The U.K.’s Financial Conduct Authority (FCA) plans to implement a new authorization regime for crypto companies starting in 2026. This regime will replace the current anti-money laundering (AML) system. Crypto exchanges like Coinbase, Gemini, and Bitpanda will need to secure fresh approval from the FCA. The FCA received 368 applications for its AML register since it opened in 2020, but only 50 firms, or 14% of applicants, have been approved. Many firms may need to reapply under the new regime. The FCA intends to release policy papers on stablecoins, trading platforms, staking, and prudential crypto exposure this year. The final policy papers will be published in 2026, marking the start of the new regime.
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