Regulation 1 Citation, commencement and extent

(1)

These Regulations may be cited as the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025.

(2)

Subject to paragraph (3) these Regulations come into force on 25th October 2027 (the “full commencement day”).

(3)

These Regulations come into force at the end of the period of 21 days beginning with the day after the day on which they are made, for the following purposes—

(a)

enabling the FCA—

(i)

to make or approve designated activity rules and general rules;

(ii)

to give guidance;

(iii)

to give directions;

(iv)

to carry out any other preparatory steps in relation to the exercise of their functions by virtue of these Regulations;

(b)

enabling applications for—

(i)

a Part 4A permission^f1,

(ii)

a variation of a Part 4A permission, under section 55H of the Act^f2,

(iii)

permission under section 55NA of the Act (general requirement relating to financial promotion approval)^f3, or

(iv)

approval under Part 5 of the Act (performance of regulated activities), under section 59 of the Act (approval for particular arrangements)^f4,

to be made and determined in relation to any activity which becomes a regulated activity by virtue of these Regulations;

(c)

enabling the FCA to exercise any of its powers under Part 4A (permission to carry on regulated activities) or Part 5 (performance of regulated activities) of the Act in relation to any activity which becomes a regulated activity by virtue of these Regulations.

(4)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

Annotations

Footnotes

f1: Section 55A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2018/135 and 1149, and Schedule 5 to the Financial Services and Markets Act 2023.
f2: Section 55H was inserted by section 11 of the Financial Services Act 2012 and amended by Schedule 8 to the Financial Services and Markets Act 2023 and S.I. 2013/1773 and 2018/135.
f3: Section 55NA was inserted by section 20 of the Financial Services and Markets Act 2023.
f4: Section 59 was amended by section 14 of, and Schedule 5 to, the Financial Services Act 2012, section 18 of, and Schedule 3 to, the Financial Services (Banking Reform) Act 2013, Schedule 4 to the Bank of England and Financial Services Act 2016 (c. 14) and S.I. 2013/1773 and 2019/632.