New UK Cryptoasset Regime: FCA Consults On Perimeter Guidance

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In its latest cryptoasset consultation paper (CP26/13), the FCA sets out proposed updates to its Perimeter Guidance Manual (PERG) as part of the transition to the UK’s new cryptoasset regulatory regime, which will take effect on 25 October 2027.

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In its latest cryptoasset consultation paper (CP26/13), the FCA sets out proposed updates to its Perimeter Guidance Manual (PERG) as part of the transition to the UK’s new cryptoasset regulatory regime, which will take effect on 25 October 2027.

In our previous blog post, we summarised the current policy position and outlined practical actions for firms to prepare for the FCA authorisation process.

CP26/13 responds to a longstanding market concern: while firms broadly understood that crypto regulation was coming, there has been limited clarity on how existing perimeter concepts translate into decentralised, token‑based business models.

New PERG chapter 19: guidance on cryptoasset activities

The main focus of CP26/13 is the FCA's proposal to introduce a new PERG chapter - PERG 19 - with guidance dedicated to cryptoasset activities.

In particular, the draft guidance (which is set out in Q&A format) is intended to:

aid understanding of the scope of the new regulated cryptoasset activities - particular focus is given on the activities of safeguarding cryptoassets (where helpful guidance around the scope of 'control' and ownership of cryptoassets is provided) and issuing stablecoins (where guidance confirms that the activity of 'issuing' includes more than just 'minting' tokens);
explain when activities are regarded as being carried on "by way of business" and "in the UK"; and
clarify the authorisations/permissions required for each regulated cryptoasset activity.

This approach mirrors the FCA's existing use of PERG to support perimeter assessments in new, complex or evolving areas of financial services regulation.

Changes to existing PERG chapters

In addition to the new PERG 19, the FCA proposes targeted amendments to PERG 1 (Introduction to PERG), 2 (Authorisation and regulated activities) and 8 (Financial promotion and related activities). The proposed updates are designed to ensure consistency across the FCA Handbook by reflecting:

the introduction of cryptoasset‑specific regulated activities;
the interaction between cryptoassets and broader concepts such as specified investments; and
the shift from the current MLRs‑based framework to regulation under the FSMA framework.

Firms accustomed to using PERG in other contexts should expect cryptoassets to be more fully integrated into the overall perimeter architecture, rather than treated as a standalone add‑on.

Next steps

CP26/13 closes to responses on 3 June 2026. The FCA intends to publish the final version of its cryptoasset perimeter guidance in September 2026, taking into account the feedback received and any further legislative changes.

Firms should compare the proposed PERG guidance with their planned cryptoasset activities and offer feedback to the FCA relevant to perimeter or scope analysis.

The FCA states in CP26/13 that it will consider the guidance to be a success if firms are clear about the regulatory perimeter, and can organise their businesses and apply for relevant permissions with confidence. It anticipates receiving higher quality applications for the right permissions and seeing fewer inadvertent perimeter breaches. It also expects that fewer firms will need to operate under the legislative savings provisions on the basis they will have, at an earlier stage, an understanding of the permissions for which they need to apply.

Future FCA cryptoasset publications

In the press release accompanying CP26/13, the FCA confirms that its consultations on rules for the new cryptoasset regulatory regime are "substantively complete" and policy statements will follow this summer.

In addition, the FCA intends to consult later this year on:

guidance on decentralised finance (DeFi);
operational resilience guidance for firms using distributed ledger technology (DLT); and
updates to the Financial Crime Guide (FCG) relevant to cryptoasset firms.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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