Exchanges, custodians, brokers, stablecoin issuers and staking providers serving UK customers need FSMA authorisation before the new regime commences on 25 October 2027.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money, cryptoasset and consumer credit firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission, set against the regulator’s own published figures.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
Candidates introduced for a UK-based management team and an MLRO, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need a senior management team based in the UK and an MLRO who stays in post for the whole application.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
Any firm that carries on one of the seven activities in, or into, the United Kingdom by way of business: exchanges and brokers (dealing as principal or agent, arranging), custodians and wallet providers (safeguarding), trading venues (operating a qualifying cryptoasset trading platform), stablecoin issuers (issuing a qualifying stablecoin) and staking providers. Firms registered today under the money laundering regulations are in scope and must apply; firms authorised for other activities apply for a variation of permission.
| Activity | Permanent minimum requirement |
|---|---|
| Issuing a qualifying stablecoin | £350,000 |
| Safeguarding qualifying cryptoassets | £150,000 |
| Operating a qualifying cryptoasset trading platform | £150,000 |
| Qualifying cryptoasset staking | £150,000 |
| Dealing as principal | £750,000 |
| Dealing as agent | £75,000 |
| Arranging deals | £75,000 |
Own funds are the highest of the permanent minimum requirement, the fixed overheads requirement and the K-factor requirement, held from authorisation with no phase-in.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | 6 months from a complete application; 12 months from an incomplete one | FSMA 2000, section 55V |
| Regulator’s published figure | Applications made in the window to 28 February 2027 are expected to be determined before the regime commences on 25 October 2027 | FCA cryptoasset regime policy statements, 2026 |
| Application preparation | 8 to 12 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 6 to 9 months after submission | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Date | Event |
|---|---|
| 30 September 2026 | Application gateway opened |
| 28 February 2027 | Application window closes |
| 31 July 2027 | Last date the FCA encourages new money laundering registration applications |
| 25 October 2027 | Regime commences; unauthorised firms must have wound down or hold a saving |
| Up to 25 October 2029 | Firms that applied in the window and remain undecided may continue under the saving provision |
A firm that applies after the window but before commencement receives no expedition; if undecided at commencement it may only perform pre-existing contracts and must wind down within two years. A firm that does not apply must cease before 25 October 2027.
| Item | Amount | Notes |
|---|---|---|
| Money laundering registration fee | £11,260 | Pricing category 6; where both applications are made from 30 September 2026, one fee equal to the higher applies |
| FSMA cryptoasset application fee | Confirm on the FCA fees page | Not yet published as a separate figure at the date of review |
| Capital | £75,000 to £750,000 | By activity, from authorisation |
| Professional fees | Fixed, in writing | Quoted after scoping |
Cryptoasset firms need fiat accounts for client money, settlement and operations with institutions that accept the sector. The firm arranges these through its relationships and prepares the financial crime framework those institutions review first. See banking and payment processing.
No. There is no automatic conversion. Registered firms apply for authorisation in the gateway and may continue under the saving provision while the application is decided.
Inside the window, which closes on 28 February 2027. Applications in the window are expected to be decided before commencement, and a firm whose application is still open on 25 October 2027 may continue trading under the saving provision.
Dealing as principal carries a permanent minimum of £750,000; dealing as agent and arranging carry £75,000; operating a trading platform £150,000. Own funds are the highest of the minimum, the fixed overheads requirement and the K-factor requirement.
Not without UK authorisation once the regime commences. The firm obtains both authorisations for groups serving both markets.
Yes. Issuing a qualifying stablecoin is a regulated activity with a £350,000 permanent minimum and reserve, custody and redemption requirements.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.