UK FCA Unveils Crypto Guidance Ahead of 2027 Regime, £500M Money Laundering Crackdown
UK regulators have unveiled fresh guidance for crypto firms ahead of the country's new regime in 2027, warning them not to assume their current status will automatically grant full authorization. The Financial Conduct Authority (FCA) has listed activities that require permission under the new rules, including issuing qualifying stablecoins and running trading platforms.
The FCA emphasized that firms should seek independent legal advice to determine which permissions they need, citing examples of how being registered under the Money Laundering Regulations does not automatically confer full authorization. The regulator also warned against assuming that current status carries over to the new regime.
In related news, the Home Office and HM Treasury have committed £500 million over three years to combat money laundering, which they estimate has grown from £100 billion annually due to the rise of fintech, crypto, and AI. The FCA will play a bigger role in this fight, with some experts calling it an 'AML super-regulator'.