The United Kingdom runs a registration regime today, not a full licence. Cryptoasset firms register with the Financial Conduct Authority under the Money Laundering Regulations 2017, a route limited to anti money laundering supervision. That position is now changing: SI 2026/102, made on 4 February 2026, brings cryptoassets inside the full FSMA perimeter. The authorisation gateway opens on 30 September 2026, the mandatory regime commences on 25 October 2027, and there is no automatic conversion for firms holding an MLR registration. The FCA published its final rules on 30 June 2026, covering stablecoins (PS26/10), regulated activities (PS26/11) and prudential requirements (PS26/12). HM Treasury sets the legislative perimeter and the Bank of England takes systemic stablecoin issuers.
The current registration carries no minimum initial capital. The incoming prudential rules replace that with activity-based permanent minimums, running from five figures for agency-style business up to high six figures for dealing as principal. Application spend is dominated by professional fees rather than the FCA's own charge, with representative all-in costs reaching six figures. The statutory clock is short, but applicants report the realistic elapsed time approaching a year once pre-application work is counted, against a historically low approval rate.
Substance expectations centre on business genuinely carried on in the UK, with a UK-based, competent and independent money laundering reporting officer. The cryptoasset financial promotions regime, in force since 2023, requires risk warnings and a cooling-off period for first-time investors and bans incentives, and firms continue to report significant banking-access friction. The regime is standalone: no EU passport applies in either direction, and no MiCA equivalence exists. LicenceMap rates the United Kingdom among the more demanding regimes it tracks, and the incoming FSMA framework raises that bar further.