# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 17: Interpretation: market abuse in qualifying cryptoassets and related instruments


(1) In this Chapter—
“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;
“financial instrument” has the meaning given by article 3(1) (interpretation) of the Regulated Activities Order;
“inside information” has the meaning given by regulation 18 (inside information);
“insider dealing” means using inside information as prohibited by regulation 22 (prohibited use of inside information (insider dealing));
“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;
“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);
“market abuse” means any activity prohibited by—
(a) regulation 22 (prohibited use of inside information (insider dealing));
(b) regulation 24 (prohibition on the disclosure of inside information);
(c) regulation 28 (prohibition of market manipulation);
“market manipulation” has the meaning given by regulation 19 (market manipulation);
“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;
“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);
“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—
(a) is a relevant qualifying cryptoasset, or
(b) falls within Article 2(1) of the market abuse regulation (scope);
“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;
“relevant issuer” means—
(a) in relation to a relevant qualifying cryptoasset—
(i) the issuer of a qualifying stablecoin, or
(ii) in any other case, a person (“A”) where—
(aa) A offers a qualifying cryptoasset, or arranges for another to offer that qualifying cryptoasset to the public, and
(bb) that qualifying cryptoasset is created by, or on behalf of, A for sale or subscription;
(b) in relation to a related instrument, the issuer of that instrument;
“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;
“specified investment” means an investment of a kind specified by Part 3 of the Regulated Activities Order (specified investments).
(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—
(a) an identifiable asset on the blockchain, and
(b) in a transferable form.
(3) For the purposes of this Chapter, making a recommendation includes providing an inducement forming part of or related to that recommendation.
(4) For the purposes of this Chapter, a “relevant person”, in relation to a relevant qualifying cryptoasset or a related instrument, means—
(a) a relevant issuer of that relevant qualifying cryptoasset or related instrument,
(b) a person responsible for the offer of that relevant qualifying cryptoasset or related instrument,
(c) an operator of a qualifying cryptoasset trading platform on which that relevant qualifying cryptoasset is—
(i) admitted to trading, or
(ii) subject to an application seeking admission to trading, or
(d) a relevant dealer in principal.
(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.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/17 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.