The Financial Conduct Authority has opened its crypto authorisation gateway, starting the application period for firms that want to operate under the UK’s broader crypto regime when it takes effect on October 25, 2027.
The regulator says businesses intending to remain in the UK market should apply by February 28, 2027. Firms seeking authorisation will need to show compliance with requirements covering safeguarding, market integrity, consumer protection and financial resilience.
AML registration is not enough
The FCA says existing registration under anti-money-laundering rules is not a substitute for approval under the incoming framework. That distinction matters for firms that already hold AML registration but plan to continue UK-facing activity under the new regime.
Planning pressures precede the start date
The commercial consequences could arrive before the rules formally start. Platforms must plan capital, staff, systems and applications while continuing to service customers. International groups also need to decide which UK-facing activities fall inside the new permissions regime.
What investors should watch
For investors, a licence application should not be mistaken for a completed authorisation. An approval elsewhere in the world does not automatically satisfy the FCA.
The next milestones are procedural but important: which firms apply on time, what permissions they seek and whether their operating models are capable of passing the regulator’s review.
