PS26/18: What the FCA’s Final Cryptoasset Perimeter Guidance Means for Firms
The Financial Conduct Authority (FCA) has published PS26/18, its final guidance on how the UK’s new regulatory perimeter will apply to cryptoasset activities.
The FCA has addressed several practical issues raised during CP26/13. It clarifies that developing software is not itself a regulated activity, and that providing information, analytics or dashboards does not, of itself, amount to arranging deals. It also provides further guidance on the technical-services exclusion for staking. These clarifications should help firms distinguish technical provision from regulated intermediation, although assessments remain dependent on the services actually provided.
However, there is an important timing issue on which firms need clarity. The authorisation application window opens on 30 September, but the FCA has confirmed that today’s guidance does not yet reflect subsequent legislative changes affecting parts of the perimeter, including arranging and dealing. Further amendments to PERG will be consulted on later this year, with the FCA aiming to publish amended guidance in early 2027.
This means some firms may be preparing or submitting applications before the guidance has been updated to reflect legislative changes relevant to whether they are in scope and which permissions they need. This is particularly relevant to technical and infrastructure providers, given that the new legislation introduces an exclusion for certain technical services from the arranging activity.
CryptoUK would welcome as much practical certainty as possible during this period, including clarity on how firms should approach applications where the forthcoming PERG amendments could affect their perimeter assessment. We will continue working with the FCA and Government to ensure firms can prepare for the new regime with confidence.
