UK Crypto Firms Face Strict Deadline Under New Regulatory Regime

The UK's Financial Conduct Authority (FCA) has opened its crypto authorization portal for firms to submit applications under the new regime. The deadline for submission is February 28, 2027, after which a cutoff will take effect, excluding firms that do not apply from the UK market.

Firms have five months to submit their application before the deadline. According to Dominic Cashman, the FCA's director of authorization, this marks an achievement that gives the sector 'clarity and legitimacy,' while also providing consumers with protections that did not previously exist.

The new regime is based on Europe's MiCA framework, which has shown strict selection criteria. The FCA has a track record of selective approvals, with only 56% of applications resulting in registrations over the last year. This suggests that firms will face a tough process to gain authorization under the new regime.