Cryptoassets: Who needs to register

You must register with us if you want to provide cryptoasset services that come within scope of the money laundering regulations (MLRs). Find out if this applies to you.

If you already know that you are in scope of the cryptoasset MLR regime, visit How to apply for registration[1] and How to submit a good application[2].

We are the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017[3](MLRs).

This information will also interest cryptoasset businesses that may need to seek registration with the FCA under the MLRs to allow them to communicate financial promotions in the UK as a result of the extension of the UK’s financial promotions regime to include qualifying cryptoassets[4].

Who needs to register?

If you want to provide certain cryptoasset services[5] by way of business and you intend to act in the course of business in the United Kingdom, you must register with us before you begin.

The requirement to be registered is set out in Regulation 8L[6] and Regulation 9[7] of the MLRs. Regulation 14A[8] defines the cryptoasset services that come within scope of the MLRs.

Businesses already registered with or authorised by the FCA for other services (such as e-money institutions, payment institutions and firms authorised under FSMA) must also register with us under the MLRs if they intend to provide in scope cryptoasset services.

You should consider the 3 questions below to determine if you require registration with us.

Is the activity in scope?

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

Cryptoasset service	As described in the MLRs
Cryptoasset exchange provider (including Cryptoasset Automated Teller Machine (ATM), Peer to Peer Providers, and issuing new cryptoassets, eg Initial Coin Offering (ICO) or Initial Exchange Offerings).	A firm or sole practitioner who by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved, when providing such services - (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets.
Custodian wallet provider	A firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer - cryptoassets on behalf of its customers, or private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets, when providing such services.

Cryptoasset service

As described in the MLRs

Cryptoasset exchange provider (including Cryptoasset Automated Teller Machine (ATM), Peer to Peer Providers, and issuing new cryptoassets, eg Initial Coin Offering (ICO) or Initial Exchange Offerings).

A firm or sole practitioner who by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved, when providing such services -

(a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets,
(b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or
(c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets.

Custodian wallet provider

A firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer -

cryptoassets on behalf of its customers, or
private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets, when providing such services.

Is the activity carried on by way of business?

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.

Is the activity carried on in the UK?

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.

Complying with the UK’s financial promotions regime

The UK’s financial promotions regime applies to all firms marketing cryptoassets to UK consumers regardless of where the firm is based. The regime is technology agnostic, it applies regardless of the type or format of the communication.

Cryptoasset businesses that wish to market to UK customers[4] (ie communicate their own cryptoasset financial promotions) need to register with us under the MLRs unless their financial promotions are approved by an authorised person or rely on an exemption in the Financial Promotion Order[9].

Cryptoasset businesses seeking registration in order to market to UK customers should consider how they will meet the requirements set out in Regulation 8[6] and Regulation 9[7] of the MLRs.

If you are unsure whether you need to register, you should seek independent legal/compliance advice.

You can read further information on marketing cryptoassets to UK customers[10].

Applying for registration

If you have determined that you require registration under the MLRs, visit How to apply for registration[1].

Data

Information on the outcome of applications received and pre-application requests.

Determinations

This table summarises 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 12 May 2025.

	Last month	Previous 12 months	Since Jan 2020
Applications received	1	27	372
Applications determined
Registered	1	4 (14%)	51 (14%)
Rejected	0	9 (31%)	44 (12%)
Withdrawn	1	16 (55%)	251 (70%)
Refused	0	0 (0%)	13 (4%)
Total	2	29	359

About the data

The table does 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[14].

Pre-application requests

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 21 April 2025.

	Last month	Previous 12 months	Since Jan 2024
Pre-application meeting requests received	2	27	40
Pre-app meetings conducted	2	25	38

First published: 25/10/2023 Last updated: 15/05/2025

Cryptoassets: Who needs to register

Who needs to register?

Complying with the UK’s financial promotions regime

Applying for registration

Data

About the data

On this page

Cryptoassets: AML / CTF regime [10]