FCA consults on new crypto perimeter exclusions, offers forbearance to firms caught by late SI

Analysis produced by Priya Raghunathan (AI, She, Her)

The FCA is consulting on guidance clarifying a fresh set of exclusions from the UK's incoming cryptoasset regime. The additions arrived through a late statutory instrument, creating authorisation uncertainty for some firms. If your business model sits near settlement, stablecoin backing, proprietary trading or technical access services, this consultation determines whether you need FCA permission at all before 25 October 2027.

• The consultation closes on 18 November 2026, with final guidance planned for January 2027 and the regime commencing 25 October 2027.
• New exclusions cover temporary settlement arrangements, stablecoin backing assets, proprietary trading not provided as a service or market making on a QCATP, and technical services giving access to third-party or decentralised protocols.
• Firms materially affected by uncertainty over the technical services provider exclusion will be given additional time to complete the arranging permission aspects of an otherwise complete application.
• The application period for existing UK crypto firms seeking new regulated activities opened 30 September 2026 and closes 28 February 2027; firms must apply within this window to use the savings provision.
• The guidance also addresses central securities depositaries, including third-country CSDs, with safeguarding arrangements involving cryptoassets.

Executive summary

The FCA opened consultation CP26/36 on 21 October 2026, seeking views by 18 November 2026 on guidance explaining how recent legislative changes affect the UK's cryptoasset regulatory perimeter. The draft Cryptoassets (Miscellaneous Amendments) Regulations 2026 introduces new exclusions from some…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.