The Financial Conduct Authority (FCA) published Consultation Paper CP26/13 ("Cryptoasset Perimeter Guidance") in April 2026, seeking public comment on draft guidance that defines which cryptoasset activities will require FCA authorisation under the new UK regulatory regime. The consultation is at the open consultation stage, with responses due by 3 June 2026. The FCA plans to publish final perimeter guidance in autumn 2026 and final rules in policy statements in summer 2026.
The controlling instrument is the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), made on 4 February 2026 and laid before Parliament in exercise of powers under sections 21(5), (6), (9), (10) and (15), 22(1) and (5), and 71K-71R of the Financial Services and Markets Act 2000. That statutory instrument brought seven categories of cryptoasset activity within the FCA's regulatory remit: issuing qualifying stablecoins in the UK; safeguarding qualifying cryptoassets; operating a qualifying cryptoasset trading platform; dealing in qualifying cryptoassets as principal; dealing as agent; arranging deals; and arranging qualifying cryptoasset staking. CP26/13 now interprets the perimeter of each of those seven regulated activities in draft guidance form.
Firms currently holding a UK financial promotions registration or a money service business registration, overseas firms passporting into the UK, and crypto-native businesses offering any of the seven covered activities to UK consumers must assess whether their operations fall within the new perimeter. Authorisation applications open from September 2026. Firms that do not obtain authorisation by the applicable transition deadline will be prohibited from carrying on regulated cryptoasset activities in the UK. Stablecoin issuers that pay yield or any return to holders face additional scrutiny under the perimeter guidance, because the classification of such products as a qualifying stablecoin versus a deposit or e-money instrument affects which regulatory requirements apply.
The FCA states that the guidance supports an open, sustainable and competitive crypto market people can trust. Several open questions remain, including whether decentralised-finance protocols that do not have a legal person operating them fall within the perimeter, and how the custody rules apply to multi-party computation wallets. The FCA invites written responses via its online response form by 3 June 2026 and will consider those responses alongside responses to CP25/14, CP25/15, CP25/40, CP25/41, CP25/42, CP26/4, and other consultations in the crypto roadmap series.
Our firm advises on UK and cross-border cryptoasset regulation and can assist firms in assessing their position under the new perimeter, preparing authorisation applications, and structuring compliant products. We maintain a dedicated network of UK-qualified regulatory partners available for this work. Firms or investors with questions are welcome to contact us directly. We regularly handle matters including cryptoasset exchange licensing, stablecoin compliance, DeFi regulatory analysis, crypto custody structuring, AML/CFT obligations for virtual asset service providers, and regulatory roadmap preparation for token issuers.
Source: Financial Conduct Authority, Consultation Paper CP26/13 Cryptoasset Perimeter Guidance, published April 2026, available at https://www.fca.org.uk/publications/consultation-papers/cp26-13-cryptoasset-perimeter-guidance; The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), made 4 February 2026, available at https://www.legislation.gov.uk/uksi/2026/102/contents/made. Confirmed 23 April 2026.
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