FCA Crypto Authorisation
Get an instant readiness verdict for FCA authorisation. Answer a few quick questions tailored to your business activity.
- Takes 2-3 minutes
- Tailored to your activity
- Designed by ex-FCA specialists
Crypto at a glance
- Authorisation route
- MLR registration for AML supervision now, moving to full FSMA authorisation under the cryptoasset regime (authorisation gateway open from 30 September 2026 to 28 February 2027).
- Capital & resources
- No prudential capital requirement for MLR registration; prudential requirements will apply under the FSMA regime (PS26/12).
- Typical timeline
- MLR registration has a statutory 3-month determination period once complete but has historically taken much longer; the FSMA authorisation gateway opened on 30 September 2026 and closes on 28 February 2027, with the regime in force from 25 October 2027.
1. Select your primary activity
Do you have a clear business plan and target market for the permissions you want?
The FCA expects firms to clearly define their target market and show how the business model supports good customer outcomes and regulatory compliance.
Your instant verdict
Answer the questions to see your live readiness verdict.
Speak to our ex-FCA team about your plans.
Readiness score
Your current readiness across the key FCA authorisation pillars.
Top actions
Prioritised actions to close gaps and improve your readiness.
Likely timeline
MLR registration now; FSMA authorisation gateway open until 28 Feb 2027.
MEMA support plan
How we can support you from application to approval and beyond.
View support options →Not sure you need authorisation at all? Try the free MEMA Scope perimeter check first. This is an indicative self-assessment, not regulatory advice. For a fuller assessment, book a free scoping call.
What the FCA assesses for a cryptoasset firm
Cryptoasset firms currently register with the FCA under the Money Laundering Regulations for anti-money-laundering supervision. The FCA finalised a full FSMA authorisation regime in June 2026: the authorisation gateway opened on 30 September 2026 and closes on 28 February 2027, and the regime comes into force on 25 October 2027. There is no automatic conversion from MLR registration, and firms should apply within the gateway window to keep trading under the saving provision. Which gateway you prepare for is now the first question, and a rigorous financial crime framework is essential either way.
The 11 questions in this check
Business Model & Scope
Do you have a clear business plan and target market for the permissions you want?
The FCA expects firms to clearly define their target market and show how the business model supports good customer outcomes and regulatory compliance.
Business Model & Scope
Are the regulatory permissions you are applying for correctly scoped for what you will actually do?
Applications are commonly delayed when the permissions requested are broader than the business model, or miss activities the firm will carry on.
People & Accountability
Do you have people with the right experience for the senior roles your regime requires?
The regulator assesses whether the individuals running the activity are competent, capable and fit and proper, with responsibilities clearly allocated (under the SM&CR, the PSD/e-money individual regime or the money laundering rules, depending on your activity).
Financial Resources & Safeguarding
Do you have the capital, safeguarding approach, and financial resources documented for the activity you want to carry on?
The FCA expects appropriate capital planning, safeguarding arrangements (where relevant) and evidence of sufficient financial resources to support the proposed activity.
Compliance Oversight
Do you have ongoing compliance oversight, monitoring, and complaints handling in place?
The FCA expects clear responsibility for compliance, active monitoring of risk and controls, and effective arrangements for handling customer complaints.
Systems & Controls
Do you have the systems, records and financial crime controls the activity requires?
Firms must evidence adequate systems and controls, record keeping, and (where in scope) financial crime and AML arrangements proportionate to the business.
Governance & Accountability
Is there clear board or senior management oversight and accountability for the regulated business?
The regulator expects governance arrangements that give senior management effective oversight, with clear individual accountability.
Ownership & Establishment
Have you mapped your controllers and beneficial owners, and is the firm's mind and management in the UK?
The FCA assesses controllers, beneficial owners and group structure, and expects the firm to be capable of effective supervision with its head office and key functions in the UK (a Threshold Condition, or the equivalent condition under the PSRs/EMRs/MLRs).
Application Readiness
Are your application pack and supporting documents drafted and ready to submit?
A complete, consistent application pack with the required supporting documents materially reduces the risk of delay or a request for more information.
Gateway & Route
Are you clear which gateway you are preparing for?
New firms need MLR registration to trade now. A separate FSMA authorisation regime opens its gateway on 30 September 2026 (closing 28 February 2027) and comes into force on 25 October 2027, with no automatic conversion from MLR registration. Being clear which you are preparing for is the first step.
Financial Crime
Is your business-wide financial crime risk assessment specific to your products and flows, with an MLRO and monitoring in place?
The FCA applies a high bar under the MLRs: a firm-specific business-wide risk assessment, an appointed MLRO/nominated officer, and transaction monitoring proportionate to the business are essential.
Common pitfalls
- Financial crime and AML framework not sufficiently robust
- Business-wide risk assessment weak or missing
- Beneficial ownership and fitness and propriety not evidenced
Read more on our FCA authorisation service, see how we support crypto firms, or work through the full authorisation readiness checklist.
FAQ
Is cryptoasset registration the same as FCA authorisation?
No. Firms currently register under the Money Laundering Regulations for AML supervision, which is a registration rather than full authorisation. A separate FSMA authorisation regime for cryptoassets was finalised in June 2026, with the authorisation gateway open from 30 September 2026 to 28 February 2027, its own capital and conduct requirements, and no automatic conversion from MLR registration.
Why do so many crypto applications get withdrawn?
Most commonly because the financial crime and AML framework, business-wide risk assessment, or fitness and propriety evidence do not meet the FCA's standard. Strong preparation is critical.
How long does FCA authorisation take for a cryptoasset firm?
MLR registration has a statutory 3-month determination period once complete but has historically taken much longer; the FSMA authorisation gateway opened on 30 September 2026 and closes on 28 February 2027, with the regime in force from 25 October 2027. Incomplete applications and slow replies to the FCA's questions are what stretch the timeline in practice.
How many FCA applications are refused?
The FCA publishes this. For new firm authorisations in 2025/26 it recorded 6 refusals, 185 rejections (applications that did not include the minimum information) and 389 withdrawals. In 2024/25 it was 12 refusals, 157 rejections and 506 withdrawals. Formal refusals are rare, but a much larger number of applications are rejected as incomplete or withdrawn before a decision. For the FCA's "Crypto (5MLD, MLR registration)" grouping in 2025/26 the figures were 1 refused, 2 rejected and 6 withdrawn. Source: FCA data OE-M02.
How accurate is my result?
It is an indicative readiness view based on your answers, designed by ex-FCA specialists. It is not a prediction of the FCA's decision or a substitute for a full assessment.
Is this a compliance check?
No. It is a quick self-assessment to help you understand your readiness and the gaps to close before you apply. It is not regulatory advice.
How is my data used?
Your answers power your live result. If you ask for the PDF report we email it to you and may contact you about your results. See our privacy policy for details.
What happens after I submit?
You get the PDF readiness report by email, and you can book a free scoping call with our ex-FCA team to talk through the gaps.