Cryptoasset Business Registration (MLRs 2017) (United Kingdom)
The Cryptoasset Business Registration (MLRs 2017) is issued by Financial Conduct Authority (FCA) under The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102). The legal decision period is 3 months from receipt of a complete application under Regulation 59(3A) of the Money Laundering Regulations 2017. The application fee is GBP 11,260 (Pricing Category 6 for MLRs cryptoasset registration). Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Cryptoasset Business Registration (MLRs 2017)1 |
|---|---|
| Also known as | FCA cryptoasset registration · UK crypto registration · MLR registration · MLR 2017 cryptoasset registration · CEP / CWP registration |
| Issued by | Financial Conduct Authority |
| Jurisdiction | United Kingdom |
| Licence family | Virtual asset service provider (non-MiCA) |
| Legal basis | The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102)2 |
| Passporting | Domestic only |
| Application fee | GBP 11,260 (Pricing Category 6 for MLRs cryptoasset registration)1 |
| Annual fee | Periodic supervisory fee under Fee-block G (firms registered under MLRs 2017) based on cryptoasset revenue3 |
| Statutory decision time | 3 months from receipt of a complete application under Regulation 59(3A) of the Money Laundering Regulations 20174 |
What it lets you do, and where
What does a UK cryptoasset registration let you do, and where can you serve clients?
Registration lets you provide cryptoasset exchange and custodian wallet services, as defined in Regulation 14A. It gives no access to the European Economic Area: financial services passport rights between the UK and EEA were repealed post-Brexit by SI 2018/1149, Regulation 2. In the UK, FCA Policy Statement PS23/6 restricts cryptoasset financial promotions made to retail consumers.222321
Activities it covers
| Virtual asset exchange (FATF) | Exchanging virtual assets for fiat currency or for other virtual assets as a business, as defined in the FATF glossary. |
|---|---|
| Virtual asset transfer (FATF) | Conducting transactions that move virtual assets between addresses or accounts on behalf of another person. |
| Virtual asset safekeeping (FATF) | Safekeeping or administering virtual assets, or instruments enabling control over them, for another person. |
Where it is valid
Do you need it, and is United Kingdom the right choice?
What is a UK cryptoasset business registration and do you actually need one?
A UK cryptoasset registration is the anti-money laundering registration that cryptoasset exchange providers and custodian wallet providers must hold under Regulation 54 of the Money Laundering Regulations 2017. Cryptoasset businesses were brought into those regulations by SI 2019/1511, Regulation 4. The FCA publishes guidance on the scope and requirements for cryptoasset activities. Unregistered cryptocurrency exchange operations have faced criminal enforcement.24251126
Is UK cryptoasset registration right for your business model, and what are the alternatives?
FCA guidance distinguishes cryptoasset registration from the permissions of regulated investment firms. The alternative to MLR registration is full authorisation under Part 4A of FSMA, and the UK financial regulatory perimeter covers crypto spot, derivatives and payment services.111027
Does an existing MLR registration convert automatically to FSMA authorisation?
No. FCA transitional guidance confirms MLR registration does not convert automatically to FSMA authorisation. The FCA timetable opens the gateway on 30 September 2026 and starts the full regime on 25 October 2027.282930
What do the UK financial promotion rules require for marketing crypto to retail investors?
Under FCA Policy Statement PS23/6, cryptoasset financial promotion rules include a 24-hour cooling-off period and incentive bans. Promotions for high-risk investments and cryptoassets are also subject to third-party s21 approver requirements. The FCA began legal proceedings on 10 February 2026 against HTX for illegal crypto promotions to UK consumers.213132
What it really takes
How much capital do you really need for a UK cryptoasset business?
