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Capital.com is moving. The company posted a LinkedIn job listing for a Head of Risk at Capital Vault UK — the entity it’s positioning as its FCA-registered crypto arm in Britain. It’s a concrete signal, even if the regulatory picture isn’t fully settled yet.
Here’s the thing: Capital Vault UK, or CVUK, doesn’t appear on the FCA’s public crypto register right now. That register lists roughly 60 registered crypto businesses. CVUK isn’t among them — at least not yet. A Capital.com representative declined to comment specifically on the UK registration status, which leaves the situation a bit murky. Maybe the registration is pending. Maybe a public update is on the way. No details on that. What the rep did say: “Capital Vault UAE has a licence from the CMA, and Capital Vault CY holds a MiCA licence from CySEC.” So the group isn’t starting from scratch on the regulatory credibility front. It’s got real licences in real jurisdictions. Just not the UK. Not yet.
What the FCA’s New Regime Actually Means
The timing here matters a lot. The FCA’s new FSMA crypto authorisation gateway opens on 30 September 2026 — basically days away. Firms get a five-month window from that date to apply for transitional arrangements. The hard deadline is 28 February 2027. After that, the current Money Laundering Regulations registrations won’t automatically roll over into FSMA authorisations. Companies will need proper FSMA licences, full stop. The broader FSMA crypto framework itself is set to integrate into UK rules by October 2027.
So the window is tight. And Capital.com is hiring into it.
The UK crypto market has been operating under a patchwork of AML-focused permissions for years. Crypto firms can be on the FCA register under Money Laundering Regulations without necessarily holding full custody or exchange permissions. Robinhood U.K. Ltd is a good example — it got added to the FCA’s crypto register in July, launching crypto trading for UK customers via Bitstamp shortly after. But Robinhood’s registration is restricted. It can arrange deals. It can’t offer custody or exchange services directly. That’s a pretty significant limitation for a firm trying to compete in a full-service crypto market.
The 2027 FSMA framework is supposed to fix that patchwork problem, standardizing what permissions mean and what firms can actually do under each category. For companies like Capital.com that want to offer a broader range of services, the new regime is probably the right moment to get properly licensed rather than operating under the narrower MLR framework.
The Competition Problem
None of this is easy. The UK crypto market is crowded and it’s got some very entrenched players. Revolut serves millions of UK customers through its super-app and has been on the FCA’s register for some time. eToro has a presence there too. These aren’t small operations — they’ve got deep distribution, brand recognition, and years of UK customer relationships built up. Capital.com is walking into that.
Capital Vault’s MiCA licence from CySEC and its UAE CMA licence are genuinely useful. The MiCA passport gives the group reach across European markets from a single regulatory base, which is a real structural advantage on the continent. The UAE licence matters for Gulf operations. But neither of those translates automatically into UK market access. The UK has its own rules, its own register, its own authorisation process — and post-Brexit, there’s no passporting from Europe into Britain.
So Capital.com basically has to build its UK regulatory position from scratch, at the same time as the regulatory environment is shifting under everyone’s feet.
The Head of Risk hire is probably the clearest sign yet that the company is serious about getting this right rather than rushing. A risk function is foundational — it’s what the FCA will scrutinize when it reviews an FSMA authorisation application. Hiring that role now, before the gateway even opens, seems like a deliberate sequencing choice.
Whether CVUK gets onto the FCA register before the September 30 gateway opens, or applies through the new FSMA process directly, isn’t clear. The company didn’t address that specifically. And frankly, the distinction matters — firms already on the MLR register may have different transitional options than those applying fresh.
The competitive pressure isn’t slowing down either. Robinhood’s July addition to the FCA register, even with its restricted permissions, shows that well-funded international players are queuing up for the UK market. The five-month application window starting September 30 is going to be busy.
Capital.com’s international regulatory track record — CMA in the UAE, MiCA via CySEC — gives it something to point to when regulators ask about compliance history. That’s not nothing. But the UK FCA is its own institution with its own standards, and the FSMA authorisation process will test whether that track record translates.
The Head of Risk role remains open as of the LinkedIn posting.
Frequently Asked Questions
What is Capital Vault UK and why isn’t it on the FCA register yet?
Capital Vault UK is described in a LinkedIn job posting as the FCA-registered crypto entity for the Capital Vault Group, but it doesn’t currently appear on the FCA’s public crypto register, which lists around 60 registered businesses. Capital.com declined to comment on the registration status specifically.
When does the FCA’s FSMA crypto authorisation gateway open and what’s the deadline?
The FCA’s new FSMA crypto authorisation gateway opens on 30 September 2026, giving firms a five-month window to apply for transitional arrangements, with a hard deadline of 28 February 2027.
Why It Matters
The recruitment of a Head of Risk by Capital.com indicates a proactive approach to compliance as the Financial Conduct Authority's (FCA) deadline approaches for crypto entities in the UK. This move reflects the growing emphasis on regulatory adherence within the crypto sector, particularly as firms navigate the complexities of obtaining FCA registration. The absence of Capital Vault UK from the FCA's crypto register underscores the challenges that many companies face in aligning with stringent regulatory requirements, which could impact their operational strategies and market trust.
