{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-17",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-17.json",
  "legislation": "ukdsi/2025/9780348277586",
  "legislation_title": "The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025",
  "path": "regulation/17",
  "kind": "regulation",
  "number": "17",
  "heading": "Interpretation: market abuse in qualifying cryptoassets and related instruments",
  "text": "(1) In this Chapter—\n“authorised cryptoasset person” means a person who has a Part 4A permission for a regulated activity specified by Chapter 2B (cryptoassets) of Part 2 (specified activities) of the Regulated Activities Order;\n“financial instrument” has the meaning given by article 3(1) (interpretation) of the Regulated Activities Order;\n“inside information” has the meaning given by regulation 18 (inside information);\n“insider dealing” means using inside information as prohibited by regulation 22 (prohibited use of inside information (insider dealing));\n“issuing qualifying stablecoin” has the meaning given by regulation 4 (“issuing qualifying stablecoin” and the “issuer” of that qualifying stablecoin), and related expressions, including the “issuer” of that qualifying stablecoin, are to be read accordingly;\n“legitimate cryptoasset market practice” means a market practice specified as such in designated activity rules made by the FCA by virtue of regulation 34 (legitimate cryptoasset market practice);\n“market abuse” means any activity prohibited by—\n(a) regulation 22 (prohibited use of inside information (insider dealing));\n(b) regulation 24 (prohibition on the disclosure of inside information);\n(c) regulation 28 (prohibition of market manipulation);\n“market manipulation” has the meaning given by regulation 19 (market manipulation);\n“operator of a qualifying cryptoasset trading platform” means a person who has a Part 4A permission for the regulated activity specified by article 9S (operating a qualifying cryptoasset trading platform) of the Regulated Activities Order in respect of that platform;\n“person responsible for the offer”, in relation to a qualifying cryptoasset, has the meaning given by regulation 3(3) (interpretation: qualifying cryptoasset public offers and admissions to trading);\n“related instrument” means a financial instrument or specified investment whose price or value depends on, or has an effect on, the price or value of a relevant qualifying cryptoasset, but does not include a financial instrument or specified investment which—\n(a) is a relevant qualifying cryptoasset, or\n(b) falls within Article 2(1) of the market abuse regulation (scope);\n“relevant dealer in principal”, in relation to a relevant qualifying cryptoasset, means a person who carries on an activity of a kind described in article 9T of the Regulated Activities Order (dealing in qualifying cryptoassets as principal) in relation to that cryptoasset;\n“relevant issuer” means—\n(a) in relation to a relevant qualifying cryptoasset—\n(i) the issuer of a qualifying stablecoin, or\n(ii) in any other case, a person (“A”) where—\n(aa) A offers a qualifying cryptoasset, or arranges for another to offer that qualifying cryptoasset to the public, and\n(bb) that qualifying cryptoasset is created by, or on behalf of, A for sale or subscription;\n(b) in relation to a related instrument, the issuer of that instrument;\n“relevant qualifying cryptoasset” means a qualifying cryptoasset that has been admitted to trading, or is subject to an application seeking admission to trading, on a qualifying cryptoasset trading platform operated by a person with a Part 4A permission for the activity specified by article 9S of the Regulated Activities Order (operating a qualifying cryptoasset trading platform) in relation to that platform;\n“specified investment” means an investment of a kind specified by Part 3 of the Regulated Activities Order (specified investments).\n(2) For the purposes of this Chapter, issuing, and any related expression, does not include the minting of a relevant qualifying cryptoasset, such that it first exists as—\n(a) an identifiable asset on the blockchain, and\n(b) in a transferable form.\n(3) For the purposes of this Chapter, making a recommendation includes providing an inducement forming part of or related to that recommendation.\n(4) For the purposes of this Chapter, a “relevant person”, in relation to a relevant qualifying cryptoasset or a related instrument, means—\n(a) a relevant issuer of that relevant qualifying cryptoasset or related instrument,\n(b) a person responsible for the offer of that relevant qualifying cryptoasset or related instrument,\n(c) an operator of a qualifying cryptoasset trading platform on which that relevant qualifying cryptoasset is—\n(i) admitted to trading, or\n(ii) subject to an application seeking admission to trading, or\n(d) a relevant dealer in principal.\n(5) For the purposes of this Chapter, the person responsible for the offer of a related instrument is the person who is for the purposes of the market abuse regulation the offeror of that instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Chapter 2B is inserted by regulation 40(5) of this instrument."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The definition of “financial instrument” was inserted by S.I. 2006/3384 and amended by S.I. 2017/488, 2019/632 and 2025/1020."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "EUR 2014/596; “market abuse regulation” is defined by section 417(1) of the Financial Services and Markets Act 2000. Article 2 was amended by S.I. 2019/310 and 2021/494."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Article 9T is inserted by regulation 40(5) of this instrument."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/17",
    "retrieved_at": "2026-10-30T14:38:18.364924+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}