Read our information for firms considering applying for registration under the money laundering regulations (MLRs) ahead of the start of the new regime for cryptoasset regulation.
This information is not relevant to cryptoasset firms that will still need to be registered with us under the MLRs[3] but won’t require authorisation under the new FSMA regime.
For these firms, the MLR gateway will continue to operate as normal.
Requirement to be registered under the MLRs
If you provide in-scope cryptoasset services[4] in the UK, you must register with us[5] before you start trading. Until the new FSMA regime starts, firms must continue to comply with the requirement to be registered with us under the MLRs[6].
Under the new regime, firms carrying out regulated cryptoasset activities will need authorisation under FSMA. This will also apply to firms that are already registered under the MLRs.
Applications for authorisation under FSMA will open on 30 September 2026 and the new regime is expected to start on 25 October 2027. However, we recognise that some new cryptoasset firms may want to start trading before the new regime begins and so may want to seek registration under the MLRs beforehand.
Firms may apply for registration at any time before the new regime begins. They should only do so if they are confident that they can be registered early enough for it to be worthwhile before the new regime starts.
Applying for registration under the MLRs before 30 September 2026
We will assess applications for registration submitted before the FSMA gateway opens[7] as normal.
If an application for registration has not been determined by this point, firms will still need to decide whether to apply for authorisation under FSMA once the gateway opens. We will determine the two applications separately, even if they are assessed concurrently.
Applying for registration under the MLRs on or after 30 September 2026
Once the FSMA gateway opens, we will encourage firms to focus on securing authorisation under FSMA, rather than applying for registration. Firms that still want to apply for registration after 30 September 2026 should contact our Pre-application support service (PASS)[8] to explain their plans and why they need registration.
Application forms, fees and outcomes
Where a firm can make a case for applying for registration after 30 September 2026, we will accept the information contained in a firm’s application form for authorisation under FSMA as information relevant to its application for registration under the MLRs. This is subject to the firm confirming that it wants us to do this.
In this case, you will pay a single application fee. This will be the higher of the fee for registration under the MLRs and the authorisation fee under FSMA.
Firms should note that:
- An application form for registration under the MLRs can’t be treated as an application form for authorisation under FSMA.
- Being registered under the MLRs does not guarantee authorisation under FSMA.
- If we refuse an application for registration under the MLRs, a firm could still be authorised under FSMA if it subsequently meets the required standards.
Applying for registration under the MLRs after 31 July 2027
Our deadline for determining applications for registration is 3 months from receiving the application form (or from receiving any further information required). Therefore, if you apply after 31 July 2027, we are unlikely to determine your application before the new regime starts, so firms should not apply for registration after this date.
