UK Crypto Licence FAQ: FCA Regime 2027

Short answers on the FCA cryptoasset regime, the 28 February 2027 deadline and what MLR registration means.

Is any crypto exchange authorised by the FCA under the new regime?

No. FSMA authorisation for the new cryptoasset activities applies from 25 Oct 2027; the FCA has accepted applications since 30 Sep 2026. What exists today is registration under the Money Laundering Regulations: 62 firms on 21 Oct 2026. Some of them are separately FCA-authorised for other business, such as e-money (FCA).

Does MLR registration carry over to the new regime?

No. The FCA says there will be “no automatic conversion”; registered firms must apply for FSMA authorisation like everyone else (FCA).

What is the deadline?

The application period runs from 30 Sep 2026 to 28 Feb 2027 (FCA direction). Firms can apply later, but late applicants not authorised by 25 Oct 2027 enter the transitional provision and can only service existing contracts (FCA).

What if a firm applied in time but the FCA has not decided by 25 October 2027?

It can keep operating, including taking on new business, until the application is finally determined, under the saving provision of SI 2026/102 (FCA press release).

What happens to firms that never apply?

They are not eligible for the transitional provision and must run off their UK business before 25 Oct 2027 (FCA).

Can I see which firms have applied?

No. The FCA does not publish applicants. We mark a firm as having applied only if it says so publicly, with a date, or if the FCA Register shows a decision. On 21 Oct 2026 we had 0 such statements.

My exchange is not on the FCA register. Is it operating illegally?

Not necessarily. Some firms are outside the MLR scope, and some promote to UK users through an FCA-authorised s.21 approver, which is not a registration. The FCA Warning List names firms it believes may be operating or promoting without permission; 5 exchanges we track are on it. Check the FCA Register and the Warning List.

Am I covered by the FSCS or the Financial Ombudsman if my exchange fails?

For the cryptoasset activities of MLR-registered firms, generally not: the FCA says registration does not give access to the Financial Ombudsman Service or the FSCS (FCA).

Which activities need authorisation from 25 October 2027?

Operating a cryptoasset trading platform, dealing as principal or agent, arranging, safeguarding (custody), staking, lending and borrowing, and issuing qualifying stablecoins in the UK, as defined in SI 2026/102 and the FCA's policy statements (FCA).