Financial regulators in the United Kingdom have outlined a roadmap for introducing a new cryptocurrency licensing framework, under which firms will be required to obtain full authorization before the rules take effect. The Financial Conduct Authority said that crypto asset service providers will be able to begin applying under the regime from autumn 2026.

“We expect the application period will open in September 2026,” the FCA said, noting that the schedule will be finalized later. The regulator plans to open a dedicated application gateway for a limited period ahead of the regime’s expected start date of Oct. 25, 2027, allowing applications to be reviewed before the framework becomes active.

Existing registrations will not carry over automatically

Under the proposed approach, all firms offering regulated crypto services in the UK will need authorization under the Financial Services and Markets Act. This requirement also applies to businesses currently registered under the UK’s Money Laundering Regulations or payment-related regimes.

“In particular, firms that are registered with us under the MLRs should note that there will be no automatic conversion and that they will need to secure authorisation by us under FSMA prior to the commencement of the new regime.”

Firms already authorized under FSMA for other regulated activities will also be required to update or vary their existing permissions before the new crypto framework begins. In addition, crypto companies that currently rely on third parties to approve their financial promotions will need to secure direct FCA authorization in order to continue marketing products in the UK.

Application window and consequences for late filings

The FCA said applications must be submitted within a defined window of at least 28 days, closing no later than 28 days before the regime takes effect. Applications filed during this period are expected to be decided before the new rules come into force. Draft legislation includes a “saving provision,” which would allow firms to continue operating while their applications are under review.

Companies that fail to apply within the window, or that are not authorized when the regime begins, would be subject to transitional arrangements. These would allow existing products to remain available but would restrict the launch of new offerings. While late applicants will still be able to apply, the FCA cautioned that their applications could face longer review timelines.

Sources:

https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/how-gateway-will-operate

https://cointelegraph.com/news/uk-crypto-september-2026-fca-licensing-gateway