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UK Regulator Intends to Start Authorizing Crypto Firms in 2026

Published

6 месяцев ago

28 марта, 2025

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The U.K.’s crypto industry has just over 12 months to prepare for an even stricter regulatory regime, a senior official with the country’s finance regulator said.

Matthew Long, director of payments and digital assets at the U.K.’s Financial Conduct Authority (FCA), told CoinDesk in an interview that the «impending gateway regime» that is earmarked for 2026 will in fact be a new authorization regime for crypto companies.

«We will have a gateway which will allow authorization. But obviously we’ve got to go through those consultations, create those rules and get the legislation for that to take place,» Long said.

This regime will be a leap from the current anti-money laundering (AML) one. Firms like crypto exchanges Coinbase, Gemini and Bitpanda will move away from just needing to register with the country to comply with anti-money laundering rules to an authorization regime with rules for a suite of offerings. This will require them to go through a fresh process to secure approval from the FCA.

The FCA intends to release papers on stablecoins, trading platforms, staking, prudential crypto exposure and more this year. The regime is expected to go live after final policy papers are published in 2026, Long said.

Since its anti-money laundering register for firms opened in 2020, the FCA received 368 applications from firms wishing to comply, but only 50 firms — 14% of applicants — have been approved so far. Many firms may have to start again.

Regulated activities

Upcoming legislation will define what counts as a regulated activity, the FCA’s Long said. Companies that engage in those activities will need to seek authorization.

In 2023 the former U.K. government released papers that said regulated activities would likely include crypto and fiat-referenced stablecoins issuance as well as payment, exchange and lending activities.

Stablecoins will no longer be brought under the U.K. payments regulations as set out in previous work, former Economic Secretary Tulip Siddiq said in November. The FCA plans to consult on draft rules for stablecoins early this year.

«What we’re doing in terms of the stablecoins is we’re making sure that we take the best from the current regulation that exists in TradFi, but stablecoins are ultimately unique,» Long said. «There isn’t anything that is exactly the same. We’ve got to adapt the regulation that we’ve currently got.»

Transition

The FCA is still deciding on the process crypto companies will need to go through to get authorized, Long said.

Long added that it was undecided what steps those who are already registered in the money laundering regime will need to take but the new regime will come with wider permissions,» so we’d expect that if you wanted the further permissions, you’d apply for them.»

Therefore companies may need to go through a lengthy registration process — even if they’ve already secured an existing license.

«We’ll be communicating with firms about what the gateway will look like before it goes live, our intention is to bring it live as soon as humanly possible,» Long said referring to the authorization regime.

In formulating how it intends to move forward, the regulator plans to also look at Europe which has launched bespoke legislation for the crypto sector and the International Organization of Securities Commissions’ 18 recommendations. IOSCO will soon be publishing a piece on how countries are progressing with its standards, someone familiar with the matter said.

«It’s a case of understanding and looking for best practice,» Long said.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

12 часов ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

12 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

12 часов ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.