{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-40",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-40.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/40",
  "kind": "regulation",
  "number": "40",
  "heading": "Amendment of the Regulated Activities Order",
  "text": "(1) The Regulated Activities Order is amended as follows.\n(2) In article 3 (interpretation), at the appropriate places, insert—\n““authorised cryptoasset custodian” means an authorised person who has a Part 4A permission to carry on the regulated activity specified by article 9N(1)(a) (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets);\n“qualifying cryptoasset” has the meaning given by article 88F (qualifying cryptoassets);\n“qualifying cryptoasset trading platform” means a system in which multiple third-party buying and selling trading interests in qualifying cryptoassets are able to interact within the system and which brings together multiple third-party buying and selling interests in qualifying cryptoassets in a way that results in a contract for the exchange of qualifying cryptoassets for—\n(a) money, including electronic money, or\n(b) other qualifying cryptoassets;\n“qualifying stablecoin” has the meaning given by article 88G (qualifying stablecoin);\n“relevant specified investment cryptoasset” has the meaning given by article 9N(5)(b);\n“specified investment cryptoasset” means a cryptoasset that—\n(a) is a specified investment as a result of Part 3 (specified investments)—\n(i) excluding article 88F (qualifying cryptoassets), and\n(ii) including where the cryptoasset is a right to or an interest in such a specified investment by operation of article 89 (rights to or interests in investments), and\n(b) would be a qualifying cryptoasset if sub-paragraphs (a) to (c) of article 88F(4) were disregarded;”.\n(3) In article 5(2) (accepting deposits), for “9A” substitute “9AZA”.\n(4) After article 9A (sums received in exchange for electronic money) insert—\n“Sums in exchange for qualifying stablecoin\n9AZA A sum is not a deposit for the purposes of article 5 (accepting deposits) if it is immediately exchanged for qualifying stablecoin.”.\n(5) After article 9K (record of certified persons) insert—\n“Chapter 2B\nCryptoassets\nIssuing qualifying stablecoin: the activity\nIssuing qualifying stablecoin\n9M (1) Issuing a qualifying stablecoin is a specified kind of activity.\n(2) A person (“A”) “issues” a qualifying stablecoin if—\n(a) A offers, or arranges for another to offer, a qualifying stablecoin for sale or subscription from an establishment in the United Kingdom, or has previously done so, whether before or on or after the coming into force of this article,\n(b) the qualifying stablecoin was created by, or on behalf of, A or a member of A’s group, and\n(c) A carries on both the following activities from an establishment in the United Kingdom—\n(i) undertaking, or arranging for another to undertake, to redeem the qualifying stablecoin;\n(ii) holding, or arranging for another to hold, fiat currency or other assets for the purpose of maintaining the stable value of the qualifying stablecoin, as mentioned in article 88G(2)(a).\n(3) The activity in paragraph (2)(a) does not include the minting of a qualifying stablecoin, such that it first exists—\n(a) as an identifiable asset on the blockchain, and\n(b) in a transferable form.\n(4) For the purposes of paragraph (1)—\n(a) A is to be considered as carrying on or having carried on the activity in paragraph (2)(a) where A accepts an invitation from another person (“B”) for B’s purchase of a qualifying stablecoin;\n(b) A is to be considered as carrying on the activities in paragraphs (2)(a) and (2)(c)(ii), and as having created the qualifying stablecoin for the purposes of paragraph (2)(b), where A has assumed (by assignment, variation, operation of law or by any other similar mechanism) an undertaking to redeem the qualifying stablecoin;\n(c) where all of the activities in paragraph (2)(a) and (c)(i) and (ii) are carried on by another person (“B”) under arrangements made by A, then only A is to be considered as carrying on the activity specified in paragraph (1), not B.\nSafeguarding of qualifying cryptoassets and specified investment cryptoassets: the activities\nSafeguarding of qualifying cryptoassets and relevant specified investment cryptoassets\n9N (1) The following are specified kinds of activity—\n(a) the safeguarding of a qualifying cryptoasset or a relevant specified investment cryptoasset (“the cryptoasset”) on behalf of another person (“A”);\n(b) arranging for a person to carry on that activity.\n(2) For the purposes of paragraph (1)(a)—\n(a) a person (“C”) is to be regarded as safeguarding the cryptoasset if C has control of the cryptoasset through any means that would enable C to bring about a transfer of the benefit of the cryptoasset to another person, including C;\n(b) “on behalf of another” includes where that other person, A, has—\n(i) both legal and beneficial title to the cryptoasset;\n(ii) the beneficial title only to the cryptoasset;\n(iii) subject to sub-paragraph (c), a right against C for the return of the cryptoasset;\n(c) subject to sub-paragraph (d), sub-paragraph (b)(iii) does not apply where A’s right against C for the cryptoasset arises in the following circumstances—\n(i) C received the cryptoasset from A under a title transfer cryptoasset collateral arrangement, or\n(ii) C acquired the cryptoasset from A under an agreement, pursuant to which A contracted to buy back the cryptoasset from C;\n(d) sub-paragraph (c) does not apply where A is—\n(i) a consumer, or\n(ii) specified, or of a description specified, in rules made by the FCA.