UK’s FCA Opens Crypto License Applications, Sets Feb. 28 Deadline for Existing Firms

The FCA's explicit warning that authorization will not be automatic is the real signal here: a licensing gate is being built, not a registration formality, and the February deadline forces existing firms to commit before the regime even begins. The firms most exposed are those already serving UK customers without a clear path to approval, since the October 2027 start leaves little room for those that miss the window. Whether the FCA's approvals skew toward established players or leave room for newer entrants is the open question worth tracking.