The UK Financial Conduct Authority (FCA) will open its crypto license application window in September 2026. Firms must obtain authorization under the Financial Services and Markets Act (FSMA) before new regulations take effect in October 2027. Existing anti-money laundering or payment registrations will not automatically convert, requiring firms to reapply or modify their licenses. Institutions failing to secure approval by the deadline will enter a transitional period, during which they can maintain existing operations but will face restrictions on offering new services.