UK FCA opens crypto authorization gateway with five-month application window

The U.K. Financial Conduct Authority (FCA) opened its authorization gateway for cryptocurrency companies on Wednesday. Companies wishing to operate in the U.K. have five months, until the end of February 2027, to submit applications to the FCA. More than 60 companies already registered under the FCA's anti-money-laundering regime may have a head start in meeting the new licensing requirements. The FCA's regulatory framework is set to take effect in October 2027, as announced late last year. Initial legislative work on the U.K.'s supervision of digital asset firms dates back to 2022. The U.K.'s progress toward formal cryptocurrency regulation appeared slow compared with that of the European Union. The EU's Markets in Crypto-Assets regulation came into force in June 2023, around the time the U.K.'s relevant Act of Parliament was becoming law.