Under the Money Laundering Regulations 2017 there is no fixed statutory capital adequacy ratio for registration. The FCA expects firms to assess financial resources so that they are proportionate to the risk of harm and the complexity of the business. Under the finalised prudential regime (PS26/12), Permanent Minimum Requirements range from £75,000 to £750,000, plus a Fixed Overheads Requirement of 25%.103334
The legal framework
| Level | Document | What it does here |
|---|---|---|
| EU law | Fourth Anti-Money Laundering Directive (as amended by the fifth, 2018/843) | Historical EU parent directives whose Article 2(1)(3)(g) and (h) mandates were transposed into UK law via SI 2017/692 and SI 2019/1511, introducing the initial legal definitions and AML registration requirement for cryptoasset exchanges and custodian wallet providers |
| EU law | Markets in Crypto-Assets Regulation | Adjacent EU crypto regulatory regime delineating cross-border barriers: UK MLR-registered cryptoasset businesses cannot passport or provide crypto services into the EU/EEA under UK registration and must obtain separate CASP authorisation under MiCA |
| EU law | Transfer of Funds Regulation (travel rule) | Adjacent EU supranational benchmark for FATF Recommendation 16 (the Travel Rule); in the UK, parallel requirements for cryptoasset transfers were enacted domestically in MLRs 2017 Part 7A via SI 2022/860 |
| Act | Financial Services and Markets Act 2000 | Parent statutory framework applied and modified by the MLRs 2017 for Upper Tribunal appeals (Part 9 / s. 133 as modified by reg. 93), change in control assessments and statutory notices (Part 12 as modified by Schedule 6B), financial promotion restrictions (s. 21), and supervisory fee-charging powers (Schedule 1ZA) |
| Act | Financial Services and Markets Act 2023 (2023 c. 29) | Enacted statutory definitions of cryptoassets in UK law (s. 69), established the designated activities regime (DAR), and conferred broad statutory powers on HM Treasury to bring cryptoasset activities into the FSMA regulated perimeter and replace retained EU law |
| Act | Sanctions and Anti-Money Laundering Act 2018 (2018 c. 13) | Parent UK primary statute conferring statutory powers under Section 49 and Schedule 2 to maintain, amend, and enforce the Money Laundering Regulations 2017 post-Brexit, and providing the domestic statutory basis for UK financial sanctions screening applicable to cryptoasset firms |
| Secondary legislation | The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 | Primary statutory instrument establishing the UK cryptoasset business registration regime: definitions of cryptoasset exchange and custodian wallet providers (reg. 14A), mandatory registration (regs. 54, 56), fit and proper test (reg. 58A), 3-month statutory determination clock (reg. 59(3A)), suspension/cancellation (regs. 60, 60A), change in control (reg. 60B, Sch. 6B), Travel Rule (Part 7A), and FCA AML supervision and enforcement powers |
| Secondary legislation | The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) partly in force | Statutory instrument establishing the new FSMA Part 4A regime for cryptoassets, creating the transitional authorization gateway opening on 30 September 2026 (closing 28 February 2027) for firms to obtain full Part 4A permissions before full commencement on 25 October 2027 when MLR registrations will no longer suffice |
| Secondary legislation | The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (SI 2019/1511) | Transposed 5AMLD into UK law, bringing cryptoasset exchange providers and custodian wallet providers into the MLRs 2017 from 10 January 2020 by inserting Regulation 14A, mandatory registration under Regulations 54(1A) and 56(1A), the fit and proper test under Regulation 58A, and the 3-month determination clock under Regulation 59(3A) |
| Secondary legislation | The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (SI 2022/860) | Amended the MLRs 2017 to introduce the statutory Change in Control pre-approval regime for registered cryptoasset businesses under Regulation 60B and Schedule 6B (effective 11 August 2022) and the cryptoasset Travel Rule under Part 7A (Regulations 74A, 74G, effective 1 September 2023) |
| Secondary legislation | The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (SI 2023/612) | Brought qualifying cryptoassets into the scope of the Financial Promotion Order (SI 2005/1529 Schedule 1), prohibiting unregistered and unauthorized cryptoasset firms from marketing cryptoassets to UK consumers unless promotions comply with FCA rules or are approved by an authorised firm |
| Secondary legislation | The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (SI 2026/621) | Substituted and updated Schedule 6B to the MLRs 2017 (in force 30 June 2026) to adapt the change in control thresholds (25% beneficial ownership, 10% shares/voting power/significant influence) and assessment procedures for cryptoasset businesses registered before 25 October 2027 |
| Secondary legislation | The Electronic Money Regulations 2011 | Perimeter and boundary instrument demarcating electronic money issuance from cryptoasset activities, preventing unregistered or unauthorised cryptoasset businesses from issuing e-money without separate EMR authorisation |
