FCA Opens UK Crypto Authorization Applications

The Financial Conduct Authority opened applications on September 30 for authorization under a new UK regime for cryptoasset firms, setting February 28, 2027, as the deadline. The rules are due to take effect on October 25, 2027, bringing covered crypto businesses under expanded FCA supervision. Firms seeking to continue providing regulated cryptoasset services in the UK must apply during the designated window. Existing registration under the Money Laundering Regulations will not automatically become authorization under the new regime, so firms whose activities are covered must submit new applications, according to the FCA’s requirements. The regulator will assess whether applicants meet standards that include consumer protection, safeguarding customer assets, market integrity and financial resilience. Applying does not guarantee approval. Firms must demonstrate that they can meet the requirements, and the FCA will decide whether to authorize each applicant. Companies that apply within the window may continue providing specified services while their applications are reviewed, subject to transitional conditions.