UK FCA crypto-asset registration regime

1. Regime overview

The UK’s current cryptoasset-firm registration is AML/CTF/CPF supervision under the MLR 2017 and is not equivalent to FSMA authorisation. The FCA gives 2026-09-30 to 2027-02-28 as the application window for the new comprehensive cryptoasset regulatory regime and 2027-10-25 as its commencement date. This entry should therefore be read as a two-stage move from current MLR registration to the FSMA regime on 2027-10-25, not as an undated 2026-27 phased transition. ^[Sources: https://www.fca.org.uk/firms/cryptoassets/who-needs-register; https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/what-you-need-to-do.]

2. The regime’s two-stage structure

• Stage 1 (current · MLR 2017 registration): The FCA assesses and supervises the AML/CTF/CPF framework, fit-and-proper status, governance, transaction monitoring, and related controls. Registration does not mean FSMA authorisation or prudential and consumer-protection approval for every product; separate regimes such as crypto financial promotions may apply in parallel. ^[Sources: https://www.fca.org.uk/firms/cryptoassets/application-registration; https://www.fca.org.uk/firms/cryptoassets/who-needs-register.]
• Stage 2 (new FSMA regime): The FCA says the new regime requiring authorisation for covered cryptoasset regulated activities starts on 2027-10-25, and current MLR-registered firms must prepare to apply or vary their permissions. ^[Source: https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/what-you-need-to-do.]

3. Major licensed businesses (2024-2026)

• Coinbase UK — authorized 2022 (CB Payments Ltd)
• Kraken UK — authorized 2024
• Crypto.com UK — authorized 2022
• Bitstamp UK — authorized 2022
• Gemini UK — authorized
• Binance UK — withdrew 2024 (after FCA warnings · consumer-redress shortfall)
• eToro UK — authorized
• Total ~50 社 (as of 2026-05 · public FCA register · cryptoasset firms list)

4. 2024 Financial Promotion Regulation

In force 2023-10 · enforcement tightened 2024 . Crypto-asset marketing/advertising is permitted only via one of: (a) FCA-authorized firm, (b) via an s21 FSMA exemption, or (c) approval by an authorized firm. Risk-warning obligation + a cooling-off period of 24 hours (new customers must wait 24h after applying) + appropriateness-assessment obligation. Frequent 2024-04 non-compliant firms → FCA stepped up issuance of enforcement notices, and warnings against offshore unregistered firms also increased.

5. Strategic positioning

The post-Brexit distinct path is more flexible than EU MiCA (a light, AML-centric framework) but the comprehensive-regulation scope is narrower. Structurally it resembles US FinCEN MSB registration (equivalent to federal AML only + undeveloped state-by-state licensing). After the 2027 full migration to regulation, compatibility with EU MiCA is expected to improve (there is debate about reviving passporting). Aiming to restore London’s standing as an institutional-investor hub, the strategy prioritizes building out stablecoin regulation and custody regulation first.

Cross-links

• eu-mica-casp-regime-overview
• us-crypto-licensing-multi-layer-system
• hk-sfc-vasp-licensing-overview
• sg-mas-dpt-licensing-overview
• fsa-vasp-registration-system
• global-cex-top10-comparison
• jp-vasp-aml-travel-rule-implementation
• global-vasp-regulatory-comparison-matrix — global VASP regulatory comparison matrix
• global-stablecoin-regulatory-five-pole-matrix — global stablecoin regulation 5 -pole comparison
• uae-vara-licensing-overview — UAE VARA licensing-regime comparison