| Secondary legislation | The Payment Services Regulations 2017 | Perimeter and boundary instrument demarcating regulated payment services from pure cryptoasset transfer and exchange activities; fiat rails, money remittance, and payment execution associated with crypto services may trigger separate PSR authorisation |
| Regulator rules | FCA Handbook: Conduct of Business Sourcebook: COBS 4 and COBS 10 (Cryptoasset Financial Promotions) | Prescribes mandatory conduct of business rules for communicating cryptoasset financial promotions under PS23/6: mandatory risk warnings, 24-hour cooling-off period for first-time investors, client categorisation, and appropriateness assessments |
| Regulator rules | FCA Handbook: Senior Management Arrangements, Systems and Controls (SYSC 6: Financial Crime) | Prescribes overarching rules requiring firms to establish, maintain, and review robust systems and controls for countering financial crime, money laundering, and terrorist financing risks |
| Procedure law | The Tribunal Procedure (Upper Tribunal) Rules 2008 (SI 2008/2698) | Governs procedure, filing requirements, and the strict 28-day statutory time limit under Rule 23(2) for appealing an FCA decision notice (refusal of registration, cancellation, suspension, or penalty) to the Upper Tribunal (Tax and Chancery Chamber) under MLRs reg. 93 |
| Fee schedule | FCA Handbook: Fees Manual: FEES 3 (Application, Notification and Vetting Fees) | Sets out statutory non-refundable application fee under FEES 3 Annex 1AR and Annex 8R (Pricing Category 6: £11,260) for registration as a cryptoasset exchange provider or custodian wallet provider under the MLRs 2017 |
| Fee schedule | FCA Handbook: Fees Manual: FEES 4 (Periodic Fees) | Prescribes annual periodic supervisory fees under Fee-block G (specifically Fee-block G.30 for firms registered under the MLRs 2017) calculated on annual cryptoasset revenue/turnover to fund ongoing FCA AML supervision |
| Forms | FCA Connect: Cryptoasset Business Registration Pack | Electronic application forms and questionnaires on FCA Connect: Application for Registration as a Cryptoasset Business, MLR Individual Form (Fit and Proper), Schedule 6B Change in Control Notification, and AML Business Plan Checklist |
3 related regimes and guidance documents
| Level | Document | What it does here |
|---|---|---|
| Guidance | FCA Guidance: Cryptoassets: AML / CTF regime and Registration Process | Comprehensive supervisory guidance setting out FCA expectations for cryptoasset registration: business model analysis, blockchain tracing tools, customer onboarding due diligence, compliance staffing, and Pre-Application Support Service (PASS) |
| Related regime | Proceeds of Crime Act 2002 (2002 c. 29) | Imposes substantive criminal offences for money laundering (Part 7, ss. 327-340), mandatory Suspicious Activity Reporting (SAR) to the National Crime Agency, and statutory investigation powers (Part 8), non-compliance with which forms a statutory ground for refusal or cancellation of registration under MLRs reg. 59 and reg. 60 |
| Related regime | Terrorism Act 2000 (2000 c. 11) | Prescribes statutory terrorist financing offences, asset freezing, and disclosure obligations under Part 3 (ss. 15-23), compliance with which is an explicit statutory condition for registration and continued lawful operation under MLRs reg. 57, reg. 59, and reg. 60 |
The procedure under the law
| Step | What the law says | Legal reference |
|---|---|---|
| How to file | None of the governing texts held for this licence (The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026; The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026; The Electronic Money Regulations 2011; The Electronic Money Regulations 2011; Financial Services and Markets Act 2000; Financial Services and Markets Act 2000; The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; The Payment Services Regulations 2017; The Payment Services Regulations 2017; Financial Services and Markets Act 2000) contains a provision on the channel (portal, e-mail or paper) through which the application is submitted.78 | The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), Regulation 57(1); FCA Direction under SUP 6A |
| Language | The only language rule they contain concerns UK financial promotions: where recipients are unlikely to have a good understanding of English, a required risk warning or risk summary should be provided in an appropriate language in addition to English. | |
| What the application contains | Applications must be submitted via the FCA's Connect system; published copies of the forms are not to be used. Registration assesses the firm's business-wide risk assessment, policies and controls, customer due diligence arrangements, and the fitness and propriety of the MLRO.8971011 | The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), Regulation 57; FCA Cryptoasset Registration Guidance and Document Checklist |
| Decision clock | For a cryptoasset exchange or custodian wallet provider, the FCA must decide within 3 months, running from the date it receives the application or, where applicable, the date it receives further information required under regulation 57(3). Before refusing, it must give a minded-not-to-register notice with at least 28 days for representations, then decide within a reasonable period.12 | |
