UK FCA publishes information document for cryptoasset authorisation applicants

The UK Financial Conduct Authority (FCA) has published an information document for firms seeking authorisation under the forthcoming Financial Services and Markets Act 2000 (FSMA) cryptoasset regime. The document outlines the information that firms will need to provide in the cryptoasset authorisation application form when the application gateway opens on 30 September. The FCA notes that the form is still being finalised and will be available through its online system from that date. While it does not expect the structure and content of the form to change, there may be changes to the detail of the wording of the question and the level of explanation required.

Applications will cover both standard authorisation requirements and cryptoasset-specific requirements tailored to the regulated activities being undertaken. While all the cryptoasset-specific sections and questions are included in this document, firms will only need to complete those that are required for their business model. The document will also assist existing FSMA-authorised firms seeking a variation of permission to undertake new regulated cryptoasset activities.

The FCA states that the document is provided on a best endeavours basis for information only and does not constitute guidance or legal advice. Firms remain responsible for ensuring the accuracy and completeness of their applications. The FCA also published an updated financial data template, which firms must complete as part of the application process.

For further background, you may wish to read our blog post titled "Final rules for new UK crypto regime".

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