UK AML Registration — FCA Cryptoasset
UK businesses providing cryptoasset exchange or custodian wallet services must register with the FCA under the Money Laundering Regulations (MLRs). This is an AML/CTF registration, not a full financial licence.
What is FCA cryptoasset AML/CTF registration?
The FCA's cryptoasset register under the Money Laundering Regulations (MLRs) is not a full financial services authorisation — it is an AML/CTF registration that permits cryptoasset exchange and custodian wallet services for UK-resident clients.
- Since January 2020, all UK cryptoasset exchange providers and custodian wallet providers must be registered with the FCA under the MLRs.
- FCA AML/CTF registration is distinct from full FCA authorisation — it covers AML/CTF compliance only, not conduct of business standards.
- The FCA has rejected a significant proportion of applications — file quality and AML programme robustness are critical.
- FCA registration does not grant EU/EEA passporting rights — post-Brexit, a separate MiCA CASP licence is needed for EU clients.
- The UK government has signalled intent to expand the cryptoasset regulatory perimeter beyond AML/CTF to conduct regulation.
FCA cryptoasset AML/CTF registration does not grant EU/EEA market access. It applies to UK-facing services only. Post-Brexit, EU client servicing requires a separate MiCA CASP authorisation.
United Kingdom — FCA Cryptoasset AML/CTF Registration
The FCA maintains a public register of cryptoasset businesses registered under the MLRs. Registration enables lawful operation for exchange and custodian wallet services targeting UK residents.
United Kingdom
- Legal basis
- Money Laundering Regulations 2017 (as amended)
- FCA application fee
- GBP 2 000 – 10 000 (based on size)
- Registration type
- AML/CTF only — not full authorisation
- EU access
- No — separate MiCA licence required
Scope notes
- Cryptoasset exchange services (fiat-to-crypto, crypto-to-crypto).
- Custodian wallet provider services for UK-resident clients.
- NFT platforms and DeFi services are subject to developing FCA guidance.
- Businesses only operating outside the UK do not need FCA registration, but must not actively market to UK residents.
Who UK AML registration is right for
Best for
- Businesses whose primary market is the United Kingdom.
- Crypto exchanges and custodians with existing UK operations seeking to formalise compliance.
- Groups that hold MiCA (EU) and want to add a UK-compliant entity alongside.
- Businesses willing to invest in FCA-standard AML/CTF programmes.
Not for
- Businesses that primarily serve EU/EEA clients — MiCA CASP is required for that.
- Operators with weak AML programmes — the FCA rejection rate is high.
- Projects with unclear securities-law exposure in the UK.
- Businesses that need broad passportable access — UK AML is UK-only.
Related routes
EU/EEA market access with passporting — needed alongside UK AML for post-Brexit EU operations.
Gibraltar VASP — UK-adjacent jurisdiction with strong crypto regulatory heritage.
Swiss FINMA DLT — higher-reputation alternative for institutional-grade UK/European operations.
Frequently asked questions about UK AML registration
No. FCA cryptoasset AML/CTF registration is narrower than full FCA authorisation. It covers anti-money laundering and counter-terrorist financing compliance only. Full FCA authorisation (for payment services, e-money, investment management) requires a separate, more demanding process.
The FCA has publicly noted a high withdrawal and rejection rate — in some years over 80% of applications were withdrawn, often after FCA feedback that the application was unlikely to succeed. A strong AML programme and experienced file preparation are critical.
No. Post-Brexit, UK FCA registration has no passporting mechanism for EU/EEA operations. Businesses serving EU/EEA clients must obtain MiCA CASP authorisation from an EU member state.
The FCA has a statutory 3-month review period, but in practice reviews regularly extend to 6–12 months. The FCA has significant discretion to request further information, which extends timelines.
This information is for general guidance only. FCA regulatory positions and requirements are subject to change.