Regulation 2 Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001^f1 is amended as follows.

After article 43 (activities not constituting administration) insert—

“Assets held in relation to a UK qualifying stablecoin

43A

There are excluded from article 40 (safeguarding and administering investments) arrangements—

(a)

made in relation to a UK qualifying stablecoin,

(b)

carried on by a person with a Part 4A permission to carry on the regulated activity specified by article 9M (issuing qualifying stablecoin) in relation to that UK qualifying stablecoin, and

(c)

relating to assets held for the purpose set out in article 88G(2)(b) (qualifying stablecoin).”.