The United Kingdom for Financial Behavior intends to begin the authority of crypto firms in 2026. Years

The UK’s crypto industry is only more than 12 months to prepare for even more stricter regulatory regime, a senior official with the country’s finance recultor.

Matthew Long, Director of Payment and Digital Property at the UK Organic Organic Behavior (FCA), said Cindescu in the interview that “the upcoming regime of Gateway” will actually be a new authorization regime for crypt’s crops.

“We will have a gateway that will enable authorization. But we will obviously have to go through these consultations, we create those rules and that the legislation happens” “.

This mode will be a leap from current money laundering to combat money (AML). Firms like Cripto ExchangeS CoinGemini and Bitpanda will only move to register in the country to comply Rules for money laundering to Authorization Mode with bid packs. This will require to pass a fresh process to provide FCA approval.

The FCA intends to publish papers on stableCoin, trade platforms, a commitment, manual cryptological exposure and more this year. The regime is expected to live after the final documents of policies are published in 2026. years, he said a long time.

Since the register of money laundering was opened for the fight against money laundering 2020 years, FCA received 368 Applications from companies wishing to comply, but only 50 companies – 14% of applicants – They have been approved so far. Many firms can start again.

Read more: UK The Financial Regulator aims to a crypto regime up to 2026. Years

Regulated activities

The impending legislation will define what counts as a regulated activity, FCA said a long time. Companies dealing with these activities will have to seek approval.

In 2023. year of the former government in the UK has issued works that said that regulated activities are likely to involve crypto and Fiat-Reference StableCoins Issuance as well as payment, exchange and Lending activities.

Stablecoins will no longer be brought under the regulations on the Payment in the UK as determined in the previous work, former economic secretary Tulip Siddik said in November. FCA plans to consult the draft rules for StableCoins at the beginning of this year.

“What we do in terms of stablecoin is to make sure that we take the best of the current regulation that exists in Tradfia, but stablecoins are ultimately unique”, “it has long said.” There is no thing that is exactly the same. We need to adjust the regulation that we have received the moment. “

Read more: UK for the development of the Regulatory Framework for CRIPTO, STABLECOINS at the beginning of next year

Transition

The FCA still decides on the process crippto companies will have to pass to be authorized, long, said.

It has long been added that it is indecided by which steps already registered in money laundering will have to take, but the new mode will come with wider permits, “to expect if you want an additional permission, you would have filed for them.”

Therefore, companies may need to pass through a longer registration process – even if they have already provided an existing license.

“We will communicate with companies about what the gate will look like before life, our intention is to bring it to live as soon as possible,” He has long said to relate to the authorization regime.

In formulating how it is intended to move forward, the regulator plans to view and Europe that has Legislative legislation was launched For the CRIPTO Sector and the International Organization of Securities Commission ‘ 18 Recommendations. IOSCO will soon publish part of how countries progress with their standards, someone is familiar with the question.

“It’s a case of understanding and looking for the best practice,” he said a long time.

Read more: UK Cripto firms and regulator curve each other for industrial exodus