On 21 October 2026, the FCA published Consultation Paper 26/36: Cryptoasset perimeter guidance (CP26/36).
Background
From 25 October 2027, the Financial Services and Markets Act (FSMA) 2000 (Cryptoassets) Regulations 2026 will introduce new regulated activities for cryptoassets into the FCA’s perimeter.
In September 2026, the FCA published perimeter guidance in Policy Statement 26/18 (PS26/18) to help firms understand the scope of the newly regulated activities and the permissions they may need. The day before PS26/18 was published, HM Treasury laid further legislative amendments in a second statutory instrument, FSMA 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026 (the Cryptoassets Amendment Regulations).
In CP26/36 the FCA is consulting on changes to the Perimeter Guidance Manual (PERG) within the FCA Handbook to reflect these legislative amendments. The changes explain the FCA’s view of how the amendments in the legislation apply, and how the new exclusions interact with the regulated cryptoasset activities. The draft guidance also includes amendments to PERG 8, to reflect consequential changes needed in respect of the guidance on financial promotions as a result of amendments made to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 by the Cryptoassets Amendment Regulations.
Next steps
The deadline for responding to CP26/36 is 18 November 2026.
The FCA will publish the final guidance in Spring 2027, taking into account feedback received as appropriate.
Podcast
For firms finding themselves within the FCA’s perimeter we have published a podcast which unpacks the authorisation process — what firms need to know, where the pitfalls lie, and how the FCA is approaching applications in practice. The podcast features Val Smith, the FCA’s Head of Department for Payments and Digital Assets Authorisation. In the course of the discussion, Val outlines the regulator’s expectations and how firms can best present their applications.