UK Crypto Regime: FCA Gateway Closes 28 February 2027

The United Kingdom is moving cryptoasset activity from registration under anti-money-laundering rules to full authorisation under the Financial Services and Markets Act 2000 (FSMA). The Financial Conduct Authority (FCA) published its final rules and guidance on 30 June 2026. The application window opened on 30 September 2026 and closes on 28 February 2027. The new regime is expected to come into force on 25 October 2027. Firms that want to provide regulated cryptoasset services from that date must apply for authorisation or vary an existing permission. Existing registrations under the Money Laundering Regulations do not convert automatically.

Why the UK regime matters now

Parliament made the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 in February 2026. These regulations bring cryptoassets within the FCA's remit. The FCA's policy statements then set the operational detail for activities, stablecoins, custody, prudential requirements and market abuse.

Key dates

Date	Milestone
30 June 2026	FCA publishes final rules and guidance
16 September 2026	FCA publishes cryptoasset perimeter guidance (PS26/18)
30 September 2026	Application period opens; applications are submitted through the FCA Connect system
28 February 2027	Application period closes
25 October 2027	New regime expected to come into force

What the final rules cover

The FCA's policy statements group the final package into several areas:

Admissions, disclosures and market abuse (PS26/9). Rules for admitting cryptoassets to trading and a dedicated market abuse regime for cryptoassets.
Stablecoin issuance (PS26/10). Final rules for UK authorised stablecoin issuers, supplemented by a joint publication with the Bank of England on systemic stablecoins.
Regulated cryptoasset activities (PS26/11). Rules for the new CRYPTO sourcebook chapters and for cryptoasset custodians, including safeguarding requirements.
Prudential regime (PS26/12). Capital and financial resilience requirements for cryptoasset firms.

Registration is not authorisation

The FCA states that firms registered under the Money Laundering Regulations 2017 should note that there will be no automatic conversion, and that they will need to secure authorisation under FSMA. Firms already authorised under FSMA for other regulated activities will need to vary their existing permissions. This is the point most likely to catch firms by surprise, because an anti-money-laundering registration can look like a licence to operate. This is SignorCrypto analysis of the FCA guidance.

What the deadline means

The application window closes about eight months before the expected start date. Davis Polk's client note reports that the FCA expects to determine applications submitted during the window before 25 October 2027. ComplyAdvantage, a compliance vendor, argues that authorisation should be treated as a demonstration that a firm can meet FCA standards from the commencement date, not as a form to complete in the final weeks. SignorCrypto agrees with that reading, but it is an interpretation rather than an FCA requirement.

Frequently asked questions

Can a firm keep operating with an existing Money Laundering Regulations registration?

Not on the basis of that registration alone. The FCA says registered firms will need to secure authorisation under FSMA.

What does the perimeter guidance cover?

PS26/18, published on 16 September 2026, gives guidance on the new regulated cryptoasset activities. It also covers how the perimeter interacts with the current framework under the Money Laundering Regulations. Firms should check the guidance against their own activities.

Does this article constitute legal advice?

No. It is educational information. Firms should take legal and regulatory advice on their specific activities.

What remains uncertain

The FCA describes 25 October 2027 as the expected commencement date. Its final date depends on the commencement arrangements.
Whether the regime applies, and how, depends on each firm's activities and the perimeter guidance.
SignorCrypto reviewed the FCA summary, gateway and registration pages and the policy statement overview. It did not review every line of each policy statement.

Sources

Next step

If your team is preparing product, onboarding or platform changes for the 2027 regime, contact SignorCrypto to scope the digital strategy, technical architecture and delivery work.