How much capital do you need for the FCA Cryptoasset Authorisation?

£75k–£750k by activity. Dealing as agent / arranging: GBP 75,000; Trading platform / staking: GBP 150,000; Safeguarding (custody): GBP 150,000; Stablecoin issuance: GBP 350,000; Dealing as principal: GBP 750,000.

General information only. CryptoRegHub provides summaries for informational purposes and does not constitute legal or compliance advice. Always verify with official sources and consult qualified legal counsel before making compliance decisions.

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Verify recommended:28 July 2026·Source →

FCA Cryptoasset Authorisation

Q: How long does the FCA Cryptoasset Authorisation take?

Statutory clock: FSMA s.55V clock for Part 4A applications: determination within 6 months of a complete application, or within 12 months of receipt where the application is incomplete. In practice: No track record yet. The application window opens 30 September 2026 and closes 28 February 2027 for firms relying on the transitional arrangements; the regime commences 25 October 2027 (PS26/18, 16 Sep 2026). Existing MLR registrations and permissions do not convert automatically. The FCA expects applicants to demonstrate embedded, operating compliance at the point of application.

Q: What does the FCA Cryptoasset Authorisation application cost?

Application fee: Application fee set by activity (FEES 3 Annex 1, Cryptoasset Activities (Periodic and Application Fees) Instrument 2026, FCA 2026/58, in force 30 September 2026): GBP 2,820 (Category 4) for arranging deals in qualifying cryptoassets, dealing as agent and qualifying cryptoasset staking; GBP 11,260 (Category 6) for dealing as principal, safeguarding qualifying cryptoassets and issuing qualifying stablecoin; GBP 28,150 (Category 7) for operating a qualifying cryptoasset trading platform. A firm applying for FSMA authorisation and MLR registration together pays a single fee, the highest applicable (FEES 3.2.2G; Handbook Notice 144, Sept 2026, para 3.38).. Ongoing: No FCA periodic fee or Financial Ombudsman levy until the 2028/29 fee year; applicants supply income estimates at the gateway, which the FCA uses to set first-year rates. Authorised cryptoasset firms join new fee-block A.26, charged on annual income under the standard FEES 4 Annex 11A definition, and leave fee-block G30 on authorisation. Ombudsman levy: annual income from relevant business for most activities; a flat fee for dealing as principal and stablecoin issuance (provisionally GBP 0, intended GBP 75 for 2028/29), plus per-complaint case fees (Handbook Notice 144, paras 3.34-3.57).

United KingdomExchange / tradingCustodyBroker / dealerStablecoin issuanceGateway opens 30 Sep 2026

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General information only — not legal advice

CryptoRegHub provides plain-English summaries of crypto regulations for informational purposes only. This does not constitute legal, compliance, or financial advice. Regulations change frequently — always verify information with official sources and consult qualified legal counsel before making any compliance decisions.

The UK's new full authorisation regime for cryptoasset firms, created by the FSMA 2000 (Cryptoassets) Regulations 2026 with final FCA rules published 30 June 2026 (PS26/9–PS26/13). It covers dealing as principal or agent, arranging, operating a trading platform, custody and safeguarding, issuing qualifying stablecoins and arranging staking. The application gateway opens 30 September 2026 and closes 28 February 2027, with the regime taking effect on 25 October 2027 — existing MLR registration alone will not be sufficient from that date.

Capital requirements

Tier	Capital	Covers
Dealing as agent / arranging	GBP 75,000 PMR floor confirmed in PS26/12; own funds are the highest of PMR, fixed overheads requirement or K-factors	Dealing in qualifying cryptoassets as agent; arranging deals
Trading platform / staking	GBP 150,000 PMR floor confirmed in PS26/12	Operating a qualifying cryptoasset trading platform; arranging staking
Safeguarding (custody)	GBP 150,000 PMR floor confirmed in PS26/12	Safeguarding qualifying cryptoassets
Stablecoin issuance	GBP 350,000 PMR floor confirmed in PS26/12; K-SII coefficient finalised at 1%	Issuing qualifying stablecoins
Dealing as principal	GBP 750,000 PMR floor confirmed in PS26/12 — retained despite industry pushback	Dealing in qualifying cryptoassets as principal

Application process

Perimeter analysis

Establish which regulated cryptoasset activities your model touches - dealing as principal or agent, arranging deals, operating a qualifying cryptoasset trading platform, safeguarding, qualifying stablecoin issuance, qualifying cryptoasset staking. Final perimeter guidance is PERG 18 (PS26/18, 16 September 2026), most of which takes effect on 25 October 2027; borderline models still deserve legal review.

Pre-application engagement (PASS)

The FCA's Pre-Application Support Service: requests open since 11 May 2026, meetings from July 2026. Free and optional, but the information threshold is high - business model, products, customer types and an activity analysis are required, and thin requests are rejected.

