The UK Financial Conduct Authority said crypto firms must obtain FCA authorization by February 28, 2027 to conduct regulated crypto activities in the United Kingdom. The final rulebook will take effect on October 25, 2027. Until then, firms have a licensing window from September 30, 2026 to February 28, 2027 to submit applications. The FCA noted that current anti‑money‑laundering registrations will not carry over and must be replaced with new applications under the Financial Services and Markets Act framework. Stablecoin issuers will face reserve and redemption standards and a capital requirement of 1% of issued value, down from an earlier 2% proposal. The regulator said the lower threshold reflects industry feedback. The rules cover crypto trading platforms, custodians, stablecoin issuers, staking services and other intermediaries. Firms that apply late or submit weak applications may experience delays. The framework adds market conduct requirements such as disclosure, market abuse prevention, custody standards, prudential capital buffers and consumer duty obligations. It also requires annual stress tests for firms holding risky assets. The FCA plans to distinguish truly decentralized services from platforms with identifiable operators, with the latter likely to fall under supervision. The clear timeline gives firms a defined path to compliance, though the broader effects of the regime remain to be observed.