TL;DR
- The UK’s FCA sets a firm crypto authorization deadline for October 25, 2027.
- A 28-day application window will open in September 2026, with no registration carryover.
- Firms must achieve full authorization to operate; late applicants face service restrictions.
The Financial Conduct Authority (FCA) publishes a precise calendar for a move to full authorization of crypto-asset providers. Applications open in September 2026 and the framework goes live on October 25, 2027. No current registration carries over, and late filers face operating limits. The plan reshapes market access in a key financial hub and pushes firms to upgrade governance, controls, and disclosures.
Timeline and operational requirements
The FCA opens the window in September 2026 and keeps it open for at least 28 days, closing no later than 28 days before launch. Firms submit complete files during the window so supervisors review and clear cases before go-live. A temporary path allows continued operations during review when applications arrive on time and meet format rules. After launch, every provider offering regulated crypto services in the UK holds authorization under the Financial Services and Markets Act (FSMA).
Financial promotions require direct FCA permission
Firms using third-party approvers for crypto marketing shift to their own approval rights to keep campaigns active for UK clients. FSMA-authorized companies for other activities expand permissions if they intend to provide crypto services. A prior license for non-crypto lines does not suffice.
AML or payments registrations do not migrate. Providers prepare full submissions that cover governance, prudential resources, KYC/AML, custody arrangements, outsourcing, conflict management, incident response, and wind-down plans. The message is clear: operating after October 25, 2027 requires full authorization, not interim badges or legacy waivers.
Consequences outside the window
Firms missing the window face restrictions once the framework starts. Supervisors continue to accept applications, yet processing can take longer, raising the chance of prolonged limits. In many cases, a firm maintains existing products but halts new launches until approval lands. Boards weigh capital, liquidity, and commercial impact from delayed permissions and stage contingency plans for client communications and service levels.
The calendar anchors execution across compliance and product teams
Legal and risk officers map regulated activities, refresh financial promotion materials, calibrate onboarding and surveillance, and document custody safeguards with segregated accounts and key-management controls. Operations leads align service-level commitments with authorization milestones; investor relations set disclosure timetables for 2026–2027.
For market participants, the signal is unambiguous: access to UK clients hinges on full regulatory approval. Firms move early, fill gaps in control testing, evidence audit trails, and lock vendor contracts that support secure storage and reconciliations. The payoff is practical—lower transition risk, cleaner marketing permissions, and continuity of service at launch.
Application window opens September 2026; window closes no later than 28 days before go-live; framework starts October 25, 2027. Core rule: no automatic carryover of prior registrations. The FCA sets expectations in advance, and compliant operators gain clarity on the path to remain in market.
