UK FCA Finalizes Crypto Authorization Criteria, to Start Applications on Sept. 30

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The U.K. Financial Conduct Authority has published final guidance setting out authorization criteria for crypto-asset firms ahead of the rollout of a new regulatory regime.

Cointelegraph reported on Sept. 17 that the FCA issued guidance detailing when authorization is required for major crypto-asset activities, including stablecoin issuance, operation of crypto trading platforms, broking and arranging transactions, crypto custody and staking services. Firms that are already registered or licensed will not be automatically transferred into the new regime and must file separate applications.

David Geale, the FCA's executive director for payments and digital finance, said preparing for regulation begins with understanding how the new framework applies to a company's business. The guidance gives firms the clarity they have been asking for so they can prepare with confidence, he added.