CP26/13: Cryptoasset perimeter guidance

Read CP26/13 (PDF)

Why we are consulting

Crypto firms will be able to start applying for authorisation from September 2026, in line with the perimeter set by the legislation.  

We are, therefore, consulting on draft perimeter guidance to help firms understand when authorisations will be required. 

We want feedback on our interpretation of the perimeter of the following regulated cryptoasset activities: 

• Issuing qualifying stablecoins in the UK. 
• Safeguarding, or arranging safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets. 
• Operating a qualifying cryptoasset trading platform. 
• Dealing in qualifying cryptoassets as principal. 
• Dealing in qualifying cryptoassets as agent. 
• Arranging deals in qualifying cryptoassets. 
• Arranging qualifying cryptoasset staking. 

The proposed guidance supports our aim for an open, sustainable and competitive crypto market people can trust, and builds on our previous consultations in our crypto roadmap.

Who this is for

This CP will primarily interest firms that participate in, or support the services of, regulated cryptoasset activities.  

It will also interest organisations and individuals, both domestically and internationally, from the cryptoasset sector. 

Who needs to read this document:

• Cryptoasset firms (including firms based overseas) providing services to UK consumers. 
• Stablecoin issuers. 
• Traditional finance firms and market participants. 
• Industry groups/trade bodies. 
• Professional advisers. 
• Law firms and consulting firms advising on cryptoassets. 
• Consumer groups and individual consumers. 
• Policy makers and other regulatory bodies. 
• Industry experts and commentators. 
• Academics and think tanks. 
• Other firms or professional bodies involved in cryptoassets. 

Next steps

We welcome views on our proposals by 3 June 2026. 

Provide your feedback via our response form:

Online response form

We will consider responses to all the consultations as part of the crypto roadmap and intend to publish our final rules in policy statements this summer. We will publish our final perimeter guidance in the autumn. 

Background 

In February 2026, Parliament made the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 to bring new cryptoasset activities within our regulatory remit. 

We set out the timeline for regulation in our crypto roadmap. The FCA has consulted on stablecoin issuance and cryptoasset custody (CP25/14), prudential rules (CP25/15 and CP25/42), the application of the FCA Handbook (CP25/25 and CP26/4), regulating cryptoasset activities (CP25/40), and admissions and disclosures and market abuse (CP25/41).