Regulations
By Maheen Hernandez
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Timeline Matters Here. The authorization gateway opens September 30. That's when firms can actually submit applications.
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What Firms Need to Know. Any crypto business planning to operate under the new regime needs authorization.
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Regulatory Pressure Builds. Britain isn't alone in tightening crypto oversight. The EU rolled out its Markets in Crypto-Assets…
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The Financial Conduct Authority will let crypto firms book pre-application meetings starting May 11.
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Firms can request these sit-downs through the Pre-Application Support Service, or PASS. It's free.
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The authorization gateway opens September 30. That's when firms can actually submit applications. Full implementation of the new regime hits October 25, 2027.
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Britain's crypto sector has operated in a kind of regulatory gray zone for years. Some activities fell under existing money laundering rules.
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The pre-application meetings give firms a chance to test their plans before spending time and money on full applications.
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Any crypto business planning to operate under the new regime needs authorization. That includes exchanges, wallet providers, custody services, and probably a bunch of other…
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The regulator published some resources about the new regime. But questions remain. How long will the authorization process take? What documentation does the FCA want?
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More context: FCA Arrests Three in Crackdown on Suspected Crypto and Financial Scams
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Crypto firms that already hold some UK licenses might need variations to their existing permissions. The new regime isn't just for startups.
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The free nature of PASS matters. Regulatory consultations can get expensive fast when firms hire lawyers and compliance advisors.
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Some firms might skip the pre-application meetings and just file when the gateway opens. That's a gamble. The FCA could reject applications that miss key requirements.
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Britain isn't alone in tightening crypto oversight. The EU rolled out its Markets in Crypto-Assets regulation. The US keeps debating various bills.
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