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📝 UK FCA Sets Guidelines for Crypto Firms Ahead of New Regulatory Regime
📌 The Financial Conduct Authority (FCA) of the United Kingdom has released new guidelines detailing the application process for crypto firms as the country prepares to implement a new regulatory framework. This framework includes a formal application window, transitional rules, and stricter marketing requirements.
⚠️ Under the upcoming regulations, any firm wishing to engage in regulated crypto-asset activities must obtain authorisation under the Financial Services and Markets Act 2000 (FSMA). This requirement applies to both new entrants and existing firms that are already registered under the UK's anti-money laundering rules or authorised under current payments and e-money regulations.
🚫 The FCA has made it clear that there will be no automatic conversion for firms currently registered under the Money Laundering Regulations. These firms must obtain full FSMA authorisation before the new regime takes effect. Additionally, companies already authorised under FSMA for other activities will need to adjust their permissions to include crypto services.
🔔 To assist firms during this transition, the FCA will conduct information sessions to explain the new regime, its regulatory expectations, and the application process. The regulator is also providing optional, free pre-application meetings through its pre-application support service, allowing firms to discuss their business models and improve their submissions.
🗓 An official application window will open prior to the launch of the new regime. The FCA anticipates this period will begin in September 2026 and last for at least 28 days. Applications submitted during this window are expected to be reviewed before the regime commences. Further details will be provided through formal directions published on the FCA's website. #news
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