The UK's Financial Conduct Authority opened its application gateway on Wednesday for crypto firms seeking authorization under a new regulatory regime taking effect on October 25, 2027. Companies must apply by the end of February 2027, and existing anti-money-laundering registrations will not automatically convert into authorization.
The Financial Conduct Authority opened applications Wednesday for crypto businesses seeking authorization under the regime due to take effect on October 25, 2027. Firms intending to keep operating in the UK should apply by the end of February 2027, and the regulator expects to decide applications submitted in 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, and they cover stablecoin issuance, crypto trading platforms and market abuse. Dominic Cashman, the FCA's director of authorization, said the new regime gives consumers greater protections and firms a clear framework to operate in.
Emma Banymandhub, CEO of the payments industry trade body The Payments Association, welcomed the opening of the gateway but urged businesses already registered under money laundering rules to treat it as a fresh process. According to Cointelegraph: "MLR registration will not carry over", she said, adding that firms should be realistic about the standards they will need to meet. Banymandhub said implementation would matter most for smaller and growing businesses.
Source: Cointelegraph
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