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MLR-registered crypto firms: moving to FCA authorisation

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Reviewed by Harry Khan, Founder · 10 November 2026

Crypto exchanges and custodian wallet providers registered with the FCA under the money laundering regulations must obtain authorisation under the Financial Services and Markets Act to continue after 25 October 2027. Registration does not convert automatically.

Who this is for

  • Cryptoasset exchange providers registered under the money laundering regulations
  • Custodian wallet providers registered under the same rules
  • Firms whose registration application is still with the FCA

What to do before 28 February 2027

  • Map your business to the seven new activities and the capital each needs
  • Build the governance, capital and policies FSMA authorisation requires, which go well beyond anti-money laundering
  • Name UK-based senior managers and prepare their individual forms
  • Submit the application through Connect inside the window

How we help

  1. ScopeWe confirm which of the seven activities your business carries on, and the capital and fee that follow.
  2. PrepareBusiness plan, financial projections, policies, wind-down plan and the individual forms for your senior managers.
  3. FileThe application submitted through the FCA’s Connect system inside the window.
  4. AnswerWe handle the FCA’s questions until it decides, then support the first year of compliance.

See also: Free readiness checker · Crypto compliance · Crypto licence consultants

Key dates

DateWhat happens
30 September 2026Authorisation window opens
28 February 2027Window closes
25 October 2027Regime starts; unauthorised firms that did not apply must have stopped UK business

Get in touch

Tell us where you are and where you want to be.

[email protected]
+44 7563 115980 (phone and WhatsApp)

Further detail

If you apply in the window

A firm with an application pending at 25 October 2027 can keep providing services under the saving provision until the FCA decides. A refused firm moves into the transitional provision to leave the UK market in an orderly way.

If you apply after the window

The FCA will not speed up late applications. A firm not authorised by 25 October 2027 enters the transitional provision, under which it may only perform existing contracts and cannot take on new business with new or existing customers.

If you do not apply

The firm must run off its UK cryptoasset business before 25 October 2027. Continuing after that date risks breaching the general prohibition in section 19 of the Financial Services and Markets Act, which is a criminal offence.

Questions

Does our MLR registration become FCA authorisation?

No. Existing registrations do not convert. You must apply for authorisation for each activity you carry on.

What happens if we miss 28 February 2027?

The FCA will not expedite your application. If you are not authorised by 25 October 2027 you may only perform existing contracts until it decides.

Is the new application harder than MLR registration?

Yes. Authorisation covers capital, governance, conduct, custody, market abuse and senior manager approvals, not only anti-money laundering controls.

Can we keep our MLRO?

Yes, if they meet the FCA’s fit and proper standard for the role. The FCA notes that changing MLRO during an application delays it.

Sources

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