CP26/36: Cryptoasset perimeter guidance

Read CP26/36 (PDF)

Why we are consulting

We're consulting on guidance to explain how recent legislative changes affect the UK's cryptoasset regulatory perimeter. The draft Cryptoassets (Miscellaneous Amendments) Regulations 2026 introduces new exclusions from some of the regulated cryptoasset activities. They include, for example, temporary settlement arrangements, temporary UK qualifying stablecoin holding arrangements for payment transactions, arrangements involving backing assets held in relation to a UK qualifying stablecoin, proprietary trading where a person is not providing a service to another person or where they act as a market maker on a QCATP, and technical services that merely allow access to services provided by a third party or to a decentralised protocol.  

Our guidance aims to help firms understand clearly whether they need our permission, reducing the risk of them inadvertently breaching the perimeter when the regime comes into force on 25 October 2027.

We acknowledge that the timing of the publication of this latest Statutory Instrument will have created uncertainty for a small number of firms around the need to be authorised. 

Where a firm can demonstrate that the uncertainty relating to the technical services provider exclusion has materially impacted its ability to submit a complete application during the application period, we will exercise some forbearance.

Under these circumstances, provided a firm submits an otherwise complete application during the application period, we will allow the firm additional time to address any incomplete aspects of its application relating to the arranging permission. 

Any firms that are impacted by this uncertainty and that have not already done so should engage with us via our pre-application support service.

Who this is for

• Firms and persons carrying out, or planning to carry out, regulated cryptoasset activities in the UK after 25 October 2027, or firms already authorised under the Financial Services and Markets Act 2000 (FSMA) that may need to vary their permissions to carry out new regulated cryptoasset activities.  
• Firms considering whether exclusions apply to their business model. 
• Central securities depositaries (CSDs), including third-country CSDs, with safeguarding arrangements involving cryptoassets.  
• Trade associations and professional advisers supporting firms with cryptoasset authorisation.

Next steps

Respond to this consultation by 18 November 2026. You can respond using the form on our website, or by email.

Online response form

We'll continue engaging with firms and trade associations throughout the consultation period. We aim to publish our final guidance in January 2027, taking into account the feedback we receive.

Our application period for firms with existing UK cryptoasset business that want to carry out new regulated cryptoasset activities opened on 30 September 2026 and closes on 28 February 2027. Firms wanting to benefit from the savings provision must apply within this window.

Background

From 25 October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 will bring new cryptoasset activities into our regulatory perimeter. In September 2026, we published perimeter guidance in PS26/18 to help firms understand the scope of these newly regulated activities.

The day before PS26/18 was published, the government laid further amendments through a second statutory instrument, the Cryptoassets Amendment Regulations. These introduced further exclusions, including for certain decentralised technical services and specific safeguarding arrangements. This consultation sets out our proposed guidance on how these further amendments apply, so that our Perimeter Guidance Manual (PERG) continues to reflect the current legislative position.

Our proposals support our aim of helping firms get the correct permissions, which in turn supports effective competition, consistent regulatory treatment of market participants, and appropriate consumer protection as the cryptoasset market develops under UK regulation.