Today the UK’s Financial Conduct Authority launched its latest consultation to clarify which entities and cryptoasset activities are to be regulated, calling it the regulatory perimeter. The specific activities covered by the consultation, which closes on 3 June 2026, include stablecoin issuance, operating crypto trading platforms, dealing and arranging crypto deals, custody and staking.
The UK’s crypto regime comes into force in October 2027 with applications opening on 30 September 2026, and the rules to be finalized shortly before that. The timing was defined by the the final version of the statutory instrument published in December 2025, following an earlier consultation. The FCA has already commenced a pre-application support service (PASS), including having meetings with potential applicants.
One of key issues addressed in the consultation is whether the activity is considered to be in the UK, especially where crypto providers are offshore. This is all relevant because the normal UK Overseas Persons Exclusion (OPE) does not apply to these activities. In several cases if the activity involves a UK-based consumer it will be deemed to be in the UK, but there are exceptions. Even where the offshore entity deals with a UK institution, they need to be careful.
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