UK Financial Conduct Authority Opens Crypto Firm Authorization Process

The UK’s Financial Conduct Authority (FCA) has officially opened applications for crypto firms to become authorized, marking the sector's transition into a fully regulated environment. Companies must now demonstrate compliance with standards regarding consumer protection, asset safeguarding, market integrity, and financial resilience. While the UK is currently drafting comprehensive digital asset legislation, the new regulatory regime is scheduled to take effect in October 2027. This move follows the 2023 Law Commission recommendation to recognize digital assets as property.