UK FCA opens crypto authorization applications for 2027 regime

The United Kingdom's Financial Conduct Authority (FCA) opened applications Wednesday for crypto businesses seeking authorization under a regime taking effect on October 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 FCA oversight beyond anti-money laundering and financial promotion requirements. The FCA finalized its rules in June, including requirements for stablecoin issuance, crypto trading platforms and market abuse. FCA director of authorization Dominic Cashman said the regime will give consumers greater protections and firms a clear framework. Emma Banymandhub, CEO of payments industry trade body The Payments Association, welcomed the opening. Banymandhub urged businesses already registered under money laundering regulations to treat authorization as a fresh process. Banymandhub said their existing registration will not carry over and urged firms to be realistic about the standards they must meet. Banymandhub said implementation will be particularly important for smaller and growing businesses.