# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 3: Interpretation: qualifying cryptoasset public offers and admissions to trading


(1) In this Chapter and Schedule 2 (compensation: exemptions)—
“advertisement” means a communication which—
(a) relates to—
(i) a specific offer of a qualifying cryptoasset to the public, or
(ii) an admission, or proposed admission, of a qualifying cryptoasset to trading on a qualifying cryptoasset trading platform,
(b) aims specifically to promote the potential buying of, or subscribing for, a qualifying cryptoasset, and
(c) is not a qualifying cryptoasset disclosure document or a supplementary disclosure document,
and “advertise” has a corresponding meaning;
“authorised operator” means a person with a Part 4A permission for carrying on the regulated activity specified by article 9S of the Regulated Activities Order (operating a qualifying cryptoasset trading platform);
“qualifying cryptoasset disclosure document” has the meaning given by regulation 6 (“qualifying cryptoasset disclosure document” and “supplementary disclosure document”);
“relevant authorised operator”, in respect of a qualifying cryptoasset, means the authorised operator of a qualifying cryptoasset trading platform to which that qualifying cryptoasset is—
(a) admitted to trade, or
(b) subject to an application for admission to trade;
“relevant qualifying cryptoasset” has the meaning given by regulation 17(1) (interpretation: market abuse in qualifying cryptoassets and related instruments);
“supplementary disclosure document” has the meaning given by regulation 6 (“qualifying cryptoasset disclosure document” and “supplementary disclosure document”).
(2) In this Chapter and the Schedules, any reference to buying, or subscribing for, a qualifying cryptoasset includes a reference to buying, or subscribing for, a right or interest in that qualifying cryptoasset.
(3) In this Chapter and the Schedules, the “person responsible for the offer” means—
(a) in relation to the offer of a qualifying cryptoasset to the public—
(i) the person making the offer, or
(ii) where the offer is being made on behalf of another, the person on whose behalf the offer is being made;
(b) in relation to the admission of a qualifying cryptoasset to trading on a qualifying cryptoasset trading platform—
(i) the person requesting or obtaining admission to trading on the qualifying cryptoasset trading platform, or
(ii) where, of their own motion, a relevant authorised operator admits a qualifying cryptoasset to trading on a qualifying cryptoasset trading platform operated by them, that relevant authorised operator.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/3 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.