GC26/5: FCA consults on risk assessment guidance for cryptoasset prudential firms
Responses close 30 July 2026. Cryptoasset firms seeking authorisation need their risk assessment frameworks in order before the permissions gateway opens in September 2026.
Action required for cryptoasset firms seeking authorisation. Worth reviewing for advisers and trade bodies representing the sector.
The FCA published guidance consultation GC26/5 on 30 June 2026, consulting on proposed non-Handbook guidance for the overall risk assessment requirements under CRYPTOPRU 7, the prudential sourcebook for cryptoasset firms. The consultation closes on 30 July 2026.
CRYPTOPRU was established through PS26/12, which set out sector-specific prudential requirements for firms conducting regulated cryptoasset activities. GC26/5 addresses Chapter 7 of that sourcebook, which sets out the overall risk assessment requirements.
The FCA says the guidance sets out its expectations around the purpose and scope of the overall risk assessment for CRYPTOPRU firms, and forms part of a wider strategy to distinguish supporting material from core Handbook content. The FCA says this will make it easier for firms to navigate the requirements and support more consistent adoption of the prudential standards.
The consultation is directed at three groups: firms seeking authorisation for regulated cryptoasset activities, firms that participate in or support those activities, and industry groups, law firms, and trade bodies representing the sector.
The FCA plans to open its permissions gateway for cryptoasset authorisations in September 2026. Firms intending to apply through that gateway will need their risk assessment frameworks in order before they submit. The consultation closes on 30 July 2026, four weeks before the gateway is expected to open.
The full text of GC26/5 was not available at publication. The specific questions the FCA poses in Chapter 2 are therefore not covered here. Firms should read the consultation document directly.
