According to CoinMeta, and as reported by CryptoSlate, the UK Financial Conduct Authority (FCA) has issued a draft guideline stating that if crypto applications automatically select trading venues or routes for users by evaluating prices, liquidity, etc. through algorithms, such activities will be considered as regulated “arranged trading” and will require obtaining a license commitment for “optimal execution” before the new regulations come into effect in October 2027. This applies to all DEFI aggregators that involve autonomous routing. Additionally, smart contracts and DAO architectures cannot exempt existing UK crypto firms from this requirement. The application period for licenses during the transition period will expire on February 28, 2027.