UK FCA Launches Crypto Regime, Sets Deadline for Firm Authorisation
The Financial Conduct Authority (FCA) has launched its new 'landmark' crypto regime in the UK, allowing firms to apply for authorisation from today. The regulator has outlined clear standards for crypto firms covering consumer protection, safeguarding, market integrity, and financial resilience.
All firms that intend to continue operating in the UK must apply for authorisation by 28 February 2027, ahead of the new regime coming into force on 25 October 2027. The FCA will require firms to demonstrate they meet its requirements, and those that cannot show the necessary standards will not be authorised to operate.
The Payments Association's CEO Emma Banymandhub welcomed the move, warning that firms already registered under the Money Laundering Regulations should treat this as a fresh authorisation process. She noted that consumers will have greater transparency and access to a formal complaints process, while firms will have greater clarity on how the regime applies to their businesses.