Annex K is the execution matrix for P22. It records BEF's conservative activation position as at 18 August 2026. It is not a legal opinion and does not replace entity-specific FCA/UK counsel analysis.
UK function / scenario | Current position to 24 Oct 2027 | From 25 Oct 2027 target position | 1.0 status | Required evidence / gate |
|---|---|---|---|---|
Estonian/EEA entity; UK counterparty only; no UK office/agent/other UK activity | FCA current guidance: not automatically carrying on business in UK under MLR territorial test; promotion regime still separate. | Reclassify under final Cryptoassets Regulations/RAO, including final proprietary-trading exclusion; do not assume current territorial outcome carries forward. | CONDITIONAL | CP-32/33/34/35; documented no-UK-presence facts + target/promotion route + final future-perimeter review. |
UK BuyLana.com / Operating Company sells Registered LANA for GBP | Likely current cryptoasset-exchange-provider perimeter if carried on in UK; MLR registration check. Own purchase price is separate from client-money service analysis. | If LANA is qualifying cryptoasset and company deals as principal, FCA permission analysis; UK legal-entity route is default design. | CONDITIONAL | CP-32/34/36 + contract/consumer/refund + fiat ownership + permission map. |
Lana Discount buys selected Registered LANA for own treasury with own capital | Current MLR business/territorial analysis required if activity may be carried on in UK; overseas no-UK-office/agent factor can be relevant. Applicable UK consumer promotions are separate. | Base regime includes dealing as principal, but draft Article 9UA proposes proprietary-trading exclusion where no service is provided to a client in relation to regulated activity on their behalf. Final SI/FCA guidance re-check required. | CONDITIONAL | CP-32/33/34/35/37; P08 no-client-service evidence; Clean Provenance; own capital; T+15 ledger; final Article 9UA/FCA perimeter result. If regulated, HOLD until authorised. |
UK crypto financial promotions | Applies to UK consumer marketing including overseas firms; lawful communication route required. | Continues alongside wider authorisation regime, subject to then-current rules. | HOLD until route implemented | CP-34; route, approver/registration/exemption, warnings/frictions, fair-clear-not-misleading review. |
Registered LANA limited-use argument | Do not rely on UK current limited-use exclusion where holder can transfer/sell beyond issuer redemption conditions. | Future qualifying-cryptoasset classification re-tested under legislation/Handbook then in force. | CONDITIONAL | CP-32 UK legal classification memo. |
Mode B: purchaser pays merchant after separate consumer LANA sale | Separate current crypto + PSR 2017 payment-perimeter analysis; not treated as Lana Discount P08 by default. | Separate future crypto/payment classification; proprietary-trading exclusion cannot be assumed for a client-linked service. | CONDITIONAL | Separate CP-37 Mode B record; linked contracts, merchant discharge, no client-funds pooling, PSP execution. |
UK custody/private-key control | Separate current custody/MLR and contractual analysis. | Safeguarding of qualifying cryptoassets is a regulated activity where in scope. | HOLD unless expressly cleared | Specific custody architecture, CASS/safeguarding analysis, permissions, insolvency treatment. |
UK KYC / biometrics | UK MLR/FCA CDD + UK GDPR/DPA 2018; biometric ID is special-category processing. | Continue under UK law plus requirements applicable to authorised crypto firm. | CONDITIONAL | CP-38; lawful basis, Article 9 condition, DPIA, vendor/IDV validation, retention, human review. |
UK AML Travel Rule | Applicable to relevant UK cryptoasset businesses/transfers under current UK regime. | Continue/update under then-current UK AML/crypto framework. | CONDITIONAL | UK Travel Rule implementation, wallet ownership/control evidence where required, sanctions/SAR process. |
UK Consumer Duty / conduct / complaints | Current financial-promotion controls and general consumer/contract law apply as relevant. | Applicable FCA Handbook conduct/redress rules for permissions sought, including Consumer Duty/COBS/DISP where applicable. | CONDITIONAL | CP-39 product matrix, complaints/FOS mapping, disclosures, support and governance. |
FCA application gateway - only for in-scope activity | Contingency preparation; application period currently 30 Sep 2026-28 Feb 2027 for firms needing authorisation. | Authorisation/saving/transitional status required only if final perimeter shows activity is regulated and no exclusion applies. | CONDITIONAL | CP-35: final perimeter decision first; if in-scope, application/permissions/UK entity/business plan/resources/wind-down. |
P24 external Native Coin product | No blanket UK conclusion from P24 eligibility; classify the exact coin + sale/custody/payment activity and financial promotion. | Re-test under then-current qualifying-cryptoasset / principal / custody / payment rules. | HOLD / CONDITIONAL by product and Split stage | CP-53/54/55/56/57/57 + P22 entity/product record; coin-specific Registrar and Split Profile required before ACTIVE; no automatic carry-over from LANA or another coin. |