The UK Financial Conduct Authority has opened authorization applications for crypto businesses ahead of a full regulatory regime due to take effect in October 2027. The framework will replace the narrower anti-money-laundering registration model with requirements on consumer protection, customer-asset safeguarding, market integrity, governance and financial resilience. Firms seeking to provide covered crypto services must obtain FCA authorization, while existing Money Laundering Regulations registration will not automatically convert into approval under the new system. The rules distinguish between safeguarded customer assets, including retail collateral for qualifying cryptoasset borrowing, and assets transferred under qualifying lending arrangements for yield. Britain is also drafting wider crypto legislation after recognizing Bitcoin and other digital assets as property last year, following a 2023 Law Commission recommendation. The UK framework is being introduced after the European Union applied its Markets in Crypto-Assets rules to service providers in December 2024 and after the U.S. enacted the GENIUS Act in July 2025 for dollar-backed tokens.