FCA Unveils Gateway for Crypto Firms to Seek Full Authorization in UK
The UK's Financial Conduct Authority (FCA) has opened a new gateway for cryptocurrency firms to apply for full authorization, effective September 30. This move shifts crypto businesses out of the narrower Anti-Money Laundering registration process and into the FCA's full regulatory framework.
Firms operating in the UK will now be assessed against FCA standards covering consumer protection, safeguarding of customer assets, market integrity, and financial resilience. Companies must submit their applications by February 28, 2027, for authorization to continue operating in the UK after October 25, 2027.
Dominic Cashman, director of authorization at the FCA, stated that the new regime gives consumers stronger protections and firms a clear operating framework. Authorization will not be automatic, and firms must demonstrate they meet the FCA's requirements to operate in the UK market.