The UK's Financial Conduct Authority (FCA) plans to implement a new authorization regime for crypto companies starting in 2026. Matthew Long, FCA's director of payments and digital assets, stated that this new regime will go beyond the current anti-money laundering (AML) requirements. Crypto exchanges, such as Gemini and Bitpanda, will need to undergo a stricter approval process, which includes rules for various crypto offerings. The FCA aims to release specific guidelines this year on stablecoins and other crypto-related areas. Approximately 50 firms have received approval since the FCA's AML register opened in 2020, signaling that many companies might need to reapply under the new rules. Additionally, the FCA intends to learn from regulatory practices in Europe and consult with firms about the forthcoming changes. Overall, the initiative indicates a move towards a more stringent regulatory environment for the crypto industry in the UK.

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