Prepare the application

Demonstrate embedded compliance: governance and SM&CR allocation, prudential evidence against COREPRU/CRYPTOPRU, CASS 17 safeguarding arrangements, Consumer Duty implementation, market abuse surveillance, operational resilience and a credible wind-down plan; plus the income and levy data the FCA collects at the gateway for 2028/29 fees.

Apply within the gateway window

30 September 2026 to 28 February 2027, with the application fee for the highest-category activity applied for (GBP 2,820 / 11,260 / 28,150). Applying early matters: congestion is expected toward the close, and firms that miss the window cannot rely on MLR registration after 25 October 2027.

FCA assessment

Assessment against the threshold conditions on the FSMA s.55V clock (6 months from a complete application) leads to Part 4A permission for the relevant cryptoasset activities, with the regime biting from 25 October 2027.

Ongoing obligations

Own funds — the highest of your permanent minimum requirement (PMR), the fixed overheads requirement (one quarter of relevant expenditure) or the K-factor requirement, under the new COREPRU/CRYPTOPRU sourcebooks.

Safeguarding (CASS 17) — key management standards, per-client records and reconciliation, and rules on appointing third parties for qualifying cryptoasset custody.

SM&CR accountability — senior managers regime applies, with certification and conduct rules.

Consumer Duty — applies across retail cryptoasset business, alongside the financial promotions regime.

Market abuse systems — the new cryptoasset market abuse regime (PS26/9) requires surveillance and reporting arrangements.

Reporting and resilience — regulatory reporting, operational resilience requirements and a maintained wind-down plan.

Common rejection & delay reasons

Planned rather than embedded compliance

The FCA has been explicit that readiness must be demonstrable at the gateway — applications built on policies to be implemented later are the anticipated primary failure mode.

Perimeter misclassification

Seven activity categories with consultation-stage perimeter guidance means genuine scope errors are easy to make and expensive mid-review.

Missing the window

Firms that fail to apply by 28 February 2027 cannot lawfully continue on MLR registration alone once the regime starts on 25 October 2027.

What's changing

Application gateway opens

30 September 2026· confirmed

FCA to confirm cryptoasset application fees in the September Handbook Notice

30 September 2026· pending

Application window closes

28 February 2027· confirmed

Full regime takes effect — permissions required

25 October 2027· confirmed

Perimeter guidance (PERG) consultation and further consultations on firm failure and financial crime requirements

· consultation

Frequently asked questions

JurisdictionUnited Kingdom

RegulatorFinancial Conduct Authority (FCA)

TypeAuthorisation

Capital£75k–£750k by activity

Application feeApplication fee set by activity (FEES 3 Annex 1, Cryptoasset Activities (Periodic and Application Fees) Instrument 2026, FCA 2026/58, in force 30 September 2026): GBP 2,820 (Category 4) for arranging deals in qualifying cryptoassets, dealing as agent and qualifying cryptoasset staking; GBP 11,260 (Category 6) for dealing as principal, safeguarding qualifying cryptoassets and issuing qualifying stablecoin; GBP 28,150 (Category 7) for operating a qualifying cryptoasset trading platform. A firm applying for FSMA authorisation and MLR registration together pays a single fee, the highest applicable (FEES 3.2.2G; Handbook Notice 144, Sept 2026, para 3.38).

Ongoing feesNo FCA periodic fee or Financial Ombudsman levy until the 2028/29 fee year; applicants supply income estimates at the gateway, which the FCA uses to set first-year rates. Authorised cryptoasset firms join new fee-block A.26, charged on annual income under the standard FEES 4 Annex 11A definition, and leave fee-block G30 on authorisation. Ombudsman levy: annual income from relevant business for most activities; a flat fee for dealing as principal and stablecoin issuance (provisionally GBP 0, intended GBP 75 for 2028/29), plus per-complaint case fees (Handbook Notice 144, paras 3.34-3.57).

Statutory clockFSMA s.55V clock for Part 4A applications: determination within 6 months of a complete application, or within 12 months of receipt where the application is incomplete.

Realistic timelineNo track record yet. The application window opens 30 September 2026 and closes 28 February 2027 for firms relying on the transitional arrangements; the regime commences 25 October 2027 (PS26/18, 16 Sep 2026). Existing MLR registrations and permissions do not convert automatically. The FCA expects applicants to demonstrate embedded, operating compliance at the point of application.

Grace / transitionGateway 30 Sep 2026 – 28 Feb 2027; regime effective 25 Oct 2027. MLR-registered firms must apply within the window to continue lawfully past that date.

PassportingNone (UK only)

Last verified28 Jul 2026

Baseline expectation is a UK legal entity conducting the regulated activities; a limited branch route for overseas trading-platform operators is under consultation (FG26/7 international firms guidance).

https://www.fca.org.uk/firms/cryptoassets →

UK Crypto Financial Promotions →UK FSMA Crypto Regime →UK Travel Rule →European Union: MiCA CASP Authorisation →

Disclaimer

This guide is for general informational purposes only and does not constitute legal advice. Figures change — always verify with the regulator and consult qualified counsel before applying.