The FCA has opened a consultation into new guidance to help firms understand how they might be affected by the regulatory regime for crypto assets.
Crypto assets will become regulated by the FCA from October 2027, with firms able to start applying for authorisation from September.
Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter.
Crypto firms with UK customers will also have to meet similar standards on transparency, consumer protection and operational resilience as other firms regulated by the FCA.
The regulator is looking to consult on guidance for firms following Parliament confirming which crypto asset activities will fall within the scope of regulation in February.
The FCA is seeking feedback on its interpretation of issuing qualifying stablecoin, operating trading platforms, dealing and arranging deals in qualifying crypto assets, safeguarding crypto assets and staking.
The regulator has already consulted on stablecoin issuance and crypto asset custody (CP25/14), prudential rules (CP25/15 and CP25/42), the application of the FCA Handbook (CP25/25 and CP26/4), regulating crypto asset activities (CP25/40), and admissions and disclosures and market abuse (CP25/41).
Until the new regime comes into force next year, crypto is largely unregulated except for financial promotions and financial crime purposes. A final policy statement is expected this autumn.
The FCA consultation (CP26/13) will close on 3 June.
The Government began the process for legislation bringing crypto assets into the regulatory perimeter in April 2025.
Research from the FCA in 2025 found that 12% of UK adults owned crypto, up from 10% in previous findings.
Awareness of crypto had also risen, climbing from 91% to 93%. The average value of crypto held by people increased from £1,595 to £1,842.