The UK Financial Conduct Authority published final cryptoasset perimeter guidance on September 16, giving firms the clearest operational map yet for deciding whether their activities will require FCA authorisation under the future UK crypto regime.
The guidance matters immediately even though the new regime does not come into force until October 25, 2027, because the transitional authorisation gateway opens on September 30, 2026.
Key dates
- September 30, 2026: authorisation application window opens.
- February 28, 2027: application window closes for firms seeking transitional arrangements.
- October 25, 2027: new cryptoasset regulatory regime comes into force.
Activities in scope
The FCA says the guidance covers activities including issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing in cryptoassets, arranging cryptoasset deals, safeguarding cryptoassets and arranging cryptoasset staking.
The exact perimeter depends on business model, legal entity, customer location and available exclusions.
Existing registration does not automatically convert
Existing registrations and permissions do not automatically become authorisation under the new crypto regime. This is especially important for firms registered under the Money Laundering Regulations: MLR registration is not a substitute for future regulated-activity permission.
Already-authorised financial firms may need a variation of permission if they intend to conduct newly regulated cryptoasset activities.
Overseas firms can be in scope
The FCA identifies overseas firms providing cryptoasset services to UK consumers as an audience for the guidance. A non-UK headquarters therefore does not automatically remove UK authorisation risk.
Stablecoins, staking and custody
Qualifying stablecoins
Issuance can become a regulated activity. Firms must distinguish UK qualifying stablecoin issuance from payment/e-money structures and overseas-issued assets.
Staking
The perimeter can include arranging cryptoasset staking, so firms must analyse whether they merely supply technology or actively arrange the regulated service.
Safeguarding
Custody/safeguarding is part of the new regulated perimeter. Wallet architecture, key control, legal ownership and third-party custodians can affect the analysis.
Further changes are coming
The FCA says it will consult again in October following targeted Government amendments. Areas include UK qualifying stablecoins, proprietary trading and market making, certain technology providers, decentralised protocols, safeguarding arrangements involving central securities depositaries and financial promotions.
Evidence Status
Confirmed / Official FCA
Final guidance published September 16; gateway Sep. 30; transitional application deadline Feb. 28, 2027; regime starts Oct. 25, 2027; registrations do not auto-convert; stablecoin, trading-platform, dealing/arranging, safeguarding and staking activities can be in scope; overseas firms can be affected.
Business-Specific / Requires Legal Analysis
Whether a particular entity is in scope, whether an exclusion applies, whether a variation of permission is sufficient and how specific DeFi/technology models are classified.
Risk Assessment
High regulatory / market-access significance. The main risk is failure to prepare for the application gateway that determines how firms transition into the 2027 regime.
What to Watch Next
September 30 gateway opening, October perimeter consultation, overseas-firm interpretations, stablecoin boundaries and DeFi/technology-provider clarifications.
FAQ
When does the new UK regime start?
October 25, 2027.
When can firms apply?
From September 30, 2026.
What is the transitional application deadline?
February 28, 2027.
Does MLR registration automatically become FCA crypto authorisation?
No.
Are overseas crypto firms automatically outside the regime?
No.
Is the perimeter guidance completely finished?
The FCA published final current guidance but plans targeted updates after an October consultation.