UK signals end of 'light-touch' era with multi-agency raid on peer-to-peer crypto hubs
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“This second coordinated enforcement operation in six months confirms the FCA's shift from warnings to active disruption of unregistered P2P crypto businesses, with criminal liability a live risk for any operator trading by way of business without the proper registration,” Black said.
Aditya Mittal, managing principal at Capco, a global management and technology consultancy, said that “following the guidance from the FCA earlier this week, which clarified how the regulatory perimeter of the U.K.’s incoming cryptoasset regime will apply, firms should prioritize understanding which parts of their business fall within scope.”
The guidance covers issuing qualifying stablecoins, operating crypto exchanges, dealing and coordinating deals, safeguarding digital assets and staking. It also set out the activities that need FCA approval. The application window runs from Sept. 30 to Feb. 28, 2027, and the U.K. crypto regulatory framework comes into full force on Oct. 25, 2027.
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