Overview
- The Financial Conduct Authority opened its authorization gateway on Wednesday, Sept. 30, allowing crypto firms to submit applications to operate under the new FSMA-based regime.
- Firms that apply by Feb. 28, 2027 can rely on transitional provisions that may let them continue taking UK customers while the FCA assesses their cases.
- The FCA’s final perimeter guidance (PERG 18) narrows which tokens qualify as regulated cryptoassets and says hybrid stablecoins and wrapped tokens are not automatically qualifying stablecoins.
- Applications must include detailed business plans, governance and controller information, financial forecasts, IT and custody arrangements, and anti-financial-crime controls so the FCA can judge consumer protection and financial resilience.
- Existing Money Laundering Regulations registrations will not convert automatically and any firm operating in the UK without FCA permission after Oct. 25, 2027 will be carrying on unauthorized business, a shift likely to force some firms to restructure or exit the market.