Britain's financial watchdog has started taking applications from crypto firms that want to keep serving UK customers under a full licensing regime. The Financial Conduct Authority (FCA) opened its authorisation gateway on 30 September 2026. Firms that intend to carry on operating in the UK should apply by 28 February 2027, ahead of the new rules taking effect on 25 October 2027.

Until then, the FCA's role in crypto stays narrow. It can act only on financial promotions and on anti-money laundering checks, which is why firms today are registered with it rather than authorised.

What authorisation will mean

Under the new regime, crypto trading platforms, intermediaries, custodians, stablecoin issuers and firms arranging staking will all need FCA authorisation to operate in the UK. The FCA says firms will be held to standards on consumer protection, safeguarding of customer assets, market integrity and financial resilience, including capital and stress testing.

The rules, published in June 2026, also bring in market integrity provisions covering insider dealing and market manipulation, and a separate set of rules for stablecoins. The FCA applies its Consumer Duty to crypto firms as well. Legislation passed in February 2026 brought cryptoassets within the regulator's remit.

The timetable so far

The FCA's own list of milestones is short. Pre-application support opened on 1 July 2026. The policy statements followed over the summer, and the regulator has since published final guidance, PS26/18, on when crypto activities need authorisation at all. The application period runs from 30 September 2026 to 28 February 2027, and the new regime is expected to come into force on 25 October 2027.

That perimeter guidance is the document most firms will read first, because it decides whether a given service, such as holding assets for customers or arranging staking, falls inside the new regime and so needs an application in this window.

How the window works

The FCA is clear that approval is not automatic. Firms have to show they meet the requirements, and those that cannot will not be allowed to operate in the UK market. Pre-application meetings have been available since July, and the regulator's webinars on its rules can be watched on demand.

The FCA expects to decide applications made during the window before the regime starts. Existing firms that apply in time can carry on providing crypto services, including taking on new business, while their application is still being assessed, if no decision has been made by 25 October 2027.

Dominic Cashman, the FCA's director of authorisation, said the regime would give consumers greater protections and firms a clear framework to operate in, and that firms could now apply and start preparing.

What it means for people in the UK who hold crypto

For now, very little changes day to day. The protections people usually expect from regulated finance are not yet in force for crypto, and the FCA says so itself. In its June statement it said crypto remains high-risk and that consumers should understand what protections apply before investing. This is information, not advice.

The more practical point is a list. Once the regime is live, firms without authorisation will not be able to offer regulated crypto services in the UK. The FCA already keeps a public register of crypto firms registered for money laundering purposes, and once the regime is live its register of authorised firms will be the place to check whether a firm may serve UK customers.

The FCA has said more guidance is on the way, including on decentralised finance and on operational resilience for firms using distributed ledger technology, and it is working with the Bank of England on how rules apply to stablecoin issuers that HM Treasury treats as systemic.

Why it matters beyond Britain

The UK is moving crypto firms from light registration to full licensing on a fixed timetable. For Indian readers, our recent reports on SEBI's new PRIM route and the RBI's rate meeting cover the regulated side of markets at home.

For firms, the two dates that matter are fixed now: 28 February 2027 to get an application in, and 25 October 2027 for the regime to start.