\n(3) Rules made by virtue of paragraph (2)(d)(ii) may—\n(a) specify a particular person or class of persons;\n(b) be limited so as to apply only to agreements or arrangements, or classes of agreements or arrangements, specified by the rules.\n(4) For the purposes of paragraph (2)(a), the means by which C may have control of the cryptoasset include—\n(a) holding or storing of the means of access, or part of the means of access, to the cryptoasset;\n(b) appointing a person to hold or store the means of access, or part of the means of access, to the cryptoasset under an arrangement operated by C.\n(5) For the purposes of this article—\n(a) “consumer” means an individual who is acting for a purpose other than for any trade, business or profession carried on by that individual;\n(b) “relevant specified investment cryptoasset” means a specified investment cryptoasset that is a—\n(i) security, or\n(ii) contractually based investment;\n(c) “title transfer cryptoasset collateral arrangement” means an agreement or arrangement between C and the person who would otherwise be regarded as safeguarding the cryptoasset on behalf of another person (“A”), where—\n(i) the purpose of the agreement or arrangement with A is to secure or otherwise guarantee financial obligations owed by A to C, and\n(ii) A transfers legal and beneficial ownership of the cryptoasset to C on terms that C must transfer legal and beneficial ownership of the cryptoasset or its equivalent to A when the financial obligations referred to in paragraph (i) are discharged;\n(d) references to the cryptoasset, a qualifying cryptoasset or a relevant specified investment cryptoasset include the means of access to that cryptoasset;\n(e) references to the “means of access” to a cryptoasset include a private cryptographic key to that cryptoasset.\nSafeguarding of qualifying cryptoassets and specified investment cryptoassets: exclusions\nArticle 9N exclusion: group activity\n9O (1) There are excluded from article 9N(1)(a) activities which a person (“P”) carries on pursuant to arrangements—\n(a) which are operated by an authorised cryptoasset custodian (“C”), who is connected with P, in the course of carrying on the activity in article 9N(1)(a), and\n(b) under which C undertakes to the person on whose behalf the qualifying cryptoasset or relevant specified investment cryptoasset is being safeguarded a responsibility in respect of that cryptoasset which is no less onerous than C would have undertaken if C were safeguarding the cryptoasset.\n(2) For the purposes of paragraph (1), an authorised cryptoasset custodian is connected with a person if they are a member of the same group as that person.\nArticle 9N exclusion:introductions\n9P (1) There are excluded from article 9N(1)(b) arrangements pursuant to which introductions are made by a person (“P”) to an authorised cryptoasset custodian (“C”), with a view to C providing in the United Kingdom a service comprising an activity of the kind specified by article 9N(1)(a), provided that—\n(a) C is not connected with P, and\n(b) P is not remunerated by C.\n(2) For the purposes of paragraph (1), an authorised cryptoasset custodian is connected with a person if they are a member of the same group as that person.\nArticle 9N exclusion: temporary settlement arrangements\n9Q There are excluded from article 9N(1) arrangements whereby a qualifying cryptoasset or a relevant specified investment cryptoasset is held temporarily to facilitate the settlement of a transaction.\nArticle 9N exclusion: other exclusions\n9R (1) A person (“P”) does not carry on the activity specified by article 9N(1)(a) on behalf of another person (“A”), if A appoints P as their agent for the purposes of giving instructions to a third person (“C”), where C has undertaken directly to A to safeguard that cryptoasset.\n(2) A person (“P”) does not carry on the activity specified by article 9N(1)(a) on behalf of another person (“A”) unless P holds itself out as engaging in the business of providing a service in relation to a qualifying cryptoasset or a relevant specified investment cryptoasset to A, or to a person acting on behalf of A.\n(3) There is excluded from article 9N(1) any activity where the qualifying cryptoasset in question is, or is to be, safeguarded by a person (“A”), or a member of the same group as A, for the purpose of enabling or facilitating transactions by A, or a member of the same group as A, that would be within article 9T (dealing in qualifying cryptoassets as principal) but for the operation of article 9V(1)(e).\nOperating a qualifying cryptoasset trading platform: the activity\nOperating a qualifying cryptoasset trading platform\n9S The operation of a qualifying cryptoasset trading platform is a specified kind of activity.\nDealing in qualifying cryptoassets as principal: the activity\nDealing in qualifying cryptoassets as principal\n9T Buying, selling, subscribing for or underwriting a qualifying cryptoasset as principal is a specified kind of activity.