# The Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026, Regulation 3: Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005


(1) The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 is amended as follows.
(2) In article 29 (communications required or authorised by enactments), after paragraph (4A) insert—
“(4B) The financial promotion restriction does not apply to any communication which is required or authorised by or under Chapter 2 (market abuse in qualifying cryptoassets and related instruments) of Part 2 (markets in cryptoassets: designated activities) of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026.”.
(3) In article 30 (overseas communicators: solicited real time communications), in paragraph (2), in the definition of “relevant investment activities”, for “7” substitute “7C”.
(4) In article 31 (overseas communicators: non-real time communications to previously overseas customers), in paragraph (3)—
(a) at the end of sub-paragraph (b) omit “or”;
(b) at the end of sub-paragraph (c), for “done).” substitute “done); or”;
(c) after sub-paragraph (c) insert—
“(d) provided, outside the United Kingdom, a service to the customer as described in any of paragraphs 7ZA to 7C of Schedule 1 (whether or not that paragraph was in force at the time the business was done).”.
(5) After article 67 (promotions required or permitted by market rules) insert—
“Promotions required or permitted by market rules for qualifying cryptoassets
67A The financial promotion restriction does not apply to any communication which—
(a) is a non-real time communication or a solicited real time communication,
(b) relates to a qualifying cryptoasset, and
(c) is required or permitted to be communicated by—
(i) the rules of a qualifying cryptoasset trading platform operated by a person with a Part 4A permission for the activity specified in article 9S (operating a qualifying cryptoasset trading platform) in relation to that platform, or
(ii) the FCA.”.
(6) Before article 73ZB (Berne Financial Services Agreement suppliers) insert—
“UK qualifying stablecoin and qualifying stablecoin transactions
73ZAA (1) Subject to paragraphs (2) and (3), the financial promotion restriction does not apply to any communication—
(a) within the scope of a controlled activity specified by any of the following paragraphs of Part 1 of Schedule 1 (controlled activities)—
(i) paragraph 3 (dealing in securities, qualifying cryptoassets and contractually based investments),
(ii) paragraph 4 (arranging deals in investments),
(iii) paragraph 7 (advising on investments); and
(b) which relates to—
(i) the transfer of a UK qualifying stablecoin to another person, or
(ii) the exchange of a UK qualifying stablecoin for another asset, including money or another UK qualifying stablecoin.
(2) Paragraph (1) does not apply to communications related to the exchange of a UK qualifying stablecoin for a qualifying cryptoasset other than a UK qualifying stablecoin.
(3) Paragraph (1) does not apply to the transfer or disposal of a UK qualifying stablecoin which is subject to a right for the return of the qualifying stablecoin.
(4) Subject to paragraph (5), the financial promotion restriction does not apply to any communication—
(a) within the scope of a controlled activity specified by any of the following paragraphs of Part 1 of Schedule 1 (controlled activities)—
(i) paragraph 3 (dealing in securities, qualifying cryptoassets and contractually based investments),
(ii) paragraph 4 (arranging deals in investments),
(iii) paragraph 7 (advising on investments); and
(b) which relates to activity where—
(i) a person (“B”) received the qualifying stablecoin from another person (“A”) under a title transfer cryptoasset collateral arrangement applicable to that qualifying stablecoin, or
(ii) a person (“B”) acquired the qualifying stablecoin from another person (“A”) under an agreement, pursuant to which A contracted to buy back the qualifying stablecoin from B.
(5) Paragraph (4) does not apply where A is—
(a) a consumer, or
(b) specified, or of a description specified, in rules made by the FCA.
(6) In this article—
“consumer” has the meaning given by article 9N(5)(a) of the Regulated Activities Order (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets);
“qualifying cryptoasset” has the meaning given by article 88F of the Regulated Activities Order (qualifying cryptoassets);
“title transfer cryptoasset collateral arrangement” has the meaning given by paragraph (7) of article 9Z10A of the Regulated Activities Order (UK qualifying stablecoin transactions).”.
(7) In Schedule 1—
(a) in Part 1 (controlled activities)—
(i) in paragraph 6 (safeguarding and administering investments), after sub-paragraph (4) insert—
“(4A) For the purposes of this article, there are excluded from sub-paragraph (1) arrangements—
(a) made in relation to a UK qualifying stablecoin,
(b) made by a person with a Part 4A permission to carry on the regulated activity specified by article 9M of the Regulated Activities Order (issuing qualifying stablecoin) in respect of that qualifying stablecoin, and
(c) relating to assets held for the purpose set out in article 88G(2)(b) of that Order (qualifying stablecoin).”;
(ii) after paragraph 7 (advising on investments) insert—
“Issuing qualifying stablecoin
7ZA (1) Issuing a qualifying stablecoin is a controlled activity.
(2) A person (“A”) “issues” a qualifying stablecoin if—
(a) A offers, or arranges for another to offer, a qualifying stablecoin for sale or subscription, or A has previously done so, whether before or on or after the coming into force of this article,
(b) the qualifying stablecoin was created by, or on behalf of, A or a member of A’s group, and
(c) A carries on both the following activities from an establishment in the United Kingdom—
(i) undertaking, or arranging for another to undertake, to redeem the qualifying stablecoin;
(ii) holding, or arranging for another to hold, fiat currency or other assets for the purpose of maintaining the stable value of the qualifying stablecoin, as mentioned in article 88G(2)(a).
(3) The activity in sub-paragraph (2)(a) does not include the minting of a qualifying stablecoin, such that it first exists—
(a) as an identifiable asset on the blockchain, and
(b) in a transferable form.
(4) For the purposes of sub-paragraph (1)—
(a) A is to be considered as carrying on or having carried on the activity in sub-paragraph (2)(a) where A accepts an invitation from another person (“B”) for B’s purchase of a qualifying stablecoin;
(b) the activity of offering a qualifying stablecoin in sub-paragraph (2)(a) must be carried on from an establishment in the United Kingdom;
(c) A is to be considered as carrying on the activities in sub-paragraphs (2)(a) and (2)(c)(ii), and as having created the qualifying stablecoin for the purposes of sub-paragraph (2)(b), where A has assumed (by assignment, variation, operation of law or by any other similar mechanism) an undertaking to redeem the qualifying stablecoin;
(d) where all of the activities in sub-paragraph (2)(a) and (c)(i) and (ii) are carried on by another person (“B”) under arrangements made by A, then only A is to be considered as carrying on the activity specified in sub-paragraph (1), not B.”;
(b) in Part 2 (controlled investments), after paragraph 26F (qualifying cryptoasset) insert—
“Qualifying stablecoin
26G Qualifying stablecoin.”.

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Source: https://www.legislation.gov.uk/ukdsi/2026/9780348287233/regulation/3 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-miscellaneous-amendments-regulations-2026/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.