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Guides · UK · Start here

How to read the UK library

One seat, two permission lines, and a pile of official links. This page is the map — so you open sources in order instead of drowning in tabs.

Read this first · then open one chapter

What “UK licensed” usually hides

In the UK, payment firms and crypto firms often sit under different legal tracks — even when the deck uses one word.

• Payments usually means PI or EMI under the Payment Services Regulations / Electronic Money Regulations — an authorisation (or a small-PI registration path that is not the same thing).
• Crypto today often means MLR registration (AML gate). Product authorisation under the new FSMA crypto regime is a separate, incoming track — not an automatic upgrade.

If you only remember one sentence: read the FCA Register string, then decide which chapter matches that string — payments, crypto, or both.

How this library is organised

1. This intro — orientation and reading order (you are here).
2. Chapter 01 — Payments — if the file is PI / EMI / small PI / AIS-PIS.
3. Chapter 02 — Crypto — if the file is MLR crypto registration or the incoming FSMA crypto track.
4. Chapter 03 — Tools & publications — Register, Handbook, Connect, news, HMT. Use after you know which line you are on.

Many groups touch both lines (for example a payments firm that also holds crypto MLR registration). Read 01 and 02 — and map two change-of-control tracks before you treat a share deal as simple.

Suggested path (pick one)

If you are underwriting a payment target

1. Open the FCA Register — copy the permission type and activities.
2. Read Chapter 01 in this order inside the chapter: types → legislation → Approach Document → safeguarding → authorisation → CoC.
3. Only then use Chapter 03 for Handbook / publications searches.

If you are underwriting a crypto target

1. Open the Register — decide whether you are looking at MLR registration language or something that claims product authorisation.
2. Read Chapter 02: dual track → timeline → CoC → official sources list (top to bottom).
3. Use Chapter 03 for HMT consultations and FCA publication filters.

If you are applying (not buying)

1. Same as above for the correct line.
2. In Chapter 01 or 02, follow the authorisation / registration links and lodge via Connect — do not start from news feeds.

What not to do

• Do not start from news News and RSS are for monitoring, not for naming the permission.
• Do not equate “FCA registered” with “licensed exchange” That is the Ep 01 trap — especially on the crypto MLR track.
• Do not open every PDF at once Statute → Approach / regime page → Register. Everything else is support.

One check before you open a chapter

Write one line: “This entity is a UK ___ (PI / EMI / small PI / MLR crypto / other), because the Register says ___.” If you cannot fill the blanks, stay on the Register until you can — then open Chapter 01 or 02.

Next: Chapter 01 — Payments · Chapter 02 — Crypto · All chapters

Not legal advice. This intro is a reading map for public UK sources.