Wu Shuo has learned that the UK Financial Conduct Authority (FCA) will open a cryptocurrency licensing application window in September 2026, requiring authorization under the FSMA before the new regulations take effect in October 2027. Existing anti-money laundering or payment registrations will not be automatically converted and require reapplication or amendment of licenses. Institutions that fail to obtain approval by the deadline will enter a transition period, during which they can only maintain existing business and are restricted from adding new services.