Cryptoassets: Who needs to register

If you are offering one of the below products or services, you are likely in scope for regulation 14A.

When deciding if the activity is being carried on by way of business, we will consider a variety of factors including:

• Commercial element: We will consider whether the individual or organisation advertises, acts or holds itself out in such a way that suggests that they are providing services by way of business related to cryptoasset services.
• Commercial benefit: We will consider whether the individual or organisation receives direct or indirect benefit from this service.
• Relevance to other business: It is possible that cryptoasset services form only part of the overall business activities. We will consider the significance of the cryptoasset asset service in relation to other services.
• Regularity/frequency: We will also consider whether the frequency of carrying on a cryptoasset service suggests that it is being carried on as a business.

When deciding if the business is being carried on in the UK, we will consider a variety of factors including:

• UK office/head office: Where the business has a UK office or its head office in the UK this may indicate that the service is being carried on in the UK.  If the UK office is not a registered office or head office, we will consider the type of service that is carried on by that office or offices and whether we consider the presence of that UK office means that it is carrying on business in the UK. The presence of an automated teller machine (ATM) in the UK, will be considered business carried on in the UK, and so the operator will require registration.
• No UK office: Where the business has no UK office or other activity in the UK, beyond simply having a client in the UK, we are likely to consider that the business is not carrying on business in the UK. For example, if a cryptoasset exchange provider is registered in a jurisdiction other than the UK and has no offices or agents in the UK but nevertheless permits UK customers to open trading accounts and permits them to buy/sell/hold cryptoassets, we would not automatically consider that as business being carried on in the UK.

These tables summarise the applications for registration we have received since becoming the supervisor of UK cryptoasset businesses on 10 January 2020 and the outcomes of the applications that have been determined, as at 1 July 2026.

Applications received

Applications determined

About the data

These tables do not include information on any appeals following our decisions to refuse applications.

For further details on the possible outcomes of an application visit How to apply for registration.

This table summarises the Cryptoasset pre-applications requests we have received since offering pre-application meetings in January 2024, and the number of meetings conducted as at 1 May 2026.

*Reasons for the rejection may include a request made in error and if a firm fails to respond to a contact from us.