UK FCA consults on further amendments to its cryptoasset perimeter guidance

The UK Financial Conduct Authority (FCA) has published consultation paper CP26/36, consulting on amendments to its Perimeter Guidance Manual (PERG) within the FCA Handbook to reflect recent legislative changes to the UK's cryptoasset regulatory perimeter. The FCA previously published its final perimeter guidance in PS26/18 in September, to help firms understand the scope of the new regulated cryptoasset activities and when authorisation and permissions may be required. The day before PS26/18 was published, the government made further amendments to the regime through a second statutory instrument (SI), the Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026, which introduces further exclusions from certain of the regulated cryptoasset activities. For more detail, you may wish to read our blog post titled "UK lays draft SI amending the 2026 Cryptoasset Regulations".

The FCA is now consulting on changes to its existing PERG 18 guidance to reflect the amendments in the second SI. The proposed changes explain the FCA's view of how the amendments in the second SI apply, and how the new exclusions interact with the regulated cryptoasset activities. In addition, the FCA also proposes to add guidance to PERG 18 on the extent to which decentralisation can affect perimeter analysis. The existing PERG 18 guidance and the proposed amendments in this consultation are intended to be read together. The FCA also proposes consequential amendments to PERG 8, its financial promotion guidance, reflecting amendments to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 made by the second SI.

The deadline for responses is 18 November. The FCA expects to publish its final guidance in spring 2027, ahead of the new cryptoasset regulatory regime's go-live date on 25 October 2027.

The FCA also published an updated webpage in which it acknowledges that the timing of the publication of the second SI may have created uncertainty for a small number of firms around the need to be authorised. The FCA explains that where a firm can demonstrate that the uncertainty relating to the technical services provider exclusion has materially impacted its ability to submit a complete application during the application period, the FCA will exercise some forbearance. Under these circumstances, provided a firm submits an otherwise complete application during the application period, the FCA will allow the firm additional time to address any incomplete aspects of its application relating to the arranging permission. Impacted firms are encouraged to engage with the FCA through its pre-application support service.

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