\nDealing in qualifying cryptoassets as principal: exclusions\nArticle 9T exclusion:absence of holding out etc.\n9U (1) Subject to paragraph (3), a person (“P”) does not carry on an activity specified by article 9T by entering into a transaction which relates to a qualifying cryptoasset unless—\n(a) P holds itself out as willing, as principal, to buy, sell, subscribe for or underwrite qualifying cryptoassets of the kind to which the transaction relates at prices determined by P—\n(i) generally, and\n(ii) continuously rather than in respect of each particular transaction,\n(b) P holds itself out as engaging in the business of buying qualifying cryptoassets of the kind to which the transaction relates, with a view to selling them,\n(c) P holds itself out as engaging in the business of underwriting qualifying cryptoassets of the kind to which the transaction relates, or\n(d) P regularly solicits members of the public with the purpose of inducing them, as principals or agents, to enter into transactions constituting activities of the kind specified by article 9T, and the transaction is entered into as a result of P having solicited members of the public in that manner.\n(2) In paragraph (1)(d), “members of the public” means persons other than—\n(a) an authorised person with a Part 4A permission to carry on a regulated activity specified by article 9T;\n(b) a member of the same group as P.\n(3) Paragraph (1) does not apply where P enters into the transaction as bare trustee or, in Scotland, as nominee for another person (“B”), where—\n(a) P is acting on B’s instructions, and\n(b) P holds itself out as providing a service of buying and selling qualifying cryptoassets.\nArticle 9T exclusion: other exclusions\n9V (1) There are excluded from article 9T—\n(a) the creation, including the design, of a qualifying stablecoin;\n(b) the minting of a qualifying stablecoin, such that it first exists as—\n(i) an identifiable asset on a blockchain, and\n(ii) in a transferable form;\n(c) activity where the qualifying cryptoasset is acquired or transferred for no consideration;\n(d) the distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;\n(e) activity where the qualifying cryptoasset is—\n(i) issued by, or on behalf of, the person carrying on the activity, and\n(ii) sold to or subscribed for by an employee or partner of the person carrying on the activity;\n(f) the private sale or transfer by a person (“A”) of a qualifying cryptoasset—\n(i) created and minted by, or on behalf of, A, and\n(ii) having as its sole purpose the raising of capital by A;\n(g) any activity by a person who only enters into transactions as principal with other members of the same group.\n(2) There is excluded from article 9T any activity specified by—\n(a) article 9M (issuing qualifying stablecoin);\n(b) article 9S (operating a qualifying cryptoasset trading platform);\n(c) article 9Z6 (qualifying cryptoasset staking).\nDealing in qualifying cryptoassets as agent: the activity\nDealing in qualifying cryptoassets as agent\n9W Buying, selling, or subscribing for or underwriting a qualifying cryptoasset as agent is a specified kind of activity.\nDealing in qualifying cryptoassets as agent: exclusions\nArticle 9W: exclusions\n9X (1) There is excluded from article 9W—\n(a) the creation, including the design, of a qualifying stablecoin;\n(b) the minting of a qualifying stablecoin, such that it first exists as—\n(i) an identifiable asset on a blockchain, and\n(ii) in a transferable form;\n(c) activity where the qualifying cryptoasset is acquired or transferred for no consideration;\n(d) the distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;\n(e) activity where the qualifying cryptoasset is—\n(i) issued by, or on behalf of, the person carrying on the activity, and\n(ii) sold to or subscribed for by an employee or partner of the person carrying on the activity.\n(2) There is excluded from article 9W activity specified by—\n(a) article 9M (issuing qualifying stablecoin);\n(b) article 9S (operating a qualifying cryptoasset trading platform);\n(c) article 9Z6 (qualifying cryptoasset staking).\nArranging deals in qualifying cryptoassets: the activity\nArranging deals in qualifying cryptoassets\n9Y (1) Making arrangements for another person,whether as principal or agent, to buy, sell, subscribe for or underwrite a qualifying cryptoasset is a specified kind of activity.\n(2) Making arrangements with a view to a person who participates in the arrangements for the buying, selling, subscribing for or underwriting a qualifying cryptoasset, whether as principal or agent, is also a specified kind of activity.\nArranging deals in qualifying cryptoassets: exclusions\nArticle 9Y exclusion: arrangements not causing a deal\n9Z There are excluded from article 9Y(1) arrangements which do not, or would not, bring about the transaction to which the arrangements relate.\nArticle 9Y exclusion: introducing\n9Z1. There are excluded from article 9Y(2) arrangements where they are solely arrangements under which a person will be introduced to an authorised person with a Part 4A permission to carry on the regulated activity specified by this Chapter.