{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-25",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-25.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/25",
  "kind": "regulation",
  "number": "25",
  "heading": "Exclusions: prohibition on the disclosure of inside information",
  "text": "(1) A person (“A”) does not contravene any prohibition in regulation 24 (prohibition on the disclosure of inside information) where—\n(a) the conduct that would otherwise fall within that regulation is a legitimate cryptoasset market practice, or\n(b) A discloses the information for the purposes of journalism.\n(2) Paragraph (1)(b) does not apply where—\n(a) A, or a person closely associated with A, derived, directly or indirectly, an advantage or profits from the disclosure, or\n(b) A disclosed the information with the intention of misleading the market as to the supply of, demand for, or price of a relevant qualifying cryptoasset or related instrument.\n(3) For the purposes of paragraph (2)(a), a “person closely associated” has the meaning given by Article 3.1(26) of the market abuse regulation (definitions), as read with section 131AC of the Act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 131AC was inserted by regulation 9(15) of S.I. 2016/680."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/25",
    "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."
}