UK FCA Opens Authorization Applications for Crypto Firms, Regulatory Framework to Take Effect in 2027

The UK Financial Conduct Authority (FCA) has announced that it will begin accepting authorization applications from crypto firms starting today. Crypto businesses planning to continue operating in the UK must submit their applications by February 28, 2027, with the new regulatory framework set to take effect on October 25, 2027. The FCA stated that applications will not be automatically approved; firms must demonstrate compliance with requirements related to consumer protection, client asset custody, market integrity, and financial resilience. Firms that do not meet these standards will not be able to continue providing regulated crypto asset services in the UK. Existing firms that submit applications during the application period may continue to provide services while awaiting approval results if they have not received a decision before the new regime comes into effect.

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