UK Crypto Firms Must Reapply for Authorization Under New Regulations

The UK's Financial Conduct Authority (FCA) has announced that existing registrations for cryptocurrency firms will not automatically grant authorization under the new regulations. Companies must apply for FCA authorization by February 28, 2027, to continue operating in the country.

The new regime, which takes effect on October 25, 2027, covers areas such as crypto trading, transaction services, staking, and digital asset custody. The FCA will assess companies' consumer protection, security of customer assets, market integrity, and financial resilience when reviewing applications.

Crypto firms can continue offering covered services while their applications are reviewed, provided they meet transitional conditions. This creates a conditional pathway for continued operations during the review period.