PS26/18: Cryptoasset perimeter guidance
AI Analysis
The FCA published final perimeter guidance on 16 September 2026 explaining when cryptoasset activities will require UK authorisation under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. From 25 October 2027, activities including cryptoasset safeguarding, trading-platform operation, dealing, arranging deals and arranging staking will generally require authorisation, while existing Money Laundering Regulations registrations and permissions will not convert automatically.
Key dates
- 2026-09-16
- The FCA published PS26/18 and its final cryptoasset perimeter guidance.
- 2026-09-30
- The application window opened for firms seeking to use the transitional arrangements.
- 2027-02-28 Deadline
- The application window closes for firms wishing to use the transitional arrangements.
- 2027-10-25
- The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 introduce the new regulated cryptoasset activities into the FCA perimeter.
Suggested considerations
- Firms should map each current and planned cryptoasset service against the PERG 18 regulated-activity analysis, including whether the activity is conducted in the UK and by way of business.
- Firms registered under the Money Laundering Regulations should assess separately whether FCA authorisation or a variation of permission is required, because existing registration does not convert automatically into authorisation.
- Existing FCA-authorised firms should review their permissions and consider whether a variation of permission will be needed for cryptoasset activities.
- Firms intending to rely on transitional or savings arrangements should assess eligibility and submit an application within the 30 September 2026 to 28 February 2027 application window.
- Compliance teams may wish to inventory custodial wallets, trading venues, brokerage and arranging models, staking services, stablecoin issuance, lending products, market-making and technology or infrastructure services.
- Firms should review UK territoriality, customer location, solicitation, marketing and operating-model assumptions, particularly for overseas businesses serving UK consumers.
- Firms should monitor the FCA's further consultation on amendments to the perimeter guidance and reassess their analysis when the underlying regulations and final amended guidance change.
- Applicants should prepare governance, business-model, financial, operational, safeguarding, systems and controls material expected for authorisation and may wish to obtain independent legal and compliance advice.
What changed
The FCA has finalised new PERG 18 guidance on determining whether a cryptoasset activity is regulated, whether it is carried on in the UK, whether it is carried on by way of business, and whether an exemption or transitional provision applies. The perimeter covers activities such as issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing in or arranging deals in cryptoassets, safeguarding cryptoassets and arranging cryptoasset staking. The final guidance adds clarification on territoriality, the meaning of carrying on an activity by way of business, when a communications or technology provider is adding value beyond merely providing a means of communication, the scope of staking arrangements, qualifying versus specified investment cryptoassets, and the distinction
Compliance impact
This is a high-impact perimeter development because firms conducting covered cryptoasset activities by way of business in the UK may need new FCA authorisation or a variation of permission, and existing MLR registration will not be sufficient. Operating without the required permission after 25 October 2027 could constitute unauthorised activity, while failure to apply within the transitional windo
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original FCA source before acting. Full disclaimer.
What the FCA said
We have published final guidance on when cryptoasset activities need FCA authorisation. ... Read PS26/18 (PDF)Why we are changingFrom 25 October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (the Cryptoasset Regulations) will introduce new regulated activities for cryptoassets into…
Extract from FCA . Read the full notice at the source for the authoritative text.