The FCA's 30 June rules create a fixed gateway for crypto authorisation, with a hard 25 Oct 2027 deadline. Firms that miss the Feb 2027 window face a cliff edge.
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The FCA published final rules for crypto asset authorisation on 30 June, setting a fixed gateway application window from 30 September 2026 to 28 February 2027. Firms that carry on in-scope crypto activities in or to the UK must hold FSMA permissions by 25 October 2027, or face a cliff edge, the regulator said.
The policy statements (PS26/9–PS26/13) complete the roadmap for the mandatory regime. The FCA expects most firms to operate through a UK legal entity, with limited exceptions for some qualifying overseas trading platforms, according to finalised guidance FG26/7.
Applications submitted during the 30 September 2026 to 28 February 2027 window may qualify for transitional or savings provisions while the FCA processes them, the regulator said. The provision is not automatic. The FCA will assess eligibility based on current controls, MLR status, and the credibility of submitted plans.
Firms must also be registered under the UK Money Laundering Regulations before applying for FSMA authorisation. The FCA said it expects MLR applications to be filed before 30 September 2026 to avoid delays when the gateway opens.
The authorisation covers senior management accountability, prudential resources, and custody controls. It also requires market abuse surveillance, operational resilience, complaints processes, and a credible wind-down plan, the FCA said. The application should function as an operating manual, not a pitch deck.
Boards need to approve the project plan, nominate senior managers, and sign off on the wind-down plan well before the gateway opens. The FCA indicated that complex groups should expect months of work documenting governance, IT maps, risk controls, and third-party dependencies.
The hard deadline remains 25 October 2027. Firms that do not hold authorisation or transitional cover by that date must stop in-scope activities. The FCA's broader crypto market analysis suggests the regime will reshape how UK-facing firms structure their operations and compliance teams.
The gateway closes on 28 February 2027. Firms that miss the window must cease activities by 25 October 2027 unless they hold authorisation, the FCA said.
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