The Financial Conduct Authority on Friday published updated cryptoasset gateway guidance setting out how firms can enter the new regime, alongside a Final Notice cancelling 5Star Vehicle Solutions Ltd’s Part 4A permission.
Crypto gateway timetable
The FCA said cryptoasset firms can now request pre-application meetings through its pre-application support service (PASS), with sessions running from July 2026. The meetings are optional and free of charge.
The regulator expects the formal application period to open on 30 September 2026 and close on 28 February 2027. MLR-registered firms will not receive automatic conversion and must apply for FCA authorisation under FSMA. Firms already authorised under FSMA will need to vary their existing permissions.
Firms that apply during the window but are not approved before the regime starts can continue operating under a saving provision. Firms that apply late face tighter transitional terms, limited to performing pre-existing contracts. Firms that do not apply at all must run off their UK cryptoasset business before commencement or risk breaching the general prohibition under s.19 FSMA.
5Star cancellation
Separately, the FCA cancelled the Part 4A permission of Welsh firm 5Star Vehicle Solutions Ltd (FRN 761145) after it failed to pay overdue regulatory fees and levies despite repeated requests. The firm did not refer the matter to the Tribunal.
The same daily alert also pointed firms to updated Regulatory Sandbox application information.