| Fees set by law | The FCA lists application pricing Category 6 at £11,260, while another source says MLR registration's application fee is banded by cryptoasset income, plus annual periodic fees.113141510 | FCA Handbook: Fees Manual: FEES 3 Annex 1AR, FEES 3 Annex 8R (Pricing Category 6); FEES 4 Annex 11R (Fee-block G / G.30); statutory charging authority under MLRs 2017 Regulation 102 and FSMA 2000 Schedule 1ZA paragraph 23 |
| Grounds for refusal | Under regulation 58A, the FCA must refuse a cryptoasset registration if the applicant or any officer, manager or beneficial owner is not fit and proper; a conviction of a Schedule 3 offence means that person is not fit and proper, and otherwise consistency of compliance, ML/TF risk and skills, experience and probity count. Under regulation 59(1) the registering authority may refuse for: failure to meet a regulation 57 requirement; false or misleading information; unpaid penalty or charge; supervisory authority opposition; or reasonable suspicion of future non-compliance with relevant obligations.16 | |
| Appeal | Yes. Under regulation 93(1)(b) of the Money Laundering Regulations 2017, a person may appeal to the Upper Tribunal a decision by the FCA to refuse to register an applicant. Part 9 of FSMA (hearings and appeals) applies to such appeals, with modifications set out in regulation 93(3).171819 | The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), Regulation 93(1)(b), (2), (3); Financial Services and Markets Act 2000 (c. 8), Part 9 (ss. 133, 133A); The Tribunal Procedure (Upper Tribunal) Rules 2008 (SI 2008/2698), rule 23(2) |
| Validity | None of the governing texts held for this licence (The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026; The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026; The Electronic Money Regulations 2011; The Electronic Money Regulations 2011; Financial Services and Markets Act 2000; Financial Services and Markets Act 2000; The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; The Payment Services Regulations 2017; The Payment Services Regulations 2017; Financial Services and Markets Act 2000) contains a provision on a fixed term or expiry of the licence. | |
| Change of control | Prior approval is required. A person acquiring control of an FCA-registered cryptoasset firm must submit a change in control notification and await FCA approval before completing the transaction; it is a criminal offence to proceed without it. When the regulator requests further information, the assessment period is interrupted until the information is received.11 | |
| Reapplying after a refusal | You must show how you resolved the original issues before applying again, and the FCA will scrutinise the new application, focusing on areas that previously caused concern. A refusal of MLR registration does not bar a later FSMA authorisation if the firm meets the required standards by then. No passage addresses withdrawal.2010 | |
| Serving other countries | They show registration is required where cryptoasset services are provided in the course of business carried on in the UK. For promoting cryptoassets to UK consumers, registered (non-authorised) businesses may communicate their own promotions under the FPO Article 73ZA exemption. From 25 October 2027, new cryptoasset activities will require FSMA authorisation.1121 |
How long it takes
How long does UK FCA cryptoasset registration really take?
Under Regulation 59(3A) of the Money Laundering Regulations 2017, the FCA has 3 months to determine a complete application. FCA Q4 2025/26 service metrics record a median determination time of 236 calendar days for 5MLD registrations. Average processing has fallen from 17 months to about 5 months for recent applications.123536
Under Regulation 59(3A) of the MLRs 2017, the FCA has 3 months to determine an application from a cryptoasset business.125
Statutory: 3 months from receipt of a complete application under Regulation 59(3A) of the Money Laundering Regulations 20174. Observed: Median elapsed determination time of 236 calendar days (Lower Quartile: 172 days, Upper Quartile: 302 days) across 7 cases closed in Q4 2025/26 (A1.3 5MLD registrations)5. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
What it costs
What does a UK cryptoasset registration cost in total?
The FCA application fee is £11,260 under Pricing Category 6. Registered firms then pay annual periodic supervisory fees, calculated under Fee-block G. Beyond these direct charges, the main outlay is indirect: professional advisers and compliance personnel. Consultancy guidance recommends paying the registration fee and using professional experts for the process.133710
Approval odds and who can own it
What are the real FCA cryptoasset registration approval odds, and why do applications fail?
Approval is uncommon. Across 391 FCA determinations, 68 firms (17.4%) were approved, 263 (67%) withdrew and 16 (4%) were refused. Recent approval rates have risen to 45% as applicant volumes decline. The FCA's minded-to-refuse procedure lets applicants make representations, and many withdraw rather than be refused; Copper Technologies withdrew in December 2024.38363940
Who can own and run a UK registered cryptoasset business?
