FCA Consults on Applying Handbook Rules to Cryptoasset Firms Under CP26/4, January 2026

On 23 January 2026, the Financial Conduct Authority (FCA) published Consultation Paper CP26/4, "Application of FCA Handbook for Regulated Cryptoasset Activities – Part 2." The consultation is open; comments are due by 12 March 2026. CP26/4 is a proposed, not final, rule set. The FCA plans to open its authorisation gateway for cryptoasset firms in September 2026, with the new cryptoasset regime going live in October 2027.

The FCA published CP26/4 under the powers conferred by the Financial Services and Markets Act 2000 (FSMA 2000), as amended by the Financial Services and Markets Act 2023 (FSMA 2023), which created the UK cryptoasset regulatory perimeter. CP26/4 is the second part of the FCA's Handbook application series, building on CP25/25 (Part 1, published in 2025). It cross-references the UK cryptoasset statutory instrument laid by HM Treasury, which defines the regulated cryptoasset activities subject to FCA authorisation.

CP26/4 sets out proposed requirements across ten subject areas for firms planning to hold FCA cryptoasset authorisation: Consumer Duty (including companion guidance paper GC26/2); Redress and Dispute Resolution (DISP); Conduct of Business Standards (COBS); Credit for Crypto Purchases; Training and Competence; Senior Managers and Certification Regime (SM&CR); Regulatory Reporting (SUP 16); Cryptoasset Safeguarding; Retail Collateral Treatment in Cryptoasset Borrowing; and Location Policy Guidance. Cryptoasset exchanges, custodians, stablecoin issuers, crypto lending platforms, and intermediaries seeking FCA authorisation from September 2026 must assess whether their existing compliance programmes satisfy each of those proposed standards before the authorisation gateway opens.

CP26/4 does not constitute final rules; the FCA will publish a Policy Statement after the consultation closes. The FCA stated it will publish all Policy Statements for the cryptoasset consultations substantively in summer 2026. CP26/4 reflects feedback from earlier consultations including CP25/14 (stablecoin and custody), CP25/15 (prudential Part 1), and CP25/25 (Handbook Part 1). Firms responding to CP26/4 may submit comments via the FCA online form or by email to cp26-4@fca.org.uk by 12 March 2026.

Source: Financial Conduct Authority, CP26/4: "Application of FCA Handbook for Regulated Cryptoasset Activities – Part 2," 23 January 2026, available at: https://www.fca.org.uk/publications/consultation-papers/cp26-4-application-handbook-regulated-cryptoasset-activities-II; FCA Cryptoassets information page confirmed at: https://www.fca.org.uk/firms/cryptoassets-information. Verified 10 March 2026.

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