UK FCA Mandates Crypto Firms to Reapply for Registration in Regulatory Overhaul

The UK Financial Conduct Authority (FCA) has announced a significant regulatory update, requiring all previously registered cryptocurrency companies to submit new applications for approval. This move is part of the regulator's ongoing effort to strengthen its oversight of the crypto asset sector under the amended Money Laundering Regulations. The FCA emphasized that existing registrations do not automatically transition under the new, more rigorous compliance framework. Firms must now demonstrate enhanced anti-money laundering (AML) and counter-terrorist financing (CTF) controls to secure authorization. This development underscores the UK's commitment to creating a safer and more transparent crypto market, impacting a wide range of businesses from exchanges to wallet providers. The regulator has set a clear application window, urging companies to prepare for in-depth scrutiny of their operational and financial crime prevention protocols.