UK öffnet Krypto-Gateway, da Europas MiCA-Ausschluss die meisten Firmen zurücklässt

Der britische Marktaufsichtsorgan, die Financial Conduct Authority (FCA), hat ab Mittwoch, dem 30. September, wie zuvor angekündigt, die Entgegennahme von Anträgen auf Krypto-Autorisierung im Rahmen des neuen regulatorischen Rahmens aufgenommen.  

Ab dem Eröffnungsdatum haben Unternehmen ein Fünf-Monats-Fenster, um weiterhin im UK tätig zu sein; danach droht ihnen eine Sperrung ähnlich derjenigen, mit der das MiCA-Regime nicht lizenzierte Unternehmen ausschloss, als die Übergangsfrist am 1. Juli endete.

Als die Übergangsfrist der Verordnung über Märkte für Krypto-Assets (MiCAR) endete, hatten nur 213 lizenzierte Unternehmen die Hürde genommen, laut der Compliance-Firma Elliptic. Laut dem CASP Tracker, der das offizielle ESMA-Register verfolgt, besaßen von den 100 größten Börsen der Welt nach Volumen bis zum 28. September lediglich 16 eine MiCA-Lizenz.

Was bedeutet das regulatorische Fenster der FCA für Krypto-Unternehmen?

Dominic Cashman, Direktor für Zulassungen bei der FCA, charakterisierte die Eröffnung des Zugangs als Meilenstein, da „Unternehmen sich nun um eine Zulassung bewerben und auf die Regulierung vorbereiten können“, was dem Sektor „Klarheit und Legitimität“ verleiht und zudem Verbraucherschutzmaßnahmen bietet, die zuvor nicht existierten. 

Während britische Krypto-Unternehmen nun einen ordnungsgemäßen Kanal haben, um sich an die Empfehlungen der FCA in Bezug auf Verbraucherschutz, Sicherung von Kundengeldern, Marktintegrität und finanzielle Resilienz anzupassen, war der Aufseher unmissverständlich: Nicht jeder Antragsteller wird eine bestandene Note erzielen. 

Die FCA hat historische Präzedenzfälle dafür, ihre Regulierungsrahmen zu nutzen, um den Kreis einzugrenzen. Genehmigungen waren unter der früheren Version des Registrierungssystems der FCA für Geldwäschebekämpfung selten. 

Nur vier von 35 Anträgen wurden im Jahr bis März 2024 freigegeben. Bis August 2026 endeten 263 von 391 abgeschlossenen Fällen mit Rückzügen, lediglich 17 % führten zu Registrierungen.

Bemerkenswerterweise hat sich die Ausfallrate in letzter Zeit deutlich verringert: Von den 23 Entscheidungen der letzten 12 Monate waren 13 Registrierungen, was einer Zustimmungsquote von 56 % entspricht. 

Der Registrierungszeitraum im neuen britischen Krypto-Rahmenwerk 

Das Registrierungsportal ist mit dem Bericht vom 30. September eröffnet worden und bleibt bis zum 28. Februar 2027, 23:59 Uhr, geöffnet. Der weitere Regelung des Financial Services and Markets Act beginnt am 25, 2027.

Unternehmen, die ihren Antrag nicht innerhalb des gerade eröffneten Fünf-Monats-Fensters einreichen, verpassen die Befreiung, die einen vollständigen Betrieb bis zur Entscheidung über ihren Antrag erlaubt. 

Unternehmen, die ihre Anträge nach Ablauf des Fünf-Monats-Fensters einreichen, sehen sich Beschränkungen beim Abschluss neuer Kunden oder beim Verkauf neuer Geschäfte an bestehende Kunden gegenüber. Sie beschränken sich auf die Betreuung bestehender Verträge. 

Schließlich werden diejenigen, die keinen Antrag stellen, vom britischen Kryptomarkt ausgeschlossen, wenn das Regelwerk am 25. Oktober 2027 in Kraft tritt.

Die britische Aufsichtsbehörde hat zudem die Frage beantwortet, ob frühere Registrierungen in das neue Regelwerk übernommen werden, und klargestellt, dass eine Registrierung gemäß den Geldwäschegesetzen nicht in eine vollständige FSMA-Zulassung übergeht. 

Die die Aufsichtsbehörde hat die einschlägigen Tätigkeiten dargelegt, von Stablecoin-Emissionen über Handelsplattformen bis hin zu Verwahrung und Staking, in Leitlinien, die am 16. September veröffentlicht wurden, als auch das Startdatum bestätigt wurde, zusammen mit einer 500-Millionen-Pfund-UK-Anti-Geldwäsche-Kampagne, wie Cryptopolitan berichtete.

Welche großen Krypto-Plattformen werden aus dem UK verdrängt? 

Der europäische Ausschluss zeigt, wie ein großer Name dennoch außerhalb des Perimeters landen kann. Binance, die größte Börse nach Volumen, befindet sich in der „nicht lizenziert" ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :"," ,"," :", “not licensed” column. 

Cryptopolitan has previously reported that Binance missed the deadline to secure a European license, and AML Intelligence reported on September 28 that ECB President Christine Lagarde helped talk Greece out of granting the exchange a MiCA license earlier this year, keeping it out of the bloc for now even as it continues serving European users.

Whether the UK’s gateway narrows the field as sharply will depend on how many firms file credible applications before the February deadline, and how many decide the cost of full authorization is not worth staying.