The UK Financial Conduct Authority has opened a five-month application window for crypto businesses that want to continue operating under the country’s new FSMA regime. Firms have until 28 February 2027 to apply, with the rules taking effect on 25 October 2027.

The application period is not just administrative housekeeping. A crypto firm may need to show that its controls, governance and customer protections are ready for a broader regulatory system. For some businesses, the work starts with a gap analysis rather than a form.

Who needs to apply

The new requirements cover the activities the FCA regulates as cryptoasset services. Firms will need FCA authorization, either through a new application or a change to permissions they already…