FSMA authorisation applications from 30 September 2026
UK Crypto Licence
The FCA's application period for full FSMA authorisation of cryptoasset firms runs from 30 September 2026 to 28 February 2027, and the new regime is expected to start on 25 October 2027. Until then, exchange and custody firms still need FCA registration under the Money Laundering Regulations, which is slow and selective (historically around one in seven applications succeed). An FCA credential opens banking and institutional doors that offshore setups often can't. Vantegris builds the file to survive FCA scrutiny.
What is the UK crypto licence?
The UK is a long-game, credibility jurisdiction, and getting in takes patient work. Until the new regime starts, any firm carrying on cryptoasset exchange or custodian-wallet activity by way of business in the UK must be registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. It is an AML regime, not a prudential one, so there is no minimum-capital figure, but it is notoriously selective. Since supervision began in January 2020 only around 14% of applications have resulted in registration; the rest were refused, rejected or withdrawn. On top of that, the financial-promotions regime (live since 8 October 2023) means any firm marketing cryptoassets to UK consumers must do so through a lawful route. Breaching section 21 of FSMA is a criminal offence carrying up to two years' imprisonment.
The bigger picture is that the UK now has a full regime on the statute book. HM Treasury made the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, and the FCA published its final rules and guidance, including the prudential rules, on 30 June 2026. The regime is expected to commence on 25 October 2027, when issuing stablecoins, safeguarding cryptoassets, operating a trading platform and dealing or arranging in cryptoassets become FSMA-regulated activities that need full authorisation. The FCA's application period opens at 7am on 30 September 2026 and is expected to close on 28 February 2027. MLR-registered firms are not converted automatically. A firm that applies within the period and is still waiting for a decision when the regime starts can keep providing its services under a saving provision until the FCA decides. From 30 September the FCA is steering firms toward FSMA authorisation, and anyone who still wants MLR registration first has to explain why through its pre-application support service. Tax is straightforward: corporation tax at 25%, capital gains at 18%/24% for individuals (company gains fall within corporation tax), and crypto-for-fiat exchange treated as VAT-exempt. The UK is not a fast or cheap route. It demands a real UK company, a genuinely resourced MLRO and 9–12 months of patient, well-documented work. What it delivers is a credential that materially improves banking and institutional trust, and a head start on the 2027 regime.
Why operators pick the UK
FCA authorisation is a globally recognised trust signal for diligence and partners.
A UK-regulated entity materially improves the odds of real GBP/EUR banking and rails.
Mature commercial law, deep talent and capital markets, English-language regime.
Applying inside the 2026–27 application period gets your file into the FCA's first round of decisions.
A credential that travels well when you expand into other Western markets.
UK vs. an EU MiCA CASP
| Criteria | UK | EU CASP (MiCA) |
|---|---|---|
| Regulator | FCA (MLR now; FSMA 2027) | National regulator under MiCA |
| Gateway today | FSMA application period to 28 Feb 2027; MLR registration only via a PASS case | Full CASP authorisation, €50k–150k |
| Market | UK + global; no EU passport | Passports across all 27 EU states |
| Capital | MLR none; FSMA prudential from 2027 | €50k–150k by service class |
| Timeline | ≈9–12+ months, selective | ≈3–6 months on a complete file |
| Best suited to | Tier-1 credibility, banking, long game | Serving the EU-27 single market |
Who the UK crypto licence suits
UK crypto licence requirements
How to get a UK crypto licence
- Assess & scope Confirm which FSMA activities you need, your promotions exposure, and whether the FCA would accept an MLR registration case through PASS before October 2027. 1–2 weeks
- UK company & MLRO Incorporate the UK company and appoint a genuinely resourced MLRO. 3–6 weeks
- Build the file Prepare the AML framework, Travel-Rule controls, policies and application evidence. 8–16 weeks
- FCA application File inside the application period (to 28 February 2027) and manage the FCA's information-request cycle. ≈9–12+ months
- Operate & transition Run under MLR and promotions obligations until the FSMA regime starts on 25 October 2027. On approval
Not sure the UK is the right fit?
