The UK's financial regulator, the Financial Conduct Authority, is seeking views on its interpretation of certain regulated digital asset activities in the latest consultation under its crypto roadmap.

Specifically, the FCA is seeking input from individuals, firms, industry groups, policymakers, and academics on how activities such as stablecoin issuance, trading platforms, custody, and staking fall within the regulatory perimeter, according to a Wednesday release.

The consultation closes on June 3, 2026, and crypto firms will be able to start applying for FCA authorization from Sept. 30, 2026.

The publication marks another step toward a full UK crypto regulatory regime following the introduction of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 in February to bring new crypto asset activities under the FCA's regulatory remit. 

The FCA has previously consulted on stablecoin issuance and crypto asset custody, prudential rules, admissions and disclosures, and market abuse. Later this year, the FCA said it will consult on DeFi, operational resilience for firms using distributed ledger technology, and updates to the Financial Crime Guide relevant to crypto firms.

"The FCA's consultations on rules for the future cryptoasset regime are substantively complete, with policy statements to be published this summer," the agency said. "This perimeter guidance consultation complements that work by clarifying which activities fall within scope, with a final policy statement due in autumn."

"Until the new regime comes into force, crypto is largely unregulated except for financial promotions and financial crime purposes," the FCA stressed.

UK approach to crypto regulation

The UK has adopted a phased and comprehensive approach to crypto regulation, aiming to position itself as a global hub for digital assets while prioritizing consumer protection and financial stability.

Beginning with anti-money laundering oversight in 2020, the regulatory framework previously expanded to include a ban on the sale of crypto derivatives to retail consumers in 2021 and the extension of financial promotions rules to crypto assets in 2023.

However, not everyone is happy with the pace of crypto regulation.

"The introduction in the UK of a crypto regulatory regime is significantly lagging behind Europe, which is more advanced in introducing a fully enforced framework," Thomas Cattee, white-collar crime partner at Gherson Solicitors LLP, told The Block. "However, another slow step has been taken in the long (seemingly endless) journey to a UK crypto regulatory regime. Relevant recipients would do well to engage and take heed and more broadly the UK will (eventually) not get too far behind Europe in being seen as a place for crypto firms to do business."

Meanwhile, other industry stakeholders were more positive.

"While some may be tempted to roll their eyes at yet another consultation paper, this is another hugely positive step forward for the industry," Nick Jones, founder of decentralized mobile wallet and payments platform Zumo, told The Block. "This will enable proactive firms to prepare early for the new regime and it's fair to say that thanks to the FCA’s crypto roadmap, the UK is benefitting from a more systemic, phased, and predictable process than has been seen in many other jurisdictions."

"What's now required is the creation of compliant infrastructure that can accommodate new levels of operating obligations and act as a credible bridge to the UK market — and that's where our current focus lies," Jones added.