On 15 April 2026, the Financial Conduct Authority (FCA) published Consultation Paper 26/13: Cryptoasset Perimeter Guidance (CP26/13).

Background

From 25 October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (Cryptoasset Regulations) will introduce new regulated activities for cryptoassets into the FCA’s perimeter. To promote the understanding of the scope of the new regulated activities and when permissions will be required, the FCA is proposing changes to the Perimeter Guidance Manual (PERG) within the FCA Handbook setting out guidance on how the perimeter and permissions apply. In CP26/13 the FCA seeks views on the proposed guidance and whether any further clarification is needed.

Proposed guidance

The FCA are proposing to introduce a new chapter into PERG. The new chapter will contain guidance on how to determine whether an activity is within the perimeter, and guidance on the new specified investments and new regulated cryptoasset activities, including which permissions may be required for certain business models and how certain exclusions operate and other related issues. The proposed guidance in full is set out in Appendix 1 of CP26/13.

The proposed guidance sets out the FCA’s views on each of the new regulated activities introduced by the Cryptoasset Regulations. These are:

  • Issuing qualifying stablecoins in the UK – In the proposed guidance, the FCA clarifies when issuing a qualifying stablecoin is regarded as carried on in the UK and what it means to ‘issue’ for the purposes of the new regulated cryptoasset activity, including if a firm carries on just one element of the issuing activity. The FCA has also clarified who would be authorised to issue a qualifying stablecoin, and how redemption forms part of the activity of issuing qualifying stablecoins (Article 9M of the Cryptoasset Regulations).
  • Safeguarding, and arranging safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets – In the proposed guidance the FCA explains that the safeguarding activity includes two specified kinds of activity: a) the safeguarding of a qualifying cryptoasset or a relevant specified investment cryptoasset on behalf of another person and b) arranging for a person to carry on that activity. The FCA sets out that safeguarding cryptoassets may be carried on regardless of whether the cryptoasset is owned by the customer or the firm, provided it is done on behalf of another person and the firm has the requisite degree of control over the cryptoasset.
  • Operating a qualifying cryptoasset trading platform – The proposed guidance explains when and how an operator may be operating a qualifying cryptoasset trading platform (QCATP). It also includes examples of different types of operators and models, from different locations, outlining when authorisation is required, and the different permissions required (for example, a permission to operate a UK QCATP, a safeguarding cryptoasset permission, a dealing in qualifying cryptoassets as principal permission) depending on the activities carried out by a firm.
  • Dealing in qualifying cryptoassets as principal – The proposed guidance sets out the perimeter considerations for dealing in qualifying cryptoassets, whether as principal or agent, and for arranging deals in qualifying cryptoassets, all of which are intermediary activities. Among other things the FCA notes that the new regulated cryptoasset activities of dealing and arranging mirror the existing Regulated Activities Order activities and operate in a similar way, although the crypto-specific exclusions differ. It also notes that firms should assess the substance of their activities to determine whether they are arranging or dealing in qualifying cryptoassets. Some exclusions apply, but there is not a particular exclusion from arranging deals in qualifying cryptoassets for ‘technical services’ – this is only for arranging the qualifying cryptoasset staking activity.
  • Dealing in qualifying cryptoassets as agent – See above.
  • Arranging deals in qualifying cryptoassets – See above.
  • Arranging qualifying cryptoasset staking – The proposed guidance explains that activities which may fall within the perimeter include managing the end-to-end staking lifecycle, pooling customer assets to meet validator thresholds and distributing staking rewards. The FCA notes that purely technical services are generally out of scope, for example, operating a validator node or offering solo staking tools without further involvement is unlikely, on its own, to amount to arranging qualifying cryptoasset staking.

Cryptoasset lending and borrowing is not a standalone regulated cryptoasset activity, but the FCA sets out in the proposed guidance its views on the new regulated activities that may be involved.

The proposed guidance also covers exclusions relevant to the new activities.

Next steps

The deadline for comments on CP26/13 is 3 June 2026.

The FCA intends to publish the final guidance in September 2026.

The FCA’s application period for firms that want to undertake the new regulated cryptoasset activities will be open from 30 September 2026 to 28 February 2027.

To help firms understand the new perimeter and the authorisation process, the FCA has set out on its website various measures. For example, firms can request a pre-application meeting with the regulator via its pre-application support service.