The UK Financial Conduct Authority (FCA) has launched a consultation on draft guidance to clarify which cryptoasset activities will require authorization under the country's new regulatory regime, set to take effect on 25 Oct 2027.
UK FCA Consults on Cryptoasset Perimeter Guidance
16 April 2026 - 08:00 CEST
Consultation Paper CP26/13 outlines the proposed perimeter for five regulated activities: issuing qualifying stablecoins, operating trading platforms, dealing and arranging deals in qualifying cryptoassets, safeguarding cryptoassets and staking. The guidance will help firms determine when they fall inside the regulatory boundary.
The FCA said the proposals support its objective of building an open, sustainable and competitive crypto market that commands public trust. Until the regime launches, crypto activities remain largely unregulated except for financial promotions and financial crime rules. The regulator continues to warn consumers that crypto is high-risk, and they should only invest what they can afford to lose.
Authorization gateway opens 30 Sep
Firms can begin submitting authorization applications from 30 Sep, with the main window closing on 28 Feb 2027. The FCA is running webinars to assist applicants on the new regime, anti-money laundering requirements and the senior managers and certification regime.
This perimeter consultation follows earlier work on applying the FCA handbook to crypto activities, including prudential standards, custody, stablecoin issuance and market abuse. Most rule consultations are complete, with policy statements due this summer and a final perimeter statement expected in autumn 2026.
The changes stem from the Financial Services and Markets Act 2000 (Cryptoassets) Regulations, approved by Parliament in February. The framework applies a "same risk, same regulatory outcome" approach to bring qualifying cryptoassets within existing financial services rules.
Retail market context
According to the FCA's Cryptoassets Consumer Research 2025 (Wave 6), 8% of UK adults – approximately 4.5mn people – currently hold cryptoassets, down from 12% (around 7mn) in 2024. Awareness stands at 91%. While the number of owners has fallen, the typical value held by remaining investors has risen, with more users maintaining portfolios above £1,000.
Implications for firms
UK-based crypto firms and overseas platforms serving UK retail customers will need to assess their models against the perimeter. Qualifying stablecoins must meet strict reserve and redemption standards. Custodians, exchanges, stablecoin issuers and staking providers are among those likely to require authorization.
The FCA has issued a detailed crypto roadmap for the transition. Further consultations on decentralized finance (DeFi) arrangements and operational resilience are planned for later in 2026.
The consultation closes on 3 Jun. Responses will shape final guidance on scope and edge cases.
UK timeline versus global peers
The UK's approach offers market participants more than a year from the authorization gateway to full compliance. In contrast, the US Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, passed in July 2025, targets full implementation by January 2027, with rulemaking progress described as uneven by industry trackers.
