UK FCA opens applications for banks’ crypto businesses ahead of 2027 rules

The UK Financial Conduct Authority (FCA) has begun accepting applications from banks seeking authorization for cryptocurrency-related businesses. Eligible activities include crypto custody, operating trading platforms, crypto trading and brokerage, stablecoin issuance, and staking. The FCA recommended submitting applications by Feb. 28, 2027. Firms that apply by that date may continue those businesses during the review period, provided they meet certain requirements, even if the review extends beyond the date the new regulatory framework takes effect. The new UK crypto regulatory framework is set to take effect on Oct. 25, 2027.