UK’s 2027 crypto rules could block new business with existing customers
The FCA opened applications on Sept. 30 for authorization under the UK’s new crypto regime. Existing providers must apply by Feb. 28, 2027, to qualify for a temporary saving provision: if a timely application remains undecided when the regime begins on Oct. 25, 2027, the firm may continue the activities covered by its application, including taking new business. Late applicants still awaiting a decision at commencement face tighter transitional rules and cannot enter new customer contracts. Firms that do not apply, or whose applications are rejected, may have to wind down UK operations. Protections are limited, can be restricted by the FCA, and do not guarantee authorization; they expire within two years. Existing anti-money-laundering registration does not substitute for the new permissions.
