Crypto firms have until February 2027 to apply for FCA authorisation

The Financial Conduct Authority (FCA) has opened applications for crypto firms to become authorised under its new rules for cryptoassets. The regulator announced on 30 September 2026 that firms have until 28 February 2027 to apply. The new regime starts on 25 October 2027.

What is changing

Crypto firms that serve UK customers currently only have to register with the FCA under the money laundering rules. They must also follow the rules on how cryptoassets are advertised to consumers.

From 25 October 2027, firms will need full FCA authorisation. The FCA says that it will assess each firm against standards on consumer protection, keeping customers' assets safe, market integrity and financial resilience. It says that authorisation is not guaranteed, and that firms that fail to meet its standards will not be allowed to operate in the UK.

Dominic Cashman, Director of Authorisation at the FCA, said:

The UK's new crypto regime will give consumers greater protections and firms a clear framework to operate in. Firms can now apply for authorisation and start preparing for regulation.

What the new rules mean for consumers

The FCA published its final rules in June 2026. According to the regulator, they include:

• the Consumer Duty, which means firms must give customers fair value and protect them from poor conduct
• rules on how firms hold customers' cryptoassets, including holding them in trust and keeping accurate records
• clearer information before people buy a cryptoasset, including their right to withdraw
• extra checks and disclosures for crypto lending, borrowing and staking
• a requirement that UK-issued stablecoins are fully backed and can be redeemed at full value

The FCA is clear that the new rules do not make crypto safe. In its policy statement, it says that "cryptoassets are high risk investments and will remain high risk under our regime" and that consumers "could lose the entire value of their investment".

What happens next

The FCA says that firms which apply in time can keep serving customers while it assesses them, if it has not reached a decision by 25 October 2027.