Kraken operates in the UK through multiple FCA-regulated entities: Payward Limited for AML cryptoasset registration, Payward Services Limited for Electronic Money Institution licensing, and Crypto Facilities Limited for derivatives activity authorization. This multi-entity structure does not constitute a custody license under the future UK crypto regime. The new UK regulatory framework for crypto custody and trading is expected to open applications on September 30, 2026, with the regime taking effect on October 25, 2027. Current FCA cryptoasset registration primarily addresses anti-money laundering compliance and does not provide the same protections as traditional bank deposits or investment products.
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