On 16 September 2026, the Financial Conduct Authority (FCA) published Policy Statement 26/18: Cryptoasset Perimeter Guidance (PS26/18).
Background
From 25 October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (the Cryptoasset Regulations) will introduce new regulated activities for cryptoassets into the FCA’s perimeter.
Anyone wishing to carry on these activities by way of business in the UK will need to apply for FCA authorisation unless there is a relevant exemption or they are able to use the savings or transitional run off provisions. Once authorised, they will need to follow the rules in the FCA Handbook, supported by FCA guidance, which the regulator published on 30 June 2026 in PS26/9, PS26/10, PS26/11, PS26/12, and PS26/13, and any subsequent publications. These rules and guidance form the FCA’s core cryptoasset regime.
In April 2026 the FCA consulted on proposed changes to the Perimeter Guidance Manual (PERG) in the FCA Handbook (CP26/13) to help improve understanding of the scope of new regulated cryptoasset activities, clarify the regulatory perimeter, and when authorisation and permissions may be needed. In PS26/18 the FCA summarises the feedback received across each chapter of CP26/13 and sets out its response, including where it has amended the guidance and where it has maintained its proposed approach.
Draft SI
During the consultation period on CP26/13, the Government published a draft statutory instrument with targeted amendments to the Cryptoasset Regulations. The Government has subsequently laid a statutory instrument before Parliament. The guidance contained in PS26/18 relates to legislation that has already been made, the Cryptoasset Regulations passed by Parliament on 4 February 2026, and does not yet include the new statutory instrument. The FCA considers it to be most useful to issue the guidance in PS26/18 now to assist those looking to apply for authorisation or additional permissions as relevant. The FCA plans to consult in early Q4 2026 on further amendments to PERG to clarify the new provisions in the new statutory instrument. It aims to publish final amended guidance in early 2027.
Applicants
Applicants should familiarise themselves with the application window, scheduled to open on 30 September 2026 and close on 28 February 2027 (for those wishing to make use of the savings provisions), and understand the implications of applying during or after this period, including the operation of the saving and transitional provisions. They should also consider seeking independent legal and compliance advice when preparing an application.
The FCA will continue to support firms as they transition to authorisation. It is currently offering a wide range of support, including information on its cryptoasset regime and webinars, as well as pre‑application meetings, which are now available to book.
Podcasts
We have published a series of podcasts on the FCA’s Policy Statements covering the cryptoasset regime. These can be found on our Global Regulation Tomorrow blog.