Overview
- The new regime is slated to begin on 25 October 2027.
- Firms registered under the Money Laundering Regulations must obtain FSMA authorization, with no automatic conversion.
- Companies already authorized for other activities must vary permissions to cover crypto asset services.
- The FCA says it will aim to decide applications before commencement and expects applicants to be ready, willing and organized at submission.
- Final rules and application forms are not yet published, and missing the Gateway window could forfeit transitional protections despite a saving provision that allows operation during review.