UK’s financial regulator has given digital-asset businesses a clearer map of what will count as a regulated activity under the country’s incoming crypto framework. The Financial Conduct Authority (FCA) has published perimeter guidance explaining which firms will need full authorisation once the new regime takes effect, even as many high-street banks continue to restrict or refuse payments linked to crypto platforms.

The guidance is intended to help companies judge whether their work falls inside the regulatory boundary.

Covered activities include issuing qualifying stablecoins, running crypto trading venues, dealing in or arranging deals in cryptoassets, safeguarding customer holdings, and arranging staking.

The regime itself…