A UK company limited by shares must have at least one shareholder, who can be a director. Officers, managers and beneficial owners must meet fit-and-proper standards under Regulation 58 of the Money Laundering Regulations 2017. A single 25% beneficial-owner threshold applies to FCA-registered cryptoasset firms.416
What does an FCA 'minded to refuse' notice mean and how should you respond?
A 'minded to refuse' notice means the FCA intends not to register the applicant; under Regulation 59(3)(b) of the MLRs 2017 the applicant can make representations within a specified period of not less than 28 days. In practice the FCA suggests withdrawal and reassessment, and most firms withdraw: 263 of 391 completed crypto registration cases ended in withdrawal, which lets firms reapply.123938
After you get the licence
What other licences and regulatory regimes will you need alongside UK crypto registration?
MLR registration covers AML/CTF only. Marketing to UK consumers must follow the FCA financial promotion regime (PS23/6), under which cryptoassets are Restricted Mass Market Investments; PS23/13 sets the gateway for approving financial promotions. Fiat payment or e-money services fall under the FCA's payment institution and EMI licensing. UK Travel Rule obligations for cryptoasset transfers are implemented by SI 2022/860. FSMA authorisation for cryptoasset activities is upcoming.21424344
Will a UK bank open an account for an FCA-registered crypto company?
Yes: digital asset institutions can obtain fiat banking through specialised clearing partnerships. BCB Group, for instance, has a specialised clearing bank partnership that delivers fiat clearing rails for BCB Group and other digital asset institutions. Separately, the FCA has issued guidance to banks on handling the financial crime risks of banking clients who deal with cryptoassets.4546
What does it take to maintain UK crypto registration, and what changes under the FSMA transition?
Mandatory prior FCA approval is required for crypto business acquisitions under Schedule 6B to the MLRs. Registered cryptoasset businesses pay periodic fees under FEES App 4 (a minimum fee plus a variable fee on income above £100,000), not under a G fee-block. The FCA Gateway opens 30 September 2026 and closes 28 February 2027, ahead of the full regime on 25 October 2027.1128
Yes. Regulation 93 of MLRs 2017 gives a statutory right to appeal FCA registration decisions to the Upper Tribunal. Where the FCA is minded to refuse an application, it suggests the applicant withdraws and reassesses, so formal warning notices and Upper Tribunal appeals are uncommon. FSMA 2000 s.133 sets the general framework for Upper Tribunal proceedings; the 28-day referral period comes from the Tribunal Procedure (Upper Tribunal) Rules 2008, not s.133.1739
Under Regulation 60 of MLRs 2017, the FCA may suspend or cancel registration on statutory grounds. New officers and managers must pass a fit and proper assessment under Regulation 58. Prior regulatory approval is required before acquiring control under MLRs Schedule 6B.474116
Buying a company that already holds it
Prior approval required. Acquirers must obtain FCA approval prior to acquiring or increasing control in an FCA or PRA authorized firm; acquiring control without approval constitutes a criminal offence under FSMA 2000 Section 191F. For Directive firms (including banks, MiFID investment firms, UCITS Mancos, payment institutions, and electronic money institutions), control thresholds are 10%, 20%, 30%, and 50% of shares or voting rights, or becoming a parent undertaking. For non-Directive firms (such as non-MiFID investment firms, general insurance intermediaries, and full-scope AIFMs), a single 20% or more threshold applies. For cryptoasset firms under MLRs Schedule 6B (amended 30 June 2026), a 25% beneficial owner threshold applies, alongside FSMA bands if no beneficial owner exists. The statutory assessment period is 60 business days from complete notification acknowledgment (FSMA Section 189), pausable once for up to 30 business days if further information is requested.6
Ready-made companies holding this licence: see verified positions.
