Firms that wish to provide cryptoasset services in the United Kingdom (which in some cases means from outside the UK) will need to become authorised by the Financial Conduct Authority (FCA) from 25 October 2027.
Firms will be able to submit applications from 30 September 2026 and would be well advised to do so as soon as possible thereafter and before 28 February 2027. It is anticipated that the FCA should publish the final rules and application forms by July 2026, and it will be possible to have a pre-application meeting with the FCA from then.
It is important to note that firms already registered under the Money Laundering Regulations or who are authorised with the FCA for other services (such as e-money institutions, payment institutions and firms authorised under Financial Services and Markets Act 2000) will still need to apply for FCA authorisation, or vary their permissions, if they intend to provide cryptoasset services.
Norton Rose Fulbright has a world-class Global Financial Services regulatory team, along with a multi-disciplined digital assets practice. This is complemented by our EMEA Risk and Compliance Advisory team, offering practical support and insights to the authorisation and variation of permission process. Collectively, we have the necessary expertise, knowhow, bench strength and team dynamic to support. Additionally, where an applicant’s business model triggers parts of the new crypto and existing trading regimes (whether that is market infrastructure, client money or consumer credit), we have experts who can navigate how the combination of requirements will work together.
We recently hosted an event at our London office, focusing on navigating the UK cryptoasset authorisation landscape. We were joined by Rahul Ahluwalia, CEO of the Office for Investment, for a keynote speech, alongside Jonathan Herbst, Hannah Meakin, Matthew Gregory, Haney Saadah, Victoria Pridmore and Janna Garcia from our team, who shared insights on successfully approaching the Financial Conduct Authority application process.
Key topics discussed:
- The evolving crypto permissions regime – what firms need (and don’t need)
- How to strengthen your business plan and avoid common pitfalls
- Key issues often overlooked
- Governance considerations
- Engaging with retail markets, consumer duty and financial promotions
- Financial crime and AML governance in a global context
A recording of the event is here.
If you would like to discuss authorisation generally please contact the authors.