Overview
- The Financial Conduct Authority began accepting authorisation applications for crypto services on Sept. 30, 2026 and requires firms to apply by Feb. 28, 2027 to rely on transitional protections while their applications are assessed.
- PERG 18 inserts a new chapter into the FCA’s Perimeter Guidance Manual that defines the new category of "qualifying cryptoasset" as fungible, transferable and not merely a record of value or contractual right.
- The guidance lists the regulated activities that now fall inside the perimeter, including issuing qualifying stablecoins, operating trading platforms, dealing, arranging and arranging qualifying staking.
- The FCA clarifies that hybrid-stabilisation products and wrapped tokens do not automatically qualify as qualifying stablecoins and applies a narrower "by way of business" test to determine who needs authorisation.
- PERG 18 removes an Overseas Persons Exclusion for the new activities so services to UK consumers from overseas may be treated as carried on in the UK, and the FCA says firms must meet standards for consumer protection, asset safeguarding and operational resilience with pre-application support and further consultations due before final amended guidance in early 2027.