FCA publishes final guidance on which cryptoasset activities need authorisation

What happened

The Financial Conduct Authority (FCA) published policy statement PS26/18 on 16 Sep 2026. It sets out the FCA's final guidance on when cryptoasset activities need FCA authorisation, as a new chapter of its Perimeter Guidance manual, PERG 18.

The FCA consulted on a draft in April 2026 (CP26/13) and received 78 responses. It says it is "proceeding broadly as consulted on, with targeted clarifications."

What changed

Under the FCA's instrument, the PERG 18 chapter has been in force since 16 Sep 2026. The regulated activities it explains, which start to apply on 25 Oct 2027, include issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing and arranging deals, safeguarding cryptoassets and arranging cryptoasset staking.

In response to feedback, the FCA clarified that:

• in its view, products using hybrid stabilisation mechanisms, such as part backing assets and part algorithmic, are not qualifying stablecoins;
• wrapped tokens relating to stablecoins are not in themselves automatically qualifying stablecoins;
• there is no express exclusion from the safeguarding activity for technology providers;
• providing information or analytics alone is unlikely to amount to arranging qualifying cryptoasset staking;
• advising on and managing qualifying cryptoassets are not new regulated cryptoasset activities.

Who is affected

Anyone carrying on the new activities by way of business in the UK will need to apply for FCA authorisation, unless an exemption applies or they can use the savings or transitional run off provisions.

Existing registrations or permissions will not convert automatically. Firms authorised under the Financial Services and Markets Act 2000 (FSMA), registered under the Money Laundering Regulations (MLRs), or authorised or registered under the Payment Services Regulations or Electronic Money Regulations will need to be appropriately authorised (for firms already authorised under FSMA, this can mean a variation of permission) if they carry on a regulated cryptoasset activity by way of business in the UK that no exclusion or exemption covers.

The FCA says the guidance is also relevant to traditional finance firms exploring cryptoasset markets and overseas firms providing cryptoasset services to UK consumers.

What happens next

The application window opens on 30 Sep 2026. It closes on 28 Feb 2027 for firms that want to use the savings provisions.

The guidance covers the Cryptoasset Regulations passed by Parliament on 4 Feb 2026. It does not yet include an amending statutory instrument the Government has since laid before Parliament, which the FCA says will affect a small number of PERG provisions.

The FCA said it will consult in October 2026 on the targeted changes, including those relating to UK qualifying stablecoins, proprietary trading and market making, and certain technology providers. The FCA intends the same consultation to cover the distinction between e-money and qualifying stablecoins, and the temporary settlement exclusion. It aims to publish final amended guidance in early 2027.