UK Regulator Orders Crypto Firms to Reapply for Approval
Registered crypto companies must reapply for approval, UK regulator says
The UK’s Financial Conduct Authority (FCA) said crypto firms that want to offer services in the country will need to be authorised under a new regulatory regime that takes effect in October 2027.
The regulator stressed that existing crypto registrations will not automatically carry over into the new framework. In its guidance, the FCA said: “firms that are registered with us under the MLRs should note that there will be no automatic conversion and that they will need to secure authorisation by us under FSMA prior to the commencement of the new regime.”
That statement matters for companies currently operating under the UK’s Money Laundering Regulations (MLRs), which are used to register crypto businesses for anti-money laundering supervision. Under the FCA’s approach, being registered under the MLRs will not be enough once the new regime begins, and firms will need to obtain authorisation under the Financial Services and Markets Act (FSMA) to continue providing regulated crypto services.
As a result, companies already registered in the UK will face a reapplication process. Based on the FCA’s position, Ripple’s UK subsidiary will need to reapply in September to continue conducting regulated crypto activities under the new regime.
- What happened: The FCA confirmed that crypto firms will need fresh authorisation under new rules starting in October 2027.
- Why it matters: There will be no automatic conversion from existing MLR registrations to the upcoming FSMA-based regime.
- Who is affected: Crypto companies currently registered in the UK, including Ripple’s UK subsidiary, which will need to reapply to keep operating under the future framework.
