The Financial Conduct Authority (FCA) has officially opened its authorization gateway for cryptocurrency companies wishing to operate in the United Kingdom. Firms now have a five-month application window to submit their registration materials, with the deadline set for the end of February 2027.
This application period precedes the planned introduction of the U.K.'s new regulatory framework in October 2027, following legislative development that began back in 2022. While the U.K.'s progress has previously been viewed as slower compared to other jurisdictions like the European Union—whose Markets in Crypto Asset Regulation came into force in June 2023—the framework began taking concrete shape late last year with the announcement of the October 2027 implementation date.
More than 60 companies already registered under the FCA's existing anti-money-laundering regime may have a head start on the new licensing requirements. Among them is Zumo, an Edinburgh-based crypto infrastructure platform registered in 2021, which has developed a tracking tool to help other firms navigate the regulatory requirements and timelines.
“Building it has meant reading the regime rules right down to the level of every individual obligation, mapping each one to the regulated activity it attaches to, and keeping that mapping current as further papers land,” Nick Jones, founder and CEO of Zumo, said in an announcement.
