Actual coverage of FCA cryptocurrency registrations in the UK

The actual meaning of the FCA's "crypto asset registration"

In the UK, the FCA's "crypto asset registration" means that a company appears on a register maintained by the FCA under the UK Anti-Money Laundering Regulations (MLRs). This state exists for a single purpose: anti-money laundering and counter-terrorism financing (AML/CTF) regulation. This does not mean that the FCA has approved the company's business model, verified its solvency, or authorized it in the same way that the Financial Services and Markets Act of 2000 (FSMA) authorizes banks or investment companies-the FCA explains this distinction directly on its registration page, and the Legal Reference Summary also emphasizes that the registration should not be equated to a full FSMA authorization.

What are the rules actually targeting

According to the FCA registration page, since January 10, 2020, the FCA has regulated the UK crypto asset business based on MLRs. Registration requirements apply to two types of activities specified in the MLRs: crypto asset exchange providers, which cover the conversion of cryptocurrency into fiat currency, the conversion of fiat currency, the conversion of one crypto asset for another, arranging such conversions or operating crypto automated teller machines; and custodial wallet providers, which cover the protection of customers 'crypto assets, or the protection and management of private keys used to hold, store, or transfer crypto assets. Companies that have been authorized by the FCA for other regulated activities, such as payment institutions or electronic money institutions, will still need to register with a separate MLR if they provide relevant crypto services.

UK Correlation Test

The FCA uses three questions to determine whether a business requires registration: whether the activity falls within the scope of Article 14A of the MLR; whether it is carried out "on a commercial basis"; and whether it is carried out in the UK. Regarding the third question, the FCA views the physical presence of UK offices, headquarters or crypto ATMs in the UK as indicators of activities carried out in the UK. The FCA made clear that an offshore exchange without a UK office or agent will not automatically be deemed to be doing business in the UK simply because it allows UK customers to open accounts and conduct transactions.

Post-registration requirements

Registration is not a one-time process. The FCA conducts appropriateness tests on executives, managers and actual beneficiaries, and the MLRs give the FCA the power to refuse applications if requirements are not met or the information is materially false. Registered companies must conduct a business-wide risk assessment in accordance with Article 18 of the MLR and appoint a senior manager for compliance and a designated official in accordance with Article 21, and notify the FCA within 14 days. The FCA manual's Financial Crimes Guide states that its anti-money laundering and sanctions chapters apply to crypto-asset businesses registered under MLRs. In addition, starting from September 1, 2023, MLR Part 7A's "Travel Rules" for cryptoassets require certain transfers to be accompanied by originator and beneficiary information.

How many applicants are actually registered

The FCA releases results data every month. As of August 1, 2026, the data shows that registration is a rare outcome after a decision is made. Since the system was launched in January 2020, the FCA has processed 391 applications: 68 were registered, 46 were rejected, 14 were rejected, and 263 were withdrawn. In the 12 months ending August 1, 2026, of the 23 processed applications, 13 were registered and 2 were rejected. FCA data points out that these numbers do not include the results of appeals against the dismissal decision. The FCA also provides pre-application interview services, and since its launch in January 2024, it has received 115 requests and conducted 82 interviews.

Separation of marketing rules and registration

The UK's financial promotion regime applies to any company that markets crypto assets to UK consumers, regardless of where it is located or how it publishes promotional messages. Companies wishing to market directly to UK customers will typically need to have an MLR registration itself unless their promotion has been approved by an authorized person or is subject to an exemption in a financial promotion order. This means that a company may be excluded from the registration system due to strict UK relevance tests, but once it advertises to UK consumers, it will be subject to promotion rules.

This is not an FSMA authorization-and the rules are changing

MLR registration does not translate into FSMA authorization and there is no guarantee of obtaining such authorization. The UK is building an independent and broader FSMA crypto-asset regime: the FCA's application window is from September 30, 2026 to February 28, 2027, and the new regime is expected to be launched on October 25, 2027. Once the FSMA regime becomes fully effective, companies that are authorized or hold "specific investment" crypto asset status will be removed from the MLR register and switched to a notification channel, while companies that are still outside the FSMA authorization will remain in the MLR channel. The Cryptocurrency Assets Regulations of 2026 and the Anti-Money Laundering and Counter-Terrorism Financing (Amendment) Regulations of 2026 also stipulate the effective time of relevant provisions respectively.

What is not notified on this page

This page cannot tell readers whether any particular FCA-registered company is safe and reliable. Registration is a legal AML/CTF check, not a solvency, behavioral or consumer protection review, and the FCA itself defines it as supervision rather than endorsement. The above percentage of application results is monthly data released by the FCA itself, there is no independent audit of the process of how these decisions were reached, and the FCA's form clearly excludes any outcome of appeals against the rejection decision. This page cannot be used to verify the status of any individual exchange or wallet provider, and readers who require such information must consult the FCA register directly. In addition, the available evidence does not explain why 263 of the 391 applications processed since January 2020 were withdrawn rather than rejected or rejected. Finally, since the FSMA crypto-asset regime to be launched in October 2027 has not yet been finalized, this page only describes the current anti-money laundering regime and cannot describe the rules that have not yet been formulated.