Overview
- The FCA, which published draft perimeter guidance on Wednesday, opened a consultation through June 3, 2026 on how stablecoins, trading venues, custody, staking, and dealing in qualifying cryptoassets will be regulated.
- Final rules are due this summer with perimeter guidance in September, and firms can apply for authorization from September 30, 2026 to February 2027 under provisions that let timely applicants keep operating during review.
- New technical tests widen what counts as custody, including a 24‑hour holding rule during settlement and a “shadow custody” test where any built‑in power to override a client makes the provider a custodian.
- Validators and node operators lose a pure‑technology exemption once they add features like dashboards, yield tools, or auto‑compounding, which would require full approval for arranging staking.
- All in‑scope businesses must obtain FSMA authorization by the October 25, 2027 switch‑on, prior AML registrations do not convert, and the activity‑based approach will be followed by separate DeFi guidance later this year.