Cryptoassets: How to apply for registration

Find out about our application process and how to get registered under the Money Laundering Regulations (MLRs).

Digital asset authorisations information session

Following our 9 May 2025 information session, we will host future sessions (including at our Edinburgh office) in autumn 2025. We will provide further details in due course, including how to register your interest.

We are hosting a virtual information session on 22 May 2025. Invites will be sent to those who expressed interest.

	
		OSZAR »

Unsure whether you require registration? Visit who needs to register[1]. Or find out what we expect from a good quality application[2].

	
		OSZAR »

Before preparing your application

You should thoroughly read this page and the links referenced throughout so you know what information and documents we require.

You will be asked to confirm that you have reviewed this information before you can submit your application.

Review the MLRs

We expect applicant firms to display a comprehensive understanding of the UK AML/CTF regime as documented in the MLRs[3]. You should make sure you understand all the obligations and expectations that will be placed on you.

Review the cryptoasset registration forms

Review the cryptoasset registration forms on our Connect[4] system, so you know what information and documents we require.

Consider requesting a pre-application meeting with us

You can meet one of our case officers who will further outline our expectations and provide additional support. For further details on the pre-application support service (PASS) and its benefits, please visit PASS[5].

Consider seeking independent advice

You may also wish to consider seeking independent legal/compliance advice.

Check our information on sensitive business names and trading names

There are restrictions on the use of certain financial services-related words or expressions in company registered names and/or trading names. Applicants should review our information about trading names[6] and sensitive business names[7].

Appoint an MLRO

Under Regulation 21(3)[8] of the MLRs, an applicant must appoint a Money Laundering Reporting Officer (MLRO)/Nominated Officer.

We expect this individual to have appropriate knowledge of UK regulation, experience and training, as well as a level of authority and independence to enable them to monitor and manage compliance with policies, procedures and controls to carry out their role and responsibilities under the MLRs.

We expect the MLRO to be heavily involved in the preparation of an application for registration.

We will assess their fitness and propriety as part of our assessment.

Find out more on our expectations of an MLRO[9].

Review the cryptoasset registration forms on our Connect[4] system, so you know what information and documents we require.

You may also wish to consider seeking independent legal/compliance advice.

Under Regulation 21(3)[8] of the MLRs, an applicant must appoint a Money Laundering Reporting Officer (MLRO)/Nominated Officer.

We expect the MLRO to be heavily involved in the preparation of an application for registration.

We will assess their fitness and propriety as part of our assessment.

Find out more on our expectations of an MLRO[9].

Preparing and submitting your application

You should bear in mind the following when preparing your application.

Complete the application fully

Make sure you answer every question fully and provide all the information requested. Omissions may result in your submission being rejected. If we do ask for further information, you should provide it promptly.

A continued failure to provide the information we request may lead to your application being refused.

Provide up to date information

The information and documents you supply should be up to date (as on the date of submission), specific (do not use generic documents if they are not fit for purpose), and have been reviewed thoroughly (final versions) and signed off (via appropriate governance).

We will not review and comment on draft documents as part of our assessment.

Do not withhold information

Make sure you fully disclose any information we require. We take non-disclosure of information that could impact our assessment very seriously, especially if we find that you have withheld information deliberately or have provided false or incomplete information. Giving us false or misleading information may be a criminal offence and could lead to the refusal of your application.

The success of your application could be affected. If in doubt, it is better to disclose information rather than withhold it.

Sign the application form

The declaration must be signed by the appropriate person(s) who are responsible for making the application on behalf of the applicant firm. The appropriate person(s) depends on the nature of the applicant firm:

A sole trader	The sole trader
A company with one director	The director
A company with more than one director	Two directors
A partnership	Two partners
A limited liability partnership	Two members
A limited partnership	A general partner or partners

Pay the registration fee

When you submit your application you will need to pay a fee to register with us. Cryptoasset registration falls into Category 6 of our pricing categories[10].

Note: You will also need to pay annual (periodic) fees[11] while your firm is registered with the FCA.

For the purposes of calculating fees, we have defined income as the gross inflow from economic benefits (that is: cash, receivables and other assets) recognised in the registered UK entity’s accounts during the reporting year in relation to the provision of the cryptoasset services specified in the MLRs.

Consultants/advisors:

Many applicants find it helpful to have an adviser or consultant support them in preparing their application, or to get ready for meetings or interviews. However, firms remain accountable for their applications, and should be able to explain to us all the material in it.

A continued failure to provide the information we request may lead to your application being refused.

We will not review and comment on draft documents as part of our assessment.

The success of your application could be affected. If in doubt, it is better to disclose information rather than withhold it.

A sole trader	The sole trader
A company with one director	The director
A company with more than one director	Two directors
A partnership	Two partners
A limited liability partnership	Two members
A limited partnership	A general partner or partners

When you submit your application you will need to pay a fee to register with us. Cryptoasset registration falls into Category 6 of our pricing categories[17].

Note: You will also need to pay annual (periodic) fees[18] while your firm is registered with the FCA.

When you are ready, you will need to submit your application via our Connect[11] system.

Our assessment

Once submitted, your application will be assigned to a case officer who will be responsible for assessing your application.

It is very likely that your case officer will ask for more information and you should keep in mind the extra time and effort it could take you to gather this and provide it to us.

At the point that we have all the information we need to make a determination, we have 3 months to come to a decision on your application.

	
		OSZAR »

While we are assessing your application you should:

Keep us up to date

Applicants should be proactive and self-reliant. They should not expect the FCA to act as an advisor when completing their application or to recommend solutions when we highlight any deficiencies.

If you need to correct or make any changes to your application after it has been submitted, complete transparency and timely disclosure is very important. You should also provide us with any new information that could affect our assessment promptly.

