The UK's FCA has released a consultation paper exploring regulatory licensing standards for encrypted applications.

The UK's Financial Conduct Authority (FCA) has released consultation paper CP26/36, exploring whether crypto applications need regulatory authorization when choosing transaction paths based on factors such as price, liquidity, speed, and cost. The key criterion is whether the service provider substantially participates in the transaction decision-making process; interfaces that only process transactions according to user instructions and predetermined objective rules qualify for exemption. The deadline for comments on this document is November 18th, and the new UK crypto regulatory regime will be implemented on October 25th, 2027.