Global Digital Finance (GDF) submitted a response to the Financial Conduct Authority’s (FCA) Consultation Paper 26/13 on Cryptoasset Perimeter Guidance, welcoming the FCA’s continued engagement on the UK’s new cryptoasset regulatory regime while raising concerns regarding the proposed guidance for regulated cryptoasset activities.
GDF’s response focuses primarily on the proposed perimeter for arranging deals in cryptoassets and cryptoasset staking. The submission argues that the draft guidance risks extending the regulatory perimeter beyond the policy intent of legislation by applying traditional financial services concepts to fundamentally different cryptoasset business models. GDF recommends that the FCA provide bespoke guidance that better reflects the operational realities of digital asset markets and clearly distinguishes software providers and non-custodial interfaces from regulated intermediaries.
The response also recommends greater clarity around safeguarding, tokenised securities, stablecoins, custody models, and the treatment of transaction-based fees, while encouraging the FCA to preserve technology neutrality and align the UK framework with international approaches. Overall, GDF supports the Government’s objective of establishing a clear and proportionate cryptoasset regime while ensuring the final guidance promotes innovation, legal certainty, and the UK’s competitiveness as a global digital asset hub.
Submitted:
03/06/2026