If there are significant changes, your case officer may request that you consider withdrawing your application and reapplying when you have been able to prepare an updated application.

Keep yourself up to date

Applicants should show they are agile and prepared to deal with a rapidly evolving regulatory framework, including responding to emerging risks and industry changes, and tracking financial crime typologies and new requirements that could affect their operations.

Not promote your products or services

Applicants must not use their application to promote their products or services. Applicants’ websites and marketing material must not include language that gives the impression that making an application for registration is a form of endorsement or recommendation by the FCA.

Recognise this is the start of your firm’s regulatory lifecycle

Applicants must recognise that being registered is not a one-off formality or a tick-box exercise without any further obligations or interaction with us. Applicants must continue to make sure they comply with the requirements of the MLRs and understand that we will supervise this compliance.

Applicants should be proactive and self-reliant. They should not expect the FCA to act as an advisor when completing their application or to recommend solutions when we highlight any deficiencies.

If there are significant changes, your case officer may request that you consider withdrawing your application and reapplying when you have been able to prepare an updated application.

Outcome of your application

There are 4 possible outcomes when applying for registration under the MLRs, these are approval, rejection, withdrawal and refusal.

Approval

If we deem your firm meets the requirements for registration, we will approve your application. At which point we will write to you to confirm your registration, tell you your Firm Reference Number (FRN) and you will be added to the Financial Services Register[11].

After registration, if you need to update the details we hold for you or change something you will need to tell us via Connect[21]. You can also contact us[10] if you need help.

Rejection

We will reject your submission without conducting an assessment if it does not contain the minimum information we ask for. Under these circumstances, we'll explain the reason(s) we have rejected your submission and we may refund your application fee.

You can resubmit an application, containing all the relevant information, at any time. We may offer you the opportunity to engage in our pre-app process before you resubmit.

Withdrawal

You can ask us to withdraw your application at any time during the registration process. Common reasons for doing this are:

Not being able to show that you meet the required standards at the point of submission.
Needing time to produce or gather missing information to address our concerns.
Understanding that registration is likely to be refused.

If you withdraw your application, your application fee will not be refunded.

However, it is possible to reapply any time after you have withdrawn your application. Many firms choose to withdraw and reapply once they’ve addressed our feedback. If you do reapply, a new application fee will be payable.

Accepting a notification to withdraw an application remains at our discretion.

Refusal

If we think that an applicant firm does not meet the standard for registration, we’ll recommend to an FCA decision-maker that its application is refused. Under these circumstances, we will send a Warning Notice setting out our reasons for refusing your application. At this point, you can notify us that you want to withdraw your application (as above, accepting a notification to withdraw an application remains at our discretion) or if you don't agree with our decision, you can make representations to the FCA decision maker.

If your representations are successful, we will register your firm. If we do not agree with your representations, we’ll send you a Decision Notice. If you still do not agree with our decision, you can refer our decision to the Upper Tribunal[11]. If the Upper Tribunal agrees with our decision, we’ll publish a Final Notice.

If we refuse your application, your application fee will not be refunded.

Find out more about our refusal process[12].

After registration, if you need to update the details we hold for you or change something you will need to tell us via Connect[23]. You can also contact us[24] if you need help.

You can resubmit an application, containing all the relevant information, at any time. We may offer you the opportunity to engage in our pre-app process before you resubmit.

You can ask us to withdraw your application at any time during the registration process. Common reasons for doing this are:

Not being able to show that you meet the required standards at the point of submission.
Needing time to produce or gather missing information to address our concerns.
Understanding that registration is likely to be refused.

If you withdraw your application, your application fee will not be refunded.

Accepting a notification to withdraw an application remains at our discretion.

If your representations are successful, we will register your firm. If we do not agree with your representations, we’ll send you a Decision Notice. If you still do not agree with our decision, you can refer our decision to the Upper Tribunal[25]. If the Upper Tribunal agrees with our decision, we’ll publish a Final Notice.

If we refuse your application, your application fee will not be refunded.

Find out more about our refusal process[26].

Other information you should consider

The resources and information below will be useful when putting together your application.

We would expect to see evidence of how you have taken this information into account in your application.

Cryptoassets: What we expect to see in your application for registration[2]
Joint Money Laundering Steering Group (JMLSG) guidance[10] on the prevention of money laundering and terrorist financing and in particular, part II, chapter 22 (sectoral guidance for cryptoasset exchange providers and custodian wallet providers)
FCA Financial Crime guide for firms[11]
FCA Guidance (FG17/6) on the treatment for Politically Exposed Persons (PEPs)[12]
FATF Guidance on a risk-based approach[13]
FATF VASP Guidance[14]
Anti money laundering supervision: detailed information[15]
Guidance on Cryptoassets Feedback and Final Guidance to CP19/3[16]
PS19/22: Guidance on Cryptoassets[17]
PS23/6: Financial promotion rules for cryptoassets[18]

15/05/2025 : Editorial amendment section refresh

25/04/2025 : Editorial amendment Content refresh.

07/02/2025 : Information added Digital asset authorisations information session

17/01/2025 : Information added Criminal background checks

31/01/2024 : Information added Pre-application meetings

18/08/2023 : Information added Travel Rule

31/07/2023 : Editorial amendment Typo corrected

06/06/2023 : Link added Link to registration statistics.

28/03/2023 : Editorial amendment reference to Money Laundering Regulations 2007 added

22/03/2023 : Editorial amendment Updates to page as part of website refresh

First published: 22/03/2023 Last updated: 15/05/2025 See all updates

Cryptoassets: How to apply for registration

Before preparing your application

Preparing and submitting your application

Our assessment

Outcome of your application

Other information you should consider

On this page

Cryptoassets: AML / CTF regime [19]