The UK Financial Conduct Authority (FCA) announced that it will begin accepting license applications from virtual asset businesses under a new regulatory framework starting today. Firms wishing to continue operating in the UK must submit their applications by February 28, 2027, and the new regime will take effect on October 25, 2027. Once the new system is implemented, virtual asset businesses operating in the UK will for the first time be subject to comprehensive regulation by the Financial Conduct Authority. The relevant standards include consumer protection, client asset safeguarding, market integrity, and financial soundness. The FCA emphasized that submitting a license application does not automatically guarantee approval. Firms that do not meet the regulatory standards will not be able to continue providing regulated virtual asset services in the UK.
