# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 22: Prohibited use of inside information (insider dealing)


(1) A person to whom this paragraph applies by virtue of paragraph (4) or (5) is prohibited from—
(a) using the inside information by—
(i) acquiring or disposing of, or attempting to acquire or dispose of, a relevant qualifying cryptoasset or related instrument to which that information relates, for that person’s own account or on the account of another, either directly or indirectly, or
(ii) cancelling or amending, or attempting to cancel or amend, an order concerning a relevant qualifying cryptoasset or related instrument to which that information relates, for that person’s own account or on the account of another, either directly or indirectly;
(b) making a recommendation to, or inducing, another person, on the basis of the inside information—
(i) to acquire or dispose of a relevant qualifying cryptoasset or related instrument to which that information relates, or
(ii) to cancel or amend an order concerning a relevant qualifying cryptoasset or related instrument to which that information relates.
(2) A person is prohibited from using or relying on, or attempting to use or rely on, a recommendation within the scope of sub-paragraph (1)(b) if the person knows, or ought to have known, that the recommendation is made on the basis of inside information.
(3) For the purposes of paragraph (1)—
(a) it is immaterial whether the order mentioned in sub-paragraph (a)(ii) or (b)(ii) of that paragraph was placed before or after the person to whom that paragraph applies came into possession of the inside information;
(b) engaging or attempting to engage in insider dealing under paragraph (1)(a) or (2) includes where carried on for that person’s own account or for the account of a third party;
(c) the use of inside information includes submitting, modifying or withdrawing a bid by a person referred to in paragraph (4) or (5).
(4) Paragraph (1) applies to a person who possesses inside information as a result of—
(a) exercising administrative, management or supervisory functions of a relevant person,
(b) having a holding in the capital of—
(i) a relevant issuer of that relevant qualifying cryptoasset or related instrument,
(ii) a person responsible for the offer of that relevant qualifying cryptoasset or related instrument, or
(iii) a person who applied for or is seeking admission to trading on a qualifying cryptoasset trading platform for that relevant qualifying cryptoasset,
(c) having access to the information through the exercise of their employment, profession or duties, or
(d) having acquired the information through criminal activity.
(5) Paragraph (1) also applies to a person, other than one within paragraph (4), who knows, or ought to have known, that the information is inside information.
(6) For the purposes of this Chapter, it is immaterial where the activities specified by this regulation are carried out.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/22 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.