UK monetary regulators have introduced a schedule for a brand new crypto licensing system that may start in September 2026.
The Monetary Conduct Authority (FCA) would require crypto asset service suppliers to acquire full permission below the Monetary Companies and Markets Act earlier than the brand new regime begins on October 25, 2027.
The FCA has acknowledged that firms already registered below current Cash Laundering Rules should nonetheless apply for formal approval below the up to date guidelines; prior registrations won’t mechanically switch.
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Corporations at present utilizing one other approved entity to deal with their monetary promotions will now want to hunt direct FCA approval themselves to proceed advertising and marketing within the UK.
The appliance window will final no less than 28 days and shut earlier than the regime’s launch.
Functions submitted throughout this era needs to be reviewed earlier than the system begins, and laws features a momentary measure permitting continued operations whereas assessments are underway.
Companies that miss this window or lack approval when the brand new regime begins should function inside transitional limits. They might hold current companies, however can not introduce new ones.
Late candidates should apply afterward, although the FCA warns these companies might face longer processing occasions.
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