The UK Financial Conduct Authority (FCA) has officially opened the application process for cryptocurrency firms seeking authorization. This move marks the first time the sector falls under comprehensive regulatory oversight in the country.
Companies are now invited to submit applications to ensure industry clarity and legitimacy. The regulator expects firms to demonstrate compliance with standards regarding consumer protection, the safeguarding of customer assets, market integrity, and overall financial resilience.
The new regulatory framework for cryptoassets was finalized by the FCA in June. The full regime is scheduled to take effect in October 2027. This initiative follows the 2023 legal recognition of bitcoin and other digital assets as property in the UK.
While the UK advances its legislative agenda, it currently lags behind other jurisdictions. The EU implemented its Markets in Crypto-Assets regulation in December 2024, and the United States enacted the GENIUS Act in July 2025 to regulate dollar-backed tokens.
