UK Crypto Businesses Must Apply for Authorization Ahead of New Regulatory Regime
The UK's Financial Conduct Authority (FCA) has opened a window for crypto businesses to apply for authorization under a new regulatory regime set to take effect on October 25, 2027. Companies seeking to continue operating in the UK must submit their applications by February 28, 2027.
The FCA expects to make decisions on these applications before the new regime takes hold, providing authorized firms with a clear framework to operate within. This expanded oversight goes beyond anti-money laundering and financial promotion requirements, covering areas such as stablecoin issuance, crypto trading platforms, and market abuse.
Emma Banymandhub, CEO of The Payments Association, noted that businesses already registered under money laundering regulations (MLRs) will not have their registrations carry over. She urged these companies to be realistic about the standards they must meet for FCA authorization.