UK FCA sets 2027 crypto authorization deadline

The UK's new crypto framework now has a clear access test, and that matters for exchanges, custodians, and stablecoin firms serving British users. The Financial Conduct Authority said on June 30 that firms carrying out newly regulated cryptoasset activities will need authorization under the Financial Services and Markets Act when the regime starts on Oct. 25, 2027.

That requirement also applies to firms already registered under UK anti-money-laundering rules. The FCA said AML registration will not convert into FSMA authorization, and existing application forms cannot be reused for that process. For many firms, that turns UK access into a broader decision about governance, controls, products, customer base, and whether the market is worth ongoing supervision.

The formal application window is expected to run from Sept. 30, 2026 to Feb. 28, 2027. Firms can also request an optional pre-application meeting through the FCA's PASS service starting in July 2026, but they must provide detailed information and a meeting does not improve approval odds.

Timing changes the outcome. Firms that apply during the window may keep operating while a decision is pending, subject to FCA conditions. Firms that apply late can still submit, but if approval is not in place by the start date, they enter a transitional status that blocks new contracts with UK customers. Firms that do not apply must wind down UK crypto business before the regime begins.