What exactly happened?
The UK's Financial Conduct Authority (FCA) launched its so-called authorization window for crypto firms on 30 September 2026. From that date, companies can apply for a license or for an extension of their existing permissions through Connect, the system the FCA uses for this purpose. Multiple sources report this consistently, including The Block and Cointelegraph.
It is a preparatory step ahead of the UK's new crypto asset regime, which, according to The Defiant, is set to take effect on 25 October 2027.
What are the key dates?
For readers who just need the dates, this timeline is the most important part.
| Date | What happens |
|---|---|
| 30 September 2026 | FCA starts accepting license applications |
| 28 February 2027 | Recommended application deadline for firms wanting to keep operating |
| 25 October 2027 | Full effect of the new regime |
The 28 February 2027 date is mentioned consistently by The Defiant, The Block, and Cointelegraph. According to these sources, the FCA is urging firms to apply by this date if they want to continue operating in the UK.
What does it mean that the old registration is not enough?
Cointelegraph points out an important detail: existing registrations under the anti money laundering (AML) rules will not automatically convert into the new FCA authorization. In other words, a firm already registered in the UK for AML purposes must still go through a new approval process if it wants to operate under the new regime.
That means fresh scrutiny. The Block describes how UK firms will face a new vetting process under the new regime.
What standards is the new regime aiming for?
According to The Defiant, the new rules cover, among other things, consumer protection and so-called safeguarding, meaning the protection of client assets. The rules were finalized in June, according to CryptoSlate.
CryptoSlate highlights one specific and technically significant difference that can surface mainly when a platform goes bankrupt. The new rules will treat coins that a customer pledges as collateral on a loan differently from coins they transfer into lending to earn yield.
The difference lies in the client's starting position in any attempt to recover funds:
- Safeguarded assets: separate protection is maintained, and the client has a different legal basis for a claim.
- Coins transferred into lending for yield: here, according to CryptoSlate, what applies is more of a contractual promise to return an equivalent amount of coins, which is a different starting situation.
Put simply: the same bitcoin may enjoy a different level of protection when a platform collapses, depending on what the customer used it for on the platform. This is information worth knowing, not a directive on what to do.
What is still unclear?
From the available verified sources, it is not possible to say reliably how many firms will apply for a license or how many will ultimately pass. It is also unclear how strictly the FCA will assess individual applications and whether the deadlines could still shift. We do not reconstruct the detailed wording of all the regime's standards beyond what the cited sources provide.
What to watch next with this kind of story?
With regulatory transitions of this kind, it usually pays to watch three things: how many firms actually apply by the deadline, how the FCA communicates ongoing approval results, and how platforms offering lending respond to the new rules. Charliedesk will return to the topic once hard numbers are available, so we can compare what really happened with what is expected today.