UK FCA Opens Application Gateway for Crypto Companies Under New Regulatory Regime
The UK Financial Conduct Authority (FCA) has opened its application gateway for crypto companies seeking authorisation under the new regulatory regime. This marks a significant step towards clarity and legitimacy in the industry, which had been frustrated by regulatory uncertainty.
The FCA's new framework will cover areas such as operating a trading venue, dealing and arranging, custody and safeguarding, stablecoin issuance, and staking. Firms already authorised by the FSMA will need to vary their permissions to add crypto, while those not yet authorised must apply for full permission before the 25 October 2027 deadline.
The application process involves a 73-page document requiring business plans, governance maps, IT resilience, financial forecasts, managing client assets, and Threshold Conditions. Transitional provisions will provide continuity of operation for firms filing within the window, but those who file after 28 February 2027 may not have this benefit.