FCA’s new cryptoasset regime

We are pleased to share our latest bulletin on the FCA’s new cryptoasset regime.

The bulletin highlights the key dates every cryptoasset firm & enthusiast should now be working towards, including:

• July 2026 – the FCA’s Pre-Application Support Service (PASS) opens;
• 30 September 2026 – the FSMA authorisation application window opens;
• 28 February 2027 – the application window closes, with firms applying in time benefiting from the “saving provision”; and
• 25 October 2027 – the new FSMA cryptoasset regime comes into force.

A key point for firms is that there will be no grandfathering of existing MLR registrations. Firms should not assume continuity between the current MLR registration regime and the incoming FSMA authorisation framework. The FCA’s direction is clear: preparation should be early, substantive and focused on governance, systems, operational readiness and the precise regulated activities being carried on.

This is a significant regulatory transition for cryptoasset businesses operating in the UK, and firms should now be assessing whether MLR registration remains worthwhile in the interim, whether their business model aligns with the incoming regime, and what work is needed to prepare for authorisation.

If you would like advice on how the new regime may affect your business, or support with your regulatory readiness and application strategy, please get in touch.