UK FCA opens gateway for regulated cryptoasset activities - Linklaters

The UK Financial Conduct Authority has opened its gateway for firms seeking authorisation to carry out regulated cryptoasset activities, according to law firm Linklaters. The move marks a procedural step in the UK's evolving framework for digital assets, requiring firms that wish to continue operating in scope to apply for permission under the regime.

For markets, the significance lies in the shift from an unregulated perimeter to a supervised one. Firms now face a formal application process, meaning some may adjust their UK offerings, restructure, or exit depending on their ability to meet the standards. This can affect liquidity and product availability in the short term, while potentially strengthening market integrity and investor protections over time.

What to watch: how many firms apply and are approved, the pace of FCA decisions, and any guidance on which activities fall in scope. Clarity on these points will shape how UK cryptoasset services develop and how they compare with other jurisdictions.