UK Crypto Firms Face February Deadline as FCA Opens Authorization Gateway

The UK's Financial Conduct Authority (FCA) has opened its 'authorization gateway' for crypto firms, giving them until February 2027 to apply for authorization. This is a result of years of work on legislation that began in 2022, trailing the EU's MiCA Regulation which took effect in June 2023.

The FCA's framework will come into effect in October 2027, and over 60 firms are already registered under the existing anti-money laundering regime. However, this does not mean they are automatically authorized - they must still apply before the deadline.

Zumo, an Edinburgh-based crypto infrastructure platform, has created a 'U.K Cryptoasset Regulation Tracker' to help firms navigate the new rules. The tracker maps out the individual obligations and timelines for regulatory milestones, although it's worth noting that the FCA is still releasing papers and the rules could change while the window is open.

Nick Jones, founder and CEO of Zumo, said in an email announcement on Wednesday that building the tracker has meant reading the regime rules 'right down to the level of every individual obligation.' The FCA's authorization gateway is now open for business, but firms must act quickly to avoid missing the deadline.