The Financial Conduct Authority (FCA) has published CP26/13 consulting on proposed perimeter guidance to help firms determine when activities will fall within the UK’s future regulated cryptoasset perimeter and what permissions will be required. The guidance is intended to support firms preparing for authorisation under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which introduce new regulated cryptoasset activities from 25 October 2027. The proposals would add a new Q&A-based chapter to the Perimeter Guidance Manual (PERG) and make consequential amendments to PERG 1, PERG 2 and PERG 8. The draft guidance explains how the legislation applies to new categories of specified investments (including qualifying cryptoassets and qualifying stablecoins) and to new regulated activities, including operating a qualifying cryptoasset trading platform, dealing and arranging deals in qualifying cryptoassets, safeguarding and arranging safeguarding, issuing qualifying stablecoins in the UK, and arranging qualifying cryptoasset staking. It also sets out perimeter considerations for cross-border services (including deeming provisions linked to UK consumers), the tailored “by way of business” test for these activities, how exclusions operate, and how firms should assess arrangements with automated or decentralised features. The paper also addresses interaction with the Money Laundering Regulations, including transition for currently registered firms. The consultation closes on 3 June 2026. The FCA plans to publish final guidance in September 2026, and the application window for firms seeking authorisation (or a variation of permission) to undertake the new regulated cryptoasset activities is set for 30 September 2026 to 28 February 2027, ahead of the regime’s commencement on 25 October 2027.
Financial Conduct Authority 2026-04-15
Financial Conduct Authority consults on PERG perimeter guidance for UK cryptoasset regime ahead of 25 October 2027 start
The Financial Conduct Authority has published CP26/13 consulting on proposed perimeter guidance to help firms determine when activities fall within the UK’s future regulated cryptoasset perimeter and what permissions will be required under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. The draft Q&A-based additions to the Perimeter Guidance Manual explain the application of the regime to qualifying cryptoassets and stablecoins, new regulated activities such as operating trading platforms, dealing, safeguarding, issuing stablecoins, arranging staking, cross-border services, exclusions, automated or decentralised arrangements, and interaction with the Money Laundering Regulations, including transition for currently registered firms.