[DigitalToday reporter Yoonseo Lee (이윤서)] Britain's Financial Conduct Authority (FCA) has begun accepting applications for authorisation from related businesses ahead of a crypto regulatory framework set to take effect on Oct. 25, 2027, local time.

Cointelegraph reported on Sept. 30 that crypto firms seeking to continue operating in Britain must apply for authorisation by the end of February 2027. The FCA plans to complete reviews of applications submitted by the deadline before the new system takes effect.

A key element of the new system is expanding the FCA's supervisory scope, which had focused on anti-money laundering (AML) and financial promotions rules. The regulations finalised by the FCA in June include requirements on stablecoin issuance, operating crypto trading platforms and preventing market abuse. As a result, crypto firms in Britain are expected to overhaul their business structures and internal controls to meet new authorisation standards in addition to existing registration requirements.

The industry welcomed the start of the application process but highlighted the preparation burden for already registered operators. Emma Reynolds-Davies (에마 반이만드허브), chief executive of payments industry group the Payments Association, said businesses registered under anti-money laundering rules should treat the process as a new authorisation review.

She also said existing registration status would not automatically carry over to the new authorisation regime. She added that companies need to realistically assess the standards they must meet and their level of preparedness. She added that how the system is implemented in practice matters even more for small firms or those in a growth phase.

The move shows that the focus of Britain's crypto regulation is shifting from registration to authorisation. Until now, anti-money laundering registration and financial promotions rules have been the main tools of oversight, but from 2027 a regime will apply that also covers stablecoins and the broader operation of trading platforms.

As a result, for businesses seeking to remain in the British market, not only whether they apply by the deadline but also how quickly they can build organisational and operating systems that meet the new standards is expected to be key. In particular, because a history of registration does not guarantee new authorisation, separate preparations to meet the FCA's review criteria have become unavoidable.