The U.K. Financial Conduct Authority said it is now accepting authorization applications from crypto firms. According to Foresight News, firms that plan to continue operating in the U.K. must submit applications by February 28, 2027, and the new regulatory regime will take effect on October 25, 2027.

The FCA said applications will not be approved automatically. Firms must show they meet requirements on consumer protection, custody of client assets, market integrity, and financial resilience. Companies that do not meet the standards will not be able to continue providing regulated crypto asset services in the U.K. Existing firms that apply during the application period may continue offering services while their applications are under review if no decision has been made before the new regime takes effect.