FCA opens crypto authorization window ahead of 2027 UK regime

Crypto businesses should apply by Feb. 28, 2027, while existing money laundering registrations will not convert into FCA authorization.The United Kingdom’s 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 FCA’s 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 ove...