[UK FCA Proposes Clarification: Crypto Apps Choosing Trading Paths Based on Price, Liquidity, etc., May Require Authorization] The UK FCA's consultation paper CP26/36, published on October 21, indicates that applications selecting or adjusting trading paths based on assessments of price, liquidity, speed, and cost may not be eligible for the "pure technology service" exemption. The key is whether the service provider substantially participates in the trading decision-making process, not whether it uses algorithms. Interfaces that only process transactions according to user instructions and predetermined objective rules may still qualify for the exemption. This is currently in the consultation phase, ending on November 18, and is not yet a new regulation; the UK's new crypto regulatory framework will be implemented on October 25, 2027.