UK Regulator Opens Pre-Application Meetings for Cryptoasset Firms

From 11 May, firms preparing to operate under the updated rules can request pre-application meetings with the Financial Conduct Authority (FCA) via its Pre-Application Support Service (PASS). These meetings are free of charge and allow businesses to discuss their plans and raise questions before submitting formal applications for authorization or variations of existing permissions.

Timeline set for rollout

The pre-application meetings themselves will take place from July, scheduled as requests come in. The authorization gateway opens on 30 Sep and the full new regime for cryptoasset regulation will commence on 25 Oct.

This announcement forms part of the FCA's broader effort to bring cryptoasset activities – such as operating trading platforms, providing custody services and dealing in digital assets – squarely within the established regulatory perimeter. Until now, many firms have operated primarily under money-laundering registration requirements. The new FSMA framework will impose full authorization, supervision and ongoing compliance obligations similar to those applied to traditional financial services firms.

Pre-application meetings are a well-established FCA tool designed to improve the quality of submissions and reduce the risk of delays or rejections. For the crypto sector, often viewed as higher-risk or novel, early dialogue with case officers can clarify expectations around governance, risk controls, anti-money laundering standards and operational resilience.

The development arrives on the same day as separate FCA guidance on integrating tokenized funds into mainstream market infrastructure. Together, the two releases signal a maturing UK approach: one that balances consumer protection with measured support for innovation. Rather than leaving firms to navigate complex rules in isolation, the regulator is actively facilitating preparation more than a year before the regime goes live.