UK FCA final policy on cryptoasset perimeter guidance

The UK Financial Conduct Authority (FCA) has published policy statement PS26/18, setting out its final perimeter guidance on the new regulated cryptoasset activities introduced under the upcoming UK cryptoassets regime (PERG 18). The guidance seeks to clarify the scope of those activities, the regulatory perimeter, and when authorisation and permissions may be needed.

Following the April consultation, the FCA has proceeded largely as consulted on, with a number of targeted clarifications following feedback, including on the application of the "by way of business" test, the territorial scope of the regime, the distinction between qualifying cryptoassets and specified investment cryptoassets, the treatment of cryptoassets that are solely records of rights or value and of hybrid token structures, and the distinction between activities that do amount to arranging and activities that are unlikely to do so.

The government has also laid a further statutory instrument (SI) before Parliament amending the Cryptoasset Regulations 2026. The FCA states that the guidance in PS26/18 does not yet reflect the new SI. The FCA plans to consult in early Q4 on further PERG amendments addressing the new SI, with final amended guidance expected in early 2027.

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