FCA Publishes Final Cryptoasset Perimeter Guidance Ahead of Authorisation Gateway

The UK Financial Conduct Authority has published final guidance on how the regulatory perimeter will apply under the country’s forthcoming cryptoasset regime, ahead of the opening of the authorisation gateway on 30 September 2026.

The guidance follows the FCA’s April consultation on its interpretation of the new regulated cryptoasset activities created by the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. The framework is scheduled to take effect on 25 October 2027.

The perimeter guidance is intended to help firms determine whether their activities fall within the new authorisation regime. The activities covered include issuing qualifying stablecoins, operating qualifying cryptoasset trading platforms, dealing in qualifying cryptoassets as principal or agent, arranging deals, safeguarding or arranging the safeguarding of cryptoassets, and staking-related activities.

The distinction is important for firms already operating under the UK’s existing anti-money laundering framework. FCA registration under the Money Laundering Regulations will not automatically convert into authorisation under the new Financial Services and Markets Act regime. Firms carrying on activities within the new regulatory perimeter will need the appropriate FCA authorisation or variation of permission.

The FCA has set an application period running from 30 September 2026 to 28 February 2027. Existing firms that apply during that window may, subject to the applicable conditions, be able to rely on saving and transitional provisions if their applications have not been determined when the new regime begins. Firms applying outside the window may not have access to the same arrangements.

The final perimeter guidance completes another implementation stage following the FCA’s broader package of cryptoasset rules published on 30 June. Those rules cover areas including financial resilience, market integrity, stablecoin issuance, custody, conduct and systems and controls. Until the new regime takes effect, cryptoasset businesses carrying on activities within the current scope must continue to comply with existing requirements, including registration and obligations under the Money Laundering Regulations where applicable.

Sources

Financial Conduct Authority — CP26/13: Cryptoasset perimeter guidance
Financial Conduct Authority — A new regime for cryptoasset regulation