The crypto authorisation gateway opens today – 30 September 2026

UK crypto authorisation gateway now open: what your business needs to do

If you run a cryptoasset business in the UK, today is a date you should have already circled. The FCA’s application window for firms wishing to rely on the savings provisions under the UK’s new cryptoasset authorisation regime has opened, and how your business responds over the next few months could determine whether you keep trading at all when the full regime takes effect on 25 October 2027.

We’ve tracked this regime closely, from the detail in our July 2026 update on UK crypto regulation through to our earlier look at the new regime for cryptoasset regulation. Today’s opening is where all that regulatory groundwork becomes very real, very quickly, for anyone actually operating in this market.

Key dates at a glance

• 30 September 2026 – application window opens;
• 28 February 2027 – application window closes;
• 25 October 2027 – full cryptoasset regime takes effect (“commencement”).

What exactly has opened?

The application window allows firms already carrying out cryptoasset activities in the UK to apply for FCA authorisation under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. Crucially, if you apply within this window and your application has not been determined by the time the full regime takes effect on 25 October 2027, you will benefit from the savings provision. This means you can continue operating normally – including taking on new business and new customers – while the FCA completes its assessment.

The window closes on 28 February 2027. Applying early matters – not because it extends your protected trading period (the savings provision covers any firm that applies within the window), but because it gives the FCA more time to process your application before commencement. This reduces the risk of your business remaining in regulatory limbo and demonstrates proactive engagement with the regulator.

Firms that apply after the window closes face a very different position. If your application is still pending at commencement, you will fall under the transitional provision rather than the savings provision – meaning you can only service pre-existing contracts and cannot take on new business until you are authorised. Miss the window entirely and fail to secure authorisation before 25 October 2027, and you may have to cease relevant activities altogether – a real business risk for firms with customers, contracts and revenue depending on continuity.

Whom does this actually affect?

If your business is currently registered under the Money Laundering Regulations, authorised under payment services or e-money rules, or relying on a financial promotions approver, do not assume that registration simply carries over – it does not. Existing registrations and permissions will not automatically convert into FSMA authorisation.

Anyone conducting a newly regulated cryptoasset activity – operating a trading platform, dealing as principal or agent, arranging, safeguarding (custody), staking, stablecoin issuance, advising and more – now needs full FSMA authorisation, and existing arrangements need to be reassessed against a different, more demanding standard.

Why the gateway matters more than you might think

The FCA has made no secret that authorisation is the centrepiece of how this regime will work in practice. Getting through the gate properly the first time matters more under this approach than it would under a lighter-touch registration system – a rushed or weak application does not just cost time: it can cost your protected trading position altogether.

If the FCA refuses your application while it is benefiting from the savings provision, you move to the transitional provision and can only run off existing business. You cannot take on new customers. If the refusal is final and not under appeal, you must wind down your UK cryptoasset activities entirely.

The consequences of inaction are severe. Firms that do not apply before the window closes on 28 February 2027 – and have not secured FCA authorisation by the time the full regime takes effect on 25 October 2027 – will fall outside both the savings provision and the transitional provision. That means all regulated cryptoasset activities in the UK must stop from commencement. There is no grace period. Continuing to operate without authorisation after that date would breach the general prohibition under section 19 of FSMA – a criminal offence that carries a potential penalty of up to two years’ imprisonment or an unlimited fine.

Do not leave this to chance

Five months sounds like a long runway until you consider what a well-prepared authorisation application actually requires: evidence against the Threshold Conditions, robust governance structures, compliance arrangements and systems and controls, and a clear-eyed view of where your business model sits within the new perimeter.

The FCA’s Pre-Application Support Service (PASS) is available for cryptoasset applicants, and engaging with it early can help identify potential issues before you submit your formal application. This is a practical step that can make a material difference to the strength and speed of your application.

Frequently Asked Questions

What is the difference between the savings provision and the transitional provision?

The distinction is critical and comes down to whether your business can continue operating fully or is restricted to winding down. If you apply within the application window (30 September 2026 to 28 February 2027) and your application has not been determined by commencement on 25 October 2027, you benefit from the savings provision – meaning you can continue carrying on regulated cryptoasset activities as normal, including taking on new customers and new business, while the FCA completes its assessment.

By contrast, the transitional provision applies to firms whose application is refused or withdrawn before commencement, or to firms that apply after the window closes and are still awaiting a decision at commencement. Under the transitional provision, you can only service pre-existing contracts, i.e., you cannot take on any new business. The transitional provision lasts for a maximum of two years from commencement. In short: the savings provision keeps you fully in the market; the transitional provision puts you on a path to exit unless authorisation comes through.

Does my existing FCA or MLR registration automatically convert to authorisation under the new regime?

No. This is one of the most important points for firms currently operating in the UK cryptoasset market. Whether you are registered under the Money Laundering Regulations, authorised under the Payment Services Regulations or Electronic Money Regulations, or relying on a section 21 financial promotions approver, your existing registration or permission does not automatically convert into FSMA authorisation under the new cryptoasset regime. You must make a fresh application for Part 4A permission. The FCA has been explicit on this point: the two frameworks – the current MLR registration and the new FSMA authorisation – run in parallel through the transition, and firms should not assume continuity. Given that only 17% of the 391 MLR cryptoasset registration cases completed through August 2026 resulted in registration, the importance of a well-prepared application cannot be overstated.

What happens if I miss the application window entirely?

If you do not apply within the window and have not secured FCA authorisation before the full regime takes effect on 25 October 2027, you will not benefit from either the savings provision or the transitional provision. In practice, this means you must cease carrying on any regulated cryptoasset activity in the UK from commencement. Operating without authorisation after that date would constitute a breach of the general prohibition under section 19 of FSMA, which is a criminal offence carrying a potential penalty of up to two years’ imprisonment or an unlimited fine. For any firm with an active UK customer base, contracts or revenue streams, missing the window is not merely an administrative inconvenience – it is an existential business risk. If you have not yet started preparing your application, now is the time to act.

How Gherson can assist

Gherson’s White Collar Crime Team are highly experienced in advising on crypto and regulatory issues, governance structures, compliance policies and procedures, and systems and controls. If you have any questions arising from this blog, please do not hesitate to contact us for advice, send us an e-mail, or, alternatively, follow us on X, Facebook, Instagram, or LinkedIn to stay-up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

©Gherson 2026