United Kingdom: FCA and Treasury Consultations on Cryptoassets Perimeter

In brief

On 15 April 2026, the Financial Conduct Authority (FCA) published draft perimeter guidance clarifying how it expects firms to interpret the UK’s new cryptoassets regulatory perimeter under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (Cryptoassets Regulations). This is the clearest indication to date of where the FCA considers activities to fall within scope. With the consultation closing on 3 June 2026, firms should review their existing business models and future plans to assess whether authorisation is likely to be required, and which permissions or exclusions may apply. The FCA expects to finalise the guidance around the opening of the authorisation gateway in September 2026, ahead of the regime taking effect on 25 October 2027.

Separately, on 21 April 2026 the Treasury proposed amendments to the Cryptoassets Regulations aimed at avoiding unintended impacts, particularly for stablecoin payments firms. Feedback on those proposals closes on 22 May 2026.

For more on the Cryptoassets Regulations, see our previous alert.

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