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UK FCA crypto-asset registration regime

Confidence: Likely Updated 2026-05-19 Review by 2026-08-08 Sources 1 Machine-translated Original (JA)
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1. Regime overview

After Brexit (2020-01), the UK became independent of EU MiCA and chose its own distinct crypto-asset regulatory path. FCA (Financial Conduct Authority) registration of crypto-asset businesses is AML/CFT registration only, based on the MLR 2017 (Money Laundering Regulations 2017), while securities-like tokens and regulated assets are handled under a separate framework (FSMA) — a two-tier structure. Heading toward 2026-2027 , a phased regulation of crypto assets is in progress, with a planned migration from the current AML-centric framework to comprehensive regulation covering trading/custody/stablecoin.

2. The regime’s two-stage structure

  • Stage 1 (current · MLR 2017 registration): AML/CFT obligations only (KYC, SAR reporting, transaction monitoring, travel rule). Permitted product scope, custody financial requirements, capital regulation, and consumer protection are out of scope. Business registration = AML compliance check only
  • Stage 2 (FSMA 2023 + planned comprehensive regulation): A Financial Services and Markets Act 2023 amendment is to bring crypto-asset trading platform + custody + stablecoin payment into regulated activity. 2026-27 phased implementation

3. Major licensed businesses (2024-2026)

  • Coinbase UK — authorized 2022 (CB Payments Ltd)
  • Kraken UK — authorized 2024
  • Crypto.com UK — authorized 2022
  • Bitstamp UK — authorized 2022
  • Gemini UK — authorized
  • Binance UK — withdrew 2024 (after FCA warnings · consumer-redress shortfall)
  • eToro UK — authorized
  • Total ~50 社 (as of 2026-05 · public FCA register · cryptoasset firms list)

4. 2024 Financial Promotion Regulation

In force 2023-10 · enforcement tightened 2024 . Crypto-asset marketing/advertising is permitted only via one of: (a) FCA-authorized firm, (b) via an s21 FSMA exemption, or (c) approval by an authorized firm. Risk-warning obligation + a cooling-off period of 24 hours (new customers must wait 24h after applying) + appropriateness-assessment obligation. Frequent 2024-04 non-compliant firms → FCA stepped up issuance of enforcement notices, and warnings against offshore unregistered firms also increased.

5. Strategic positioning

The post-Brexit distinct path is more flexible than EU MiCA (a light, AML-centric framework) but the comprehensive-regulation scope is narrower. Structurally it resembles US FinCEN MSB registration (equivalent to federal AML only + undeveloped state-by-state licensing). After the 2027 full migration to regulation, compatibility with EU MiCA is expected to improve (there is debate about reviving passporting). Aiming to restore London’s standing as an institutional-investor hub, the strategy prioritizes building out stablecoin regulation and custody regulation first.