VASP in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | VASP licenceFinancial Services Permission with Virtual Asset Activities Endorsement | FSRA | USD 250,000 | USD 20,000 | n/a |
| Australia | VASP licenceRegistration as a virtual asset service provider (VASP) on the AUSTRAC Virtual Asset Service Provider Register (formerly the Digital Currency Exchange Register) | AUSTRAC | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class F (Full) Licence | BMA | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class M (Modified) Licence | BMA | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class T (Test) Licence | BMA | n/a | n/a | n/a |
| British Virgin Islands | Virtual Assets Service Provider Registration | BVI FSC | n/a | n/a | n/a |
| Cayman Islands | Virtual Asset Service Provider Licence | CIMA | n/a | KYD 5,000 | n/a |
| Cayman Islands | Virtual Asset Service Provider Registration | CIMA | n/a | KYD 1,000 | n/a |
| Dubai (VARA) | Virtual Asset Advisory Services Licence | VARA | AED 100,000 | AED 40,000 | n/a |
| Dubai (VARA) | Virtual Asset Broker-Dealer Services Licence | VARA | AED 600,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Custody Services Licence | VARA | AED 600,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Exchange Services Licence | VARA | AED 1,500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Lending and Borrowing Services Licence | VARA | AED 500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Management and Investment Services Licence | VARA | AED 500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Transfer and Settlement Services Licence | VARA | AED 500,000 | AED 40,000 | n/a |
| Dubai International Financial Centre (DIFC) | Financial Services Permission with Crypto Token Activities Endorsement | DFSA | USD 1,000,000 | USD 15,000 | n/a |
| El Salvador | Proveedor de Servicios de Activos Digitales (PSAD) registration | CNAD | USD 2,000 | USD 5,475 | ~0.9 mo |
| Germany | Qualified crypto custody licence | BaFin | n/a | n/a | n/a |
| Ireland | Virtual Asset Service Provider AML/CFT Registration | CBI | n/a | n/a | n/a |
| Mauritius | Virtual Asset Advisory Services (Class I) | FSC | n/a | n/a | n/a |
| Mauritius | Virtual Asset Broker-Dealer (Class M) | FSC | n/a | MUR 2,000,000 | n/a |
| Mauritius | Virtual Asset Wallet Services (Class O) | FSC | n/a | n/a | n/a |
| Mauritius | Virtual Asset Custodian (Class R) | FSC | n/a | MUR 5,000,000 | n/a |
| Mauritius | Virtual Asset Market Place (Class S) | FSC | n/a | MUR 6,500,000 | n/a |
| Seychelles | Virtual Asset Service Provider Licence / RegistrationVirtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024 | FSA | n/a | SCR 75,000 | n/a |
| South Africa | Crypto Asset Service Provider licenceCrypto Asset Service Provider licence (an FSP authorisation category under FAIS, not a MiCA-equivalent regime) | FSCA | n/a | n/a | n/a |
| Switzerland | Financial intermediary / VASP SRO affiliation | FINMA | CHF 10,000,000 | CHF 1,600 | n/a |
| United Kingdom | Cryptoasset Business Registration (MLRs 2017) | FCA | n/a | GBP 11,260 | ~3 mo |
Values come from each licence's page, where every figure has its source.
Frequently asked questions
What is a UK cryptoasset business registration and do you actually need one?
A UK cryptoasset registration is the anti-money laundering registration that cryptoasset exchange providers and custodian wallet providers must hold under Regulation 54 of the Money Laundering Regulations 2017.
How much capital do you really need for a UK cryptoasset business?
Under the Money Laundering Regulations 2017 there is no fixed statutory capital adequacy ratio for registration.
How long does UK FCA cryptoasset registration really take?
Under Regulation 59(3A) of the Money Laundering Regulations 2017, the FCA has 3 months to determine a complete application.
What does a UK cryptoasset registration cost in total?
The FCA application fee is £11,260 under Pricing Category 6.
What are the real FCA cryptoasset registration approval odds, and why do applications fail?
Approval is uncommon. Across 391 FCA determinations, 68 firms (17.4%) were approved, 263 (67%) withdrew and 16 (4%) were refused. Recent approval rates have risen to 45% as applicant volumes decline. The FCA's minded-to-refuse procedure lets applicants make representations, and many withdraw rather than be refused; Copper Technologies withdrew in December 2024.
What does a UK cryptoasset registration let you do, and where can you serve clients?
Registration lets you provide cryptoasset exchange and custodian wallet services, as defined in Regulation 14A.
Will a UK bank open an account for an FCA-registered crypto company?
Yes: digital asset institutions can obtain fiat banking through specialised clearing partnerships.
Is UK cryptoasset registration right for your business model, and what are the alternatives?
FCA guidance distinguishes cryptoasset registration from the permissions of regulated investment firms.
What does it take to maintain UK crypto registration, and what changes under the FSMA transition?
Mandatory prior FCA approval is required for crypto business acquisitions under Schedule 6B to the MLRs.
Who can own and run a UK registered cryptoasset business?
A UK company limited by shares must have at least one shareholder, who can be a director.
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