CP26/36: Cryptoasset perimeter guidance

For compliance teams, the immediate task is to test whether any current or planned activity could move outside, or remain within, the perimeter once the legislative changes are reflected in guidance. Firms should not treat the consultation as settled law; instead, they should map products, tokens, intermediation and payment flows against the proposed exclusions, identify permission and authorisation dependencies, and document the rationale for any perimeter judgement. Legal, compliance, product and financial promotions teams should coordinate, because misclassifying an activity can create unauthorised trading, disclosure and AML/sanctions risks.

A consultation response is also an opportunity to flag practical ambiguities and transitional concerns. The 18 November 2026 deadline is short, so affected firms should prioritise impact assessment now. Final guidance may reduce regulatory burden for some models and create product-design opportunities, but only if firms can evidence a defensible perimeter analysis.