The Financial Conduct Authority (FCA) said on Thursday that cryptoasset firms can request pre-application meetings from Monday through its Pre-Application Support Service (PASS), ahead of the UK’s new FSMA-based crypto regime.
The meetings are free and designed for firms preparing an application for authorisation or a variation of existing permissions. Requests open on 11 May, but the meetings themselves will begin in July 2026, with the FCA scheduling them as requests come in.
This is the first practical step in the FCA’s transition toward full cryptoasset regulation. The authorisation gateway opens on 30 September 2026 and the new regime commences on 25 October 2027.
Firms already registered under the Money Laundering Regulations will not be automatically converted. They will need to secure FCA authorisation under FSMA or vary an existing permission if their activities fall in scope, according to the FCA’s gateway guidance.
What the FCA expects from firms
The regulator says firms requesting a meeting should provide introductory information about their business model, products, services and customer types. The FCA also says firms should identify specific points they want to discuss.
PASS is intended to help firms prepare higher-quality applications and, where possible, support faster assessments. The FCA says the meetings do not constitute advice and do not guarantee a successful application.
The new regime covers regulated activities including issuing qualifying stablecoins, safeguarding cryptoassets, operating qualifying cryptoasset trading platforms, dealing in or arranging deals in qualifying cryptoassets, and staking.
Until the regime comes into force, crypto in the UK remains largely unregulated except for financial promotions and financial crime purposes. The FCA has separate consultations open on perimeter guidance and other operational details as it builds out the rulebook ahead of the October 2027 start date.
