UK FCA issues final guidance on cryptoasset regulatory perimeter

The UK Financial Conduct Authority (FCA) has issued final guidance (PS26/18) defining the regulatory perimeter for cryptoassets under the Financial Services and Markets Act framework. The guidance clarifies which activities require formal authorization, including the issuance of qualifying stablecoins, operating trading platforms, safeguarding cryptoassets, and arranging cryptoasset staking services.

A new authorization gateway is scheduled to open on 30 September 2026, with a deadline of 28 February 2027 for firms to apply for transitional arrangements. The full regulatory regime is set to take effect on 25 October 2027. Notably, existing anti-money laundering registrations will not automatically convert into full FSMA permissions, requiring firms to re-apply.

Parallel to these crypto regulations, the FCA and Bank of England are exploring the tokenization of assets. The regulators are considering specific frameworks for tokenized gold and commodities to improve collateral mobility in wholesale markets. HM Treasury has also drafted amendments to exempt certain UK-issued stablecoin payments from specific dealing and arranging requirements to streamline digital finance operations.