• The FCA opened consultation CP26/13 on April 15, 2026, giving firms until June 3 to respond on crypto perimeter rules.
• Exchanges, custodians, and stablecoin issuers must secure FSMA Part 4A authorization before the October 25, 2027 deadline.
• The FCA authorization gateway opens September 30, 2026, giving firms 18 months to complete applications before the regime starts.

The consultation focuses on clarifying which activities involving qualifying cryptoassets and qualifying stablecoins will require formal FCA authorization. The FCA says the guidance is designed to reduce uncertainty for firms currently operating under Money Laundering Regulations as they prepare for the shift to full FSMA authorization.

The agency framed the goal as building “an open, sustainable and competitive crypto market that people can trust.” Firms have until June 3, 2026, to submit responses. The FCA expects to publish final guidance in September 2026.

Under the forthcoming framework, seven new regulated activities will be introduced through the Financial Services and Markets Act 2000 ( Crypto assets) Regulations 2026. Any firm carrying on these activities “by way of business” in the UK will need a Part 4A FSMA authorization.

The regulated activities include issuing qualifying stablecoins in the UK, safeguarding or arranging the safeguarding of qualifying crypto assets, operating a qualifying crypto asset trading platform, dealing in qualifying crypto assets as principal or agent, arranging deals in qualifying crypto assets, and arranging qualifying crypto asset staking.

The paper draws a hard line on decentralization. The FCA states that decentralized features do not automatically exclude a firm from regulation. The guidance emphasizes substance over form and includes decision trees and scenario-based examples to help firms determine whether their activities fall within the regulatory perimeter.

The FCA also defines key terms firms must understand. A qualifying cryptoasset is described as a fungible, transferable cryptographic asset that excludes electronic money, fiat currencies, central bank digital currencies, and limited-network assets. A qualifying stablecoin is a qualifying cryptoasset that seeks to maintain a stable value relative to fiat currency through backing assets.

Overseas firms serving UK users are also covered. The FCA says a firm’s activities can be “carried on in the UK” even when the firm is based abroad, unless those services are routed through an authorised UK intermediary. The guidance addresses overseas branches versus subsidiaries directly through scenario-based questions.

The FCA’s authorization gateway opens Sept. 30, 2026, and closes Feb. 28, 2027. Firms that apply before the gateway closes can continue operating under savings provisions while their applications are processed, even after the Oct. 25, 2027, commencement date.

MLR-registered firms are not off the hook. The FCA notes that authorized firms will still need to comply with MLR obligations in many cases. Transition provisions allow MLR-registered firms to keep operating until their FSMA applications are resolved.

CP26/13 is structured in a Q&A format and will be added as a new chapter in the FCA’s Perimeter Guidance Manual. The paper poses six high-level questions asking whether respondents agree with the proposed guidance across sections covering regulated activities, exclusions, MLR interaction, and amendments to PERG 1, 2, and 8.

The FCA says the cost impact of the consultation itself is minimal, as it is guidance only. Final rules covering prudential standards, conduct requirements, and market abuse are expected this summer, with all policy statements published before the Oct. 2027 go-live date.

Firms seeking additional support before applying can contact the FCA through its pre-application support service. The agency is also holding webinars to walk firms through the changes ahead of the gateway opening.

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