Capco helped a leading UK financial services group prepare for FCA cryptoasset registration, translating complex regulatory requirements into a structured application process and providing the expertise, tools and insights needed to accelerate its path towards market entry.
WHY NOW?
A leading UK financial services group had embarked on an ambitious program to offer cryptoassets services to clients in the UK, creating a new growth opportunity in an evolving market.
Turning that ambition into a market-ready proposition depended on securing registration with the Financial Conduct Authority (FCA) under the UK's Money Laundering Regulations. Regulatory readiness was therefore a critical step on the path to launch.
The challenge extended well beyond completing an application. The client needed to demonstrate that its proposed business, governance arrangements and control environment could meet the FCA’s regulatory expectations for cryptoasset services.
With limited previous experience navigating this type of registration, the client needed specialist support to interpret the regulatory requirements, structure a robust submission and identify potential gaps early – reducing the risk of delays and helping maintain momentum towards market entry.
HOW WE DID IT:
Capco combined regulatory expertise with practical experience of cryptoasset registration to help the client structure and progress its application. Working in close collaboration with the client, Capco:
- Reviewed the client's approach to developing its Regulatory Business Plan (RBP), providing feedback on key artefacts and application requirements.
- Developed criteria and model answers for mandatory FCA artefacts and questions, helping the client understand the level and type of information expected.
- Leveraged experience from previous registration applications to provide practical insights into regulatory expectations.
- Supported the program in tracking progress across the RBP and wider application documentation.
- Reviewed the RBP and other key documents as they developed.
- Provided subject matter expertise across business, financial crime and strategic considerations relevant to the application.
WHAT WE DELIVERED:
Capco helped the client establish a clearer, more structured path through the cryptoasset registration process. The work delivered:
- Greater visibility of application readiness. Consistent progress monitoring gave the client a clearer view of where the application stood and which areas required further attention.
- Earlier identification of capability gaps. Our insights helped identify where additional internal resources or capabilities were needed.
- A stronger basis for regulatory responses. Model answers provided a practical foundation for responding to FCA requirements and developing the client's own submissions.
- Reusable regulatory tooling. Capco's experience and established tools helped the client navigate the application process more efficiently.
- Accelerated application development. The use of proven approaches and model responses helped streamline completion of the registration application.
By combining cryptoasset regulatory expertise with practical registration experience, Capco helped the client turn a complex regulatory challenge into a structured and executable path towards launching cryptoasset services in the UK.