On 27 February 2026, the Financial Conduct Authority (FCA) published a new webpage setting out information for cryptoasset firms that are currently using the services of an FCA-authorised firm to approve their cryptoasset financial promotions (a s.21 approver).
Summary
The FCA webpage sets out the following information, in particular:
- Use of an s.21 approver: Cryptoasset firms that are not authorised under the Financial Services and Markets Act 2000 (FSMA) or registered with the FCA under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (including overseas firms) may use a s.21 approver to approve their cryptoasset financial promotions and communicate legally to UK consumers.
- Cryptoasset firms that apply during the application period: Cryptoasset firms using an s.21 approver and applying for authorisation (or variation) during the application period may continue to use the s.21 approver until its application is determined.
- Cryptoasset firms that do not apply during the application period: Cryptoasset firms using an s.21 approver that don’t apply for authorisation during the application period, may continue to use the s.21 approver until the new cryptoasset regime commences. At this point, if the firm’s application has not been determined, it will enter the transitional provision and only be permitted to communicate promotions to pre-existing contracts and these promotions will not require an s.21 approver.
- Cryptoasset firms that do not apply before the new regime commences: Cryptoasset firms that rely on an s.21 approver and don’t apply for authorisation (or variation) before the new regime, must run-off their UK cryptoasset business before it commences.
- Use of an s.21 approver by authorised cryptoasset firms: Where a cryptoasset firm is authorised by the FCA under FSMA, it can communicate its own financial promotions and does not need a separate s.21 approver.