UK Crypto Asset Institution

What are Crypto Assets?

Cryptoassets (also known as digital assets, digital currencies or virtual currencies) came in scope of FCA supervision under the MLRs fairly recently. You must apply to register with the FCA if you are a cryptoasset business planning to trade in the UK. You will also need to follow the rules around anti-money laundering and counter terrorist financing (AML/CTF) under the Fifth Anti-Money Laundering Directive (5MLD) as implemented by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.

Who needs to register as a UK cryptoasset institution?

You’ll need FCA crypto registration (also known as a crypto licence or crypto exchange licence) if you carry out one or more of the following services in the UK:

Exchange, arrange or make arrangements with a view to exchange cryptoassets for money or vice versa, or one cryptoasset for another
Operate a machine such as an ATM which uses automated processes to exchange money for cryptoassets or vice versa
Have a presence in the UK market such as a UK office

What do I need to register as a cryptoasset business?

A programme of operations setting out your firm’s cryptoasset activities
A business plan including details of transactions, clients, pricing, income and expenses
A marketing plan including customers and distribution channels
A description of how your business is structured, including what you outsource
Details of your IT systems and controls
Skilled and reputable managers and owners
Details of your governance arrangements and internal controls
An anti-money laundering and counter terrorist finance framework and risk assessment
A business-wide risk assessment identifying risks and documenting their mitigation

How long does it take to register?

We aim to get your FCA crypto licence application in within three to four weeks, and the FCA usually makes a decision within three months of receiving a completed application.

How much does it cost?

We charge a flat fee for a UK cryptoasset institution registration application, which includes unlimited follow-up with the FCA until your registration is granted.

How we can help

Cryptocurrency is a fast-moving and complex space, but our experts will make sure you’re up to speed on everything the regulator needs from you, so you can stay competitive in this exciting market.

We have heard of many cryptoasset firms who have had to withdraw their FCA applications because they can’t meet the required anti-money laundering standards, but we have a 99% success rate for applications we’ve made for our clients.

Why choose us?

With practical experience supporting crypto asset firms, we help you manage regulatory expectations, build a strong application, and avoid unnecessary delays.

Speak with our team