The UK crypto industry has just over 12 months to prepare for an even stricter regulatory scheme, said a senior official of the country’s finance regulator.
Matthew Long, Director of Payments and Digital Assets of the Financial Conduct Authority (FCA) of the United Kingdom, told Coindesk in an interview that the “imminent gateway regime” which is reserved for 2026 will in fact be a new authorization regime for cryptographic companies.
“We will have a bridge that will allow authorization. But obviously, we have to go through these consultations, create these rules and obtain the legislation for this to take place,” said long.
This diet will be a jump from that of the fight against the money laundering of current money (AML). Companies like Crypto Exchanges Coinbase, Gemini and Bitpanda will move away from the star to register with the country to comply with the rules for the fight against money laundering for a regime of authorization with rules for a series of offers. This will force them to go through a new process to obtain approval from the FCA.
The FCA intends to publish articles on stablescoins, trading platforms, stain, exposure to prudential cryptography and even more this year. The regime should be put online after the publication of final policy articles in 2026, said Long.
Since its anti -money laundering register for companies opened its doors in 2020, the FCA received 368 business requests wishing to comply, but only 50 companies – 14% of candidates – have been approved so far. Many companies may have to start again.
Find out more: UK Financial Regulator aims at the cryptographic regime by 2026
Regulated activities
Upcoming legislation will define what counts as a regulated activity, said along the FCA. Companies that engage in these activities must request authorization.
In 2023, the former British government published documents that said that regulated activities would likely include the issue of stablescoins of Crypto and Fiat as well as payment, exchange and loan activities.
Stablecoins will no longer be subject to the regulation of British payments as indicated in previous work, said former economic secretary Tulip Siddiq in November. The FCA plans to consult the Stablescoins Rules project at the start of this year.
“What we are doing in terms of stablescoins is that we make sure that we take the best party of the current regulations that exist in Tradfi, but the stablecoins are ultimately unique,” said a lot. “There is nothing of the same thing. We have to adapt the regulations that we have currently.”
Read more: United Kingdom to write a regulatory framework for the crypto, Stablecoins at the beginning of next year
Transition
The FCA still decides on the process that cryptographic companies will have to pass to be authorized, said a lot.
Long added that it was undecided that the stages that those who are already registered in the money laundering regime will have to take, but the new diet will come with wider authorizations, “we therefore expect that if you want additional authorizations, you would ask yourself.”
Therefore, companies may need to go through a long recording process – even if they have already obtained an existing license.
“We will communicate with the companies of what the bridge will look like before it is put online, our intention is to put it directly as soon as possible humanly,” said a long time, referring to the authorization regime.
By formulating how he intends to move forward, the regulator also plans to examine Europe which has launched tailor -made legislation for the cryptography sector and the international organization of the 18 recommendations of the securities commissions. Iosco will soon publish an article on how countries are progressing with its standards, said a person familiar with the case.
“This is a case of understanding and researching best practices,” said a long time.
Read more: British cryptography companies and regulator blame itself for the industry’s exodus
