[Cryptocurrency applications using algorithms to select trading paths may require UK licenses; existing companies can apply from September 30, 2026 to February 28, 2027] Odaily reports that the UK Financial Conduct Authority (FCA) has released draft guidance CP26-36, stating that cryptocurrency trading applications that select trading venues or execution paths for clients based on price, liquidity, cost, or execution speed may constitute "arranging cryptocurrency transactions" and must obtain authorization under new regulations effective October 25, 2027. Modifying trading instructions, determining the timing of execution, or route selection based on counterparty risk and expected outcomes are all considered "discretionary participation" indicators. Automated decision-making is not exempt for developers or operators, while interfaces that simply forward trades and do not affect execution may be eligible for a technical service exemption. Existing UK crypto businesses must submit their applications between September 30, 2026 and February 28, 2027; the consultation period ends on November 18, and the FCA aims to release the final version in January 2027, with the consultation document stating the timeframe as spring.