UK FCA Issues Crypto Authorization Guidance Ahead of September Application Window

The guidance's real value is timing: it gives firms a defined runway before the September window rather than forcing them to interpret the regime mid-application. The scope question of which activities fall inside authorization is the one that shapes business models, since it determines whether existing UK crypto operations can continue without permission or must restructure. The open question is whether the FCA's activity definitions prove broad enough to pull in firms that assumed they sat outside the perimeter, and how many actually file once the window opens.