The UK’s cryptoasset regulatory landscape is entering a new phase. With the publication of Consultation Paper CP26/13, the Financial Conduct Authority (“FCA”) has provided its clearest indication yet of how the future cryptoasset regime will operate and, critically, which firms and activities will fall within the regulatory perimeter.
For crypto firms, fintechs, exchanges, custodians and traditional financial institutions exploring digital assets, the era of regulatory ambiguity is narrowing ahead of the opening of the authorisation period in September 2026. The FCA is moving towards a structured authorisation regime designed to support an open and sustainable crypto market while strengthening consumer protection and market integrity.
What is CP26/13?
CP26/13 sets out the FCA’s proposed perimeter guidance for the UK’s future crypto regime. The guidance is intended to help firms understand when cryptoasset activities will require FCA authorisation under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026.
The consultation focuses on several regulated cryptoasset activities including:
- Issuing qualifying stablecoins in the UK;
- Safeguarding, or arranging safeguarding of qualifying cryptoassets and relevant specified investment cryptoasset;
- Operating a qualifying cryptoasset trading platform;
- Dealing in qualifying cryptoassets as principal;
- Dealing in qualifying cryptoassets as agent;
- Arranging deals in qualifying cryptoasset; and
- Arranging qualifying cryptoasset staking.
The FCA emphasises that they are focusing on the substance of activities being carried out, rather than simply regulating the technologies, labels or actors involved.
Shifting to Authorisation:
One of the most significant developments is the transition from the current anti-money laundering registration framework under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLRs”) towards a broader FSMA-style authorisation regime.
Under the proposed framework, firms carrying on regulated cryptoasset activities “by way of business” in the UK will need to be FCA authorised. The FCA expects the authorisation application window to open from 30 September 2026 to 28 February 2027, ahead of the regime coming into force on 25 October 2027.
A Focus on Substance:
A central theme running through the FCA’s guidance is that firms cannot rely on decentralised structures, technical terminology or platform labels to avoid regulation.
The FCA will assess firms based on the following perimeter criteria:
- What activity is actually being performed;
- Whether it is carried on in the UK.;
- Whether it is conducted by way of business; and
- Whether a relevant exclusion or exemption applies.
This means firms operating through decentralised models, smart contracts or overseas structures may still fall within scope if they are serving UK consumers. Crypto firms must consider their governance, operational design and customers when applying for FCA authorisation.
Key Takeaways:
The FCA’s approach signals a broader shift towards integrating cryptoassets into the wider UK financial regulatory framework, bringing expectations around governance, controls, consumer outcomes and operational resilience closer to those already seen in traditional financial services.
The guidance is particularly relevant for:
- Crypto exchanges and trading platforms;
- Stablecoin issuers;
- Custody providers;
- Staking service providers;
- Traditional financial institutions entering digital assets; and
- Overseas firms servicing UK customers.
As the crypto regulatory perimeter expands, firms will need robust testing and monitoring frameworks to demonstrate ongoing compliance and good customer outcomes. This includes regularly assessing whether products, disclosures, financial promotions and operational controls remain aligned with FCA expectations.
Ongoing monitoring will also be critical in identifying emerging regulatory risks, governance gaps and areas where customer understanding or protections may fall short. Firms that prepare early will be significantly better positioned than those waiting for final rules before acting.
How Complyport Can Help:
The FCA’s proposed cryptoasset perimeter guidance in CP26/13 introduces significant new considerations for firms operating in or entering the UK crypto market. Managing these evolving expectations requires more than regulatory compliance, firms must ensure their governance, controls and operational frameworks are ready for a fully regulated environment.
Complyport provides specialist regulatory support to help firms prepare for and adapt to the UK’s future cryptoasset regime. Our experienced team can assist with:
- Consumer Duty Implementation: Helping firms integrate Consumer Duty expectations into cryptoasset business models, customer journeys and governance frameworks to demonstrate good consumer outcomes.
- Cryptoasset Authorisation Support: Supporting firms in preparing for FCA authorisation through tailored levels of assistance, including application reviews, end-to-end authorisation support and post-application assistance.
- Financial Crime and AML Framework Reviews: Assessing anti-money laundering, sanctions and transaction monitoring controls to ensure cryptoasset businesses maintain effective financial crime prevention frameworks aligned with FCA expectations.
- Training: Delivering tailored regulatory training to help teams and Senior Management understand the FCA’s crypto perimeter, authorisation expectations and ongoing compliance obligations.
As the UK crypto regime continues to evolve, firms that invest early in governance, compliance and operational readiness will be best positioned to operate confidently within the FCA’s expanding regulatory perimeter.
Speak to a Compliance Expert
Contact Complyport today to book a meeting with one of our Subject Matter Experts and ensure your marketing activities remain compliant in an increasingly scrutinised regulatory environment.
Ask ViCA, your Virtual Compliance Assistant. Claim your complimentary 20 queries today! Register here: https://vica.chat
