The UK Financial Conduct Authority (FCA) opened its crypto authorization gateway on September 30, 2026, allowing firms to apply through its Connect system or seek changes to existing FCA permissions. Applications submitted by February 28, 2027, can qualify for transition arrangements before the full regime takes effect on October 25, 2027. Firms that apply on time may continue operating while awaiting a decision under certain conditions, including serving new customers, while late applicants generally will be limited to meeting existing contracts. Firms that do not apply or fail to secure approval must wind down their UK crypto operations before the regime begins. The framework is the first to bring UK crypto firms under full FCA regulation and covers consumer protection, asset safeguarding, market integrity and financial resilience. Existing Money Laundering Regulations (MLR) registration will not convert automatically; firms must separately apply under the Financial Services and Markets Act 2000. Activities requiring approval include safeguarding assets, operating trading platforms, arranging deals and some staking services. From January 2020 through September 1, 2026, the FCA received 417 MLR crypto-registration applications, deciding 391: 68 were approved, 263 withdrawn, 46 rejected and 14 refused. The regulator also received 115 pre-application meeting requests between January 2024 and September 1, 2026, holding 82 through its free support service. FCA director of authorization Dominic Cashman said the regime will give consumers greater protections and firms a clear operating framework. The FCA plans to continue supporting applicants through pre-application discussions and webinars.