Wu said that the UK Financial Conduct Authority (FCA) will open the crypto license application window in September 2026, requiring authorization under FSMA before the new regulation takes effect in October 2027; existing anti-money laundering or payment registrations will not automatically transfer and must reapply or change their licenses. Institutions that do not obtain approval on time will enter a transition period, during which they can only maintain existing business and are restricted from adding new services.