UK Crypto Firms Face Five-Month Deadline for FCA Approval
UK crypto firms have been given a five-month window to seek approval from the Financial Conduct Authority (FCA) before a new regulatory regime takes effect in October 2027. The application window, which runs from September 30, 2026, to February 28, 2027, will allow eligible firms to continue specified services while their applications are assessed.
Zumo CEO Nick Jones believes that clearer rules could encourage financial institutions to expand their UK crypto offerings. He pointed to Hargreaves Lansdown's recent launch of Bitcoin and Ether exchange-traded notes (ETNs) as evidence that established financial companies are becoming more willing to develop UK crypto services.
Firms with existing anti-money-laundering registrations will need separate approval for regulated crypto activities under the new regime. The FCA has published a timetable outlining the application process, which includes a pre-application support service launched in July to help firms prepare before filing their applications.