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As crypto moves from the margins to the mainstream of the UK financial system, regulatory uncertainty is giving way to structured supervision, authorisation and enforcement. BCLP’s Emerging Themes 2026 crypto series tracks this transition in real time — from the expansion of the regulatory perimeter, through new conduct and market integrity regimes, to the operational and governance expectations that will define participation in regulated crypto markets. This article focuses on the latest step in that progression: the FCA’s publication of its perimeter guidance in Consultation Paper CP26/13, a critical development in translating legislative intent into practical compliance obligations as the UK’s new crypto regime takes shape.