The United Kingdoms Financial Conduct Authority (FCA) opened applications Wednesday for crypto businesses seeking authorization under a regulatory regime due to take effect on Oct. 25, 2027.
Companies intending to continue operating in the UK should apply by the end of February 2027. The FCA expects to decide applications submitted during that window before the regime takes effect.
The framework expands the FCAs oversight beyond anti-money laundering and financial promotion requirements. The regulator finalized its rules in June, including requirements covering stablecoin issuance, crypto trading platforms and market abuse.
“The UK‘s new crypto regime will give consumers greater protections and firms a clear framework to operate in,” said Dominic Cashman, the FCA’s director of authorization.
Emma Banymandhub, CEO of payments industry trade body The Payments Association, welcomed the opening but urged businesses already registered under money laundering regulations (MLRs) to treat it as a fresh authorization process.
“MLR registration will not carry over, and firms should be realistic about the standards they will need to meet,” she said in comments shared with Cointelegraph.
Banymandhub said implementation would be particularly important for smaller and growing businesses.