Tell us your product and target markets — we'll confirm whether the UK or another jurisdiction gets you live fastest, at the lowest all-in cost.
How much does a UK crypto licence cost?
- UK company incorporation
- AML/CDD framework & Travel-Rule controls
- FSMA authorisation application to the FCA
- FCA information-request management
- Everything in FSMA application
- Resourced MLRO & governance build
- Financial-promotions compliance route
- Sanctions & SAR procedures
- Everything in FSMA application + MLRO
- MLR registration case through PASS, if you must trade before October 2027
- Crypto-friendly banking introductions
- Ongoing compliance & reporting support
Most of the cost sits in the build: a real UK company, a genuinely resourced MLRO, the AML framework and 9–12+ months of FCA correspondence on the FSMA application. The FCA charges its own application fee, and a firm that also wins a case for MLR registration pays one fee, the higher of the two. FSMA prudential capital (PS26/12) applies from 25 October 2027; the MLRs set none. Corporation tax is 25% and crypto-for-fiat exchange is VAT-exempt. We price on scope before you commit.
Compliance obligations in the UK
Technical & IT standards in the UK
After you go live in the UK
Which markets a UK licence reaches
FCA authorisation or registration supports UK and global business but does not passport into the EU — serving EU users requires an EU CASP licence under MiCA. You follow local rules in each market and geo-block sanctioned and FATF-listed territories.
Operators must use GEO-IP blocking for restricted countries and any FATF-blacklisted nation. Non-compliance can lead to licence suspension or revocation.
UK crypto licence FAQ
Can I get a full crypto licence in the UK right now?
You can apply for one now. The FCA's application period for FSMA authorisation runs from 30 September 2026 to 28 February 2027, and the regime (covering stablecoin issuance, custody, trading platforms and dealing or arranging) is expected to start on 25 October 2027. Until then, trading in the UK still needs FCA registration under the Money Laundering Regulations 2017. From 30 September 2026 the FCA encourages firms to focus on FSMA authorisation; a firm that still wants MLR registration first must explain why through the FCA's pre-application support service (PASS). MLR-registered firms are not converted automatically, so they must apply for FSMA authorisation too.
How hard is FCA cryptoasset registration?
Genuinely demanding. Since supervision began in 2020, only around 14% of applications have resulted in registration — the rest were refused, rejected or withdrawn. It is slow (typically 9–12+ months with an information-request cycle) and turns heavily on a competent, resourced MLRO and a robust AML framework. We build the file to survive that scrutiny and are candid about the odds.
Is there a capital requirement?
Not under the MLR route. It is an AML regime, not a prudential one, so there is no minimum-capital figure (you must still resource an adequate compliance function). Prudential requirements (capital, liquidity, client-asset safeguarding) apply under the FSMA regime from 25 October 2027, and the FCA published its final prudential rules (PS26/12) on 30 June 2026.
How is crypto taxed in the UK?
Corporation tax is 25% (with a 19% small-profits rate). Individuals pay capital gains tax at 18% or 24%; company gains fall within corporation tax. Crypto-for-fiat exchange is generally treated as VAT-exempt, while goods and services sold for crypto are taxed normally. We confirm the position for your structure.
Why choose the UK if it's this hard?
Because an FCA credential is widely recognised. It materially improves banking and institutional trust, gives you a reputable Western base, and positions you ahead of many peers for the full FSMA regime in 2027. It's a long-game, credibility play — for a fast, low-cost launch an offshore VASP fits better.
Reviewed by the Vantegris licensing team. Last updated September 2026. This page is general information, not legal advice. Licensing requirements vary by jurisdiction and change over time.
- FCA — Cryptoassets: AML/CTF regime
- FCA — A new regime for cryptoasset regulation (FSMA, 2027)
- FCA — Cryptoassets: How the gateway will operate
- FCA — Registration under the MLRs ahead of the new FSMA regime
- FCA — Cryptoasset firms marketing to UK consumers
- HMRC — Check if you need to pay tax when you sell cryptoassets
Start your UK file.
Tell us your product and target markets and we will map the licence route. The consultation is free and confidential, and most enquiries get a reply within 24 hours.