The UK government and the Financial Conduct Authority (FCA) have continued to develop the regulatory landscape applying to cryptoassets. In October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (the Cryptoasset Regulations) will bring cryptoasset activities within the scope of regulation under the Financial Services and Markets Act 2000. Persons carrying on those activities by way of business in the UK will need FCA authorisation, unless exempt.

The FCA recently proposed changes to the Perimeter Guidance Manual within the FCA Handbook to improve understanding of the scope of the new regulated activities and when permissions will be required. The draft changes were published in the FCA’s consultation on its Cryptoasset Perimeter Guidance, which closed for comment on 3 June 2026. Final guidance is expected to follow in September 2026. Whilst the draft guidance set out in the consultation paper does not change the position as set out in the Cryptoasset Regulations, it does help clarify the scope of the forthcoming regulation of cryptoasset activities and when permission would be needed.

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