FCA opens crypto authorization window ahead of 2027 UK regime — SkimNews
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- FCA opened applications for crypto firms seeking authorization under a new regime taking effect October 25, 2027, requiring submissions by end of February 2027.
- FCA finalized its rules in June, expanding oversight beyond anti-money laundering and financial promotion to cover stablecoin issuance, crypto trading platforms, and market abuse.
- Existing crypto firms registered under UK money laundering regulations (MLRs) will not have those registrations carry over into the new FCA authorization — they must reapply from scratch.
- Dominic Cashman, FCA's director of authorization, framed the regime as giving "consumers greater protections and firms a clear framework to operate in."
- Emma Banymandhub, CEO of The Payments Association, warned MLR-registered firms to "be realistic about the standards they will need to meet," noting the transition would be particularly important for smaller and growing businesses.
- The FCA expects to decide all applications submitted during the window before the October 2027 regime takes effect.
Why it matters: More than 40 crypto firms currently registered under UK money laundering rules face a full re-authorization process rather than a simple conversion, and the February 2027 deadline leaves them less than two years to meet expanded standards covering stablecoins, trading platforms, and market abuse — a transition burden that industry trade body The Payments Association singled out as especially heavy for smaller firms.
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