1
Select your regulated activities
Determines your Permanent Minimum Requirement (PMR)
£0
Select all activities your firm conducts. The highest PMR applies. Where multiple activities are selected, K-factors are summed.
2
Fixed Overhead Requirement (FOR)
¼ of relevant annual fixed expenditure
£0
Annual fixed expenditure (last 12 months)
£
Include: staff costs, rent, technology, audit, insurance, regulatory fees. Exclude variable costs and one-off exceptional items.
FOR = £0 (¼ × annual fixed expenditure)
3
K-Factor Requirements
Activity-based & exposure-based capital — sum of all applicable K-factors
£0
Average qualifying cryptoassets safeguarded (QCS) K-QCS
£
6-month rolling average of daily AuC values (excluding most recent 3 months). Rate: 0.04% of average QCS.
K-QCS = £0
Average stablecoins in issuance (SII) K-SII
£
6-month rolling average of daily stablecoin issuance value. Rate: 2% of average SII.
K-SII = £0
Daily transaction value / client cryptoasset orders (CCO) K-CCO
£
6-month rolling average of daily value of client orders executed / handled. Rate: 0.1% of average daily CCO.
K-CCO = £0
Client transactions facilitated — principal name (CTF) K-CTF
£
6-month average of daily value of transactions executed in firm's own name on external CATPs. Rate: 0.1%.
K-CTF = £0
Net cryptoasset position (trading book) K-NCP
£
Absolute net position in qualifying cryptoassets held with trading intent. Asset category determines charge rate.
K-NCP = £0
Counterparty credit exposure K-CCD
£
Institutional counterparty exposure (net of eligible collateral). Rate: 1.6%. For retail exposure use field below.
£
Retail counterparty exposure (net of collateral). Rate: 83.33% — significantly higher, reflecting no recourse beyond collateral.
K-CCD = £0
Client cryptoassets committed to staking (CCS) K-CCS
£
6-month average of daily value of client cryptoassets committed to staking protocols. Rate: 0.04%.
K-CCS = £0
4
Liquid Asset Requirements
Basic Liquid Asset Requirement (BLAR) — held in core liquid assets
£0
The BLAR requires firms to hold ⅓ of the FOR in core liquid assets at all times — sterling cash, Bank of England reserves, gilts, or short-term money market funds.
BLAR = £0 (⅓ × FOR)
Stablecoin issuers are also subject to an Issuer Liquid Asset Requirement (ILAR) based on the reserve composition. This is not calculated here — consult ERM Plus for full stablecoin liquidity modelling.
⚠ Important disclaimer
This calculator is based on FCA consultation papers CP25/15 and CP25/42, which are proposals only — final rules are expected in 2026 and may differ. Coefficients, PMR levels, and K-factor definitions are subject to change. This tool provides indicative estimates for planning purposes only and does not constitute regulatory or financial advice. Always engage a qualified adviser before submitting your FCA authorisation application.