TL;DR
- The UK’s FCA opened its crypto authorization portal, setting a deadline of February 28, 2027, for firms to submit their applications.
- Under Europe’s MiCA regime, only 16 of the world’s 100 largest exchanges obtained a license before the July 1 cutoff.
- Firms that do not apply before the deadline will be excluded from the UK market when the regime takes effect on October 25, 2027.
The Financial Conduct Authority (FCA) of the United Kingdom began to accept authorization applications from crypto firms on September 30, 2026, marking the formal start of the new regulatory regime for the sector in the country.
Firms have a five-month window to submit their application before the February 28, 2027 deadline, after which a cutoff similar to the one applied under the MiCA framework in Europe will take effect.
Dominic Cashman, the FCA’s director of authorization, stated that the opening of the portal is an achievement that gives the sector “clarity and legitimacy“, while also providing consumers with protections that did not previously exist. The regulator established that the covered activities include stablecoin issuance, trading platforms, custody and staking, according to the guidance published on September 16.
The FCA Has a History of Selective Approvals
The body has a track record that anticipates a strict selection process. During 2024, only four out of 35 applications received approval under the previous anti-money laundering registration scheme. By August 2026, 83% of completed cases ended in withdrawal, with only 17% resulting in effective registrations. However, the authority shows some openness: over the last twelve months, 13 out of 23 decisions resulted in registrations, equivalent to an approval rate of 56%.
Europe has illustrated the risks of missing deadlines. When MiCA’s grace period expired on July 1, only 213 entities had obtained a license, according to compliance firm Elliptic. Among the absentees is Binance, the largest exchange by volume, which failed to secure its authorization in time.
The MiCA Model Is a Warning for the British Market
Firms that submit their application after the February deadline will be able to operate in a restricted capacity, serving only their existing contracts. Those that do not apply at all will be excluded from the UK market when the Financial Services and Markets Act regime takes effect on October 25, 2027. The FCA also clarified that a prior registration under anti-money laundering regulations does not automatically carry over to the new full authorization.
