October 2027
Permanent minimum capital by activity, higher for dealing as principal than for arranging
Systems and controls, and approved persons, meeting FCA requirements

The application process

Establish which activities you carry on
The permissions you need, and the capital that attaches, follow from the activities
Prepare before the window opens
The gateway opens 30 September 2026 and the application form becomes available then
Apply within the window
Applications must be made between 30 September 2026 and 28 February 2027
FCA assessment
Authorisation is a higher bar than the registration that preceded it
Operate under the new regime
The regime becomes mandatory on 25 October 2027

Costs and taxation

The application fee is not the constraint. The constraint is that the window is five months long and closes on 28 February 2027, and that preparing an authorisation application is a materially bigger undertaking than the registration that preceded it.

UK corporation tax is 25 percent for companies with profits above GBP 250,000, with a small profits rate of 19 percent below GBP 50,000 and marginal relief between the two thresholds.

Who is licensed today

The FCA publishes its register of cryptoasset firms registered under the money laundering regulations, and it is the list to check today. It will be superseded by the register of authorised firms as the new regime commences.

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Frequently asked questions

When can I apply for FCA cryptoasset authorisation?

The gateway opens on 30 September 2026 and the application window closes on 28 February 2027. The new regime becomes mandatory on 25 October 2027.

Does my FCA crypto registration become an authorisation?

No. An existing registration under the money laundering regulations does not automatically convert, and a registered firm still has to apply within the window.

Do I need FCA permission to run a crypto business in the UK?

Today you need registration under the money laundering regulations. From 25 October 2027 you need full authorisation under the new regime.

What happens if I miss the UK application window?

You would be in the same position as an unregistered firm when the regime becomes mandatory, so the practical answer is that you could not continue to operate.

What capital does the new UK crypto regime require?

Permanent minimum capital requirements attach by activity, and are substantially higher for a firm dealing as principal than for one arranging or dealing as agent.

Sources

Buying bitcoin as an individual is a different question entirely: how to buy bitcoin in United Kingdom covers exchanges, payment methods and legality for residents, and the crypto license hub compares every jurisdiction we track.