FCA crypto authorisation window: 30.09.2026 – 28.02.2027
28 September 2026 · News · United Kingdom
FCA crypto authorisation opens at 7am on 30 September 2026, and the application period for the transitional arrangements closes on 28 February 2027. Any firm that issues qualifying stablecoins, operates a cryptoasset trading platform, deals or arranges deals, safeguards cryptoassets or arranges staking in or to the UK will need FSMA permission when the regime starts on 25 October 2027, unless an exemption applies. The FCA’s final perimeter guidance PS26/18 of 16 September 2026 shows which models are caught. Firms already serving UK customers should file inside the window to keep operating under the saving provision while the FCA decides.
Find out in writing whether your model is caught
We map your model against PS26/18 and give you a written plan with permissions, cost and timeline before you pay.
Get a jurisdiction plan UK crypto licensing overview →What the FCA published on 16 September 2026
PS26/18 is the FCA’s final guidance on when cryptoasset activities need authorisation under FSMA 2000. It follows consultation CP26/13 (78 responses) and complements the final rules of 30 June 2026 in PS26/9–PS26/13. Sources: FCA press release, 16 September 2026; PS26/18 policy statement page.
In October 2026 the FCA will consult on targeted updates after Government amendments: UK qualifying stablecoins, proprietary trading and market making, certain technology providers, decentralised protocols, safeguarding arrangements involving central securities depositaries, and financial promotions.
Which crypto activities need FCA authorisation
Under the FSMA 2000 (Cryptoassets) Regulations 2026, new regulated activities come into the FCA perimeter on 25 October 2027. Anyone carrying them on by way of business in the UK needs authorisation unless an exemption, saving or transitional provision applies. The activities covered by PS26/18 include:
- issuing qualifying stablecoins;
- operating a cryptoasset trading platform;
- dealing in cryptoassets and arranging deals in cryptoassets;
- safeguarding cryptoassets;
- arranging cryptoasset staking.
The guidance is addressed, among others, to MLR-registered firms and to overseas firms providing cryptoasset services to UK consumers.
MLR registration stays an AML registration
An MLR registration gives no FSMA permission. The FCA states there is no automatic conversion: MLR-registered firms apply for authorisation, FSMA-authorised firms apply to vary their permissions (FCA, how the gateway will operate).
What your filing date decides
The filing date sets a firm’s position on 25 October 2027 if the FCA has not decided by then.
| When the firm files | Position on 25 Oct 2027 without a decision | What it may do |
|---|---|---|
| 30 Sep 2026 – 28 Feb 2027 | Saving provision | Keep operating until the final decision, including an Upper Tribunal referral; after a refusal the FCA may direct the firm into the transitional provision |
| After 28 Feb 2027, before 25 Oct 2027 | Transitional provision, by operation of law | Perform pre-existing contracts only; no new contracts with new or existing UK customers; run-off within a maximum of two years |
| No application | No protection | Run off UK business before 25 Oct 2027 or risk breaching s.19 FSMA |
Sources: FCA gateway page (updated 22.09.2026); FCA transitional provision page. An application the FCA rejects as incomplete counts as no application.
What to do before 28 February 2027
- Map each product against the activities in PS26/18, including UK customers served from abroad.
- Choose the route: new authorisation or variation of permission.
- Write the analysis of regulated activities first: the FCA expects it in every pre-application meeting request and rejects requests without meaningful supporting information.
- Build the pack on the FCA’s application information document and financial data template.
- File early: 28 February 2027 is a Sunday.
In our experience a full UK file takes several months; the time depends on the permissions and on how fast senior managers and controls are in place. Details: UK crypto licence and the FCA gateway, English crypto law. For EU clients, compare with a MiCA CASP licence, which stops at the EEA border.
FAQ: FCA crypto authorisation window
When does the FCA crypto application window open and close?
The gateway opens at 7am on 30 September 2026; the application period closes on 28 February 2027. The regime starts on 25 October 2027.
Does an FCA MLR registration convert into the new crypto authorisation?
The FCA states there will be no automatic conversion. MLR-registered firms apply for FSMA authorisation; authorised firms apply for a variation of permission.
What happens if we apply after 28 February 2027?
The FCA will not expedite it. If undecided on 25 October 2027, the firm enters the transitional provision: existing contracts only, no new contracts, up to two years to run off UK business.
Does the new regime cover overseas exchanges with UK customers?
PS26/18 lists overseas firms serving UK consumers among its addressees. A perimeter review of the specific model shows which permissions are needed.
File inside the window with a complete pack
Describe your model in two paragraphs. You get a written plan: UK permissions, an EU alternative if it fits, cost and timeline to 28 February 2027.
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