UK FCA Opens Crypto Rule Application Window

The Financial Conduct Authority (FCA) has opened its authorization gateway for the new UK crypto rules, starting an application window that can protect existing Bitcoin providers' ability to keep serving UK customers and take new business if approval is still pending when the full regime begins.

The application window closes on February 28, 2027, and the full regime starts on October 25, 2027. Existing firms applying within this window will have an undecided application at commencement allowing relevant services to continue, including new business.

However, platforms can still apply after February, but late applicants who file before commencement and are still awaiting a decision on October 25, 2027, enter the transitional provision while their application is assessed. Newly regulated activities will only be permitted as necessary to perform contracts entered into before the firm entered transition.

The run-off arrangements last a maximum of two years, during which firms must notify the FCA and existing contract parties, and customer notices must explain the lack of relevant authorization and any material changes in asset protection, dispute resolution, or compensation arrangements.