The UK’s financial authorities have outlined a timeline for the crypto licensing system, mandating aspiring crypto businesses to secure full authorization ahead of the framework launch.

Key Details of the Announcement

• Applications Open: The Financial Conduct Authority (FCA) confirmed that the application process for crypto asset service providers will begin in September 2026, with the system expected to take effect on October 25, 2027.

• Existing Registrations: All current players in the crypto asset service sector must obtain authorization under the Financial Services and Markets Act (FSMA), and there won’t be an automatic conversion for those already registered under the Money Laundering Regulations (MLRs).

  “Companies registered under the MLRs should note that they will need to secure authorisation by us under FSMA before the new regime starts.”

• Application Deadline: Companies must submit their applications at least 28 days before the regime begins to avoid transitional restrictions on new services, while existing products may still be active during the review period.

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