\nArticle 9Y exclusion: enabling parties to communicate\n9Z2. A person does not carry on an activity specified by article 9Y(2) merely by providing means by which one party to a transaction, or potential transaction, is able to communicate with other such parties.\nArticle 9Y exclusion: arranging transactions to which the arranger is a party\n9Z3. (1) There are excluded from article 9Y(1) arrangements for a transaction into which the person making the arrangements enters or is to enter as principal or agent for another person.\n(2) There are excluded from article 9Y(2) arrangements which a person (“A”) makes with a view to transactions into which A enters or is to enter as principal or agent for another person.\nArticle 9Y exclusion: trustees, nominees and personal representatives\n9Z4. (1) There are excluded from article 9Y arrangements made by a person (“A”) acting as trustee or personal representative for, or with a view to a transaction which is, or is to be, entered into by—\n(a) A and a fellow trustee or personal representative, acting in their capacity as such, or\n(b) a beneficiary under the trust, will or intestacy.\n(2) Paragraph (1) does not apply where A is remunerated for what A does in addition to any remuneration A receives as trustee or personal representative, and for these purposes A is not to be regarded as receiving additional remuneration merely because A’s remuneration is calculated by reference to time spent.\nArticle 9Y: other exclusions\n9Z5. (1) There is excluded from article 9Y the following activities—\n(a) the creation, including the design, of a qualifying stablecoin;\n(b) the minting of a qualifying stablecoin, such that it first exists as—\n(i) an identifiable asset on the blockchain, and\n(ii) in a transferable form;\n(c) activity where the qualifying cryptoasset is acquired or transferred for no consideration;\n(d) the distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;\n(e) activity where the qualifying cryptoasset is—\n(i) issued by, or on behalf of, the person carrying on the activity, and\n(ii) sold to or subscribed for by an employee or partner of the person carrying on the activity;\n(f) any activity where—\n(i) a person (“A”) who only makes arrangements for, or with a view to, a transaction which is or is to be entered into, as principal, by another member of the same group, and\n(ii) A is not authorised or required to be authorised to carry on an activity specified by this Chapter.\n(2) There is excluded from article 9Y activity specified by—\n(a) article 9M (issuing qualifying stablecoin);\n(b) article 9S (operating a qualifying cryptoasset trading platform);\n(c) article 9Z6 (qualifying cryptoasset staking).\nQualifying cryptoasset staking: the activity\nQualifying cryptoasset staking\n9Z6. (1) Making arrangements on behalf of another person (whether as principal or agent) for qualifying cryptoasset staking is a specified kind of activity.\n(2) In this article—\n“blockchain validation” means the validation of transactions on—\n(a) a blockchain, or\n(b) a network that uses distributed ledger technology or other similar technology,\nand includes proof of stake distributed ledger technology consensus mechanisms;\n“qualifying cryptoasset staking” means the use of a qualifying cryptoasset in blockchain validation.\nQualifying cryptoasset staking: exclusions\nArticle 9Z6 exclusion: introducing\n9Z7. There is excluded from article 9Z6 the provision of services solely for the purpose of introducing a person to an authorised person with a Part 4A permission to carry on the regulated activity specified by article 9Z6.\nArticle 9Z6 exclusion: enabling parties to communicate\n9Z8. A person does not carry on the activity specified by article 9Z6 merely by providing means by which one party to an arrangement, or potential arrangement, is able to communicate with other such parties.\nArticle 9Z6 exclusion: technical services exclusion\n9Z9. There is excluded from article 9Z6 a technical service provided by a person (a “P”) where—\n(a) the service allows another person to participate in qualifying cryptoasset staking, as defined by article 9Z6, including by the operation of a validator node for that staking, and\n(b) P does not hold itself out as offering qualifying cryptoasset staking to the public.\nCryptoassets: general exclusions\nActivities carried on for the sale of goods or supply of services\n9Z10. (1) There is excluded from this Chapter an activity carried on for the purpose of the sale of goods or supply of services, by a supplier to a customer.\n(2) Paragraph (1) does not apply to article 9N (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets) so far as that article applies to relevant specified investment cryptoassets.\n(3) There is also excluded from the following articles activity for the purpose of a related sale of goods or supply of services—\n(a) article 9T (dealing in qualifying cryptoassets as principal);\n(b) article 9W (dealing in qualifying cryptoassets as agent);\n(c) article 9Y (arranging deals in qualifying cryptoassets).\n(4) In this article—\n“customer” means a person to whom a supplier sells goods or supplies services, or agrees to do so, and, where the customer is a member of a group, also means any other member of that group;\n“related sale of goods or supply of services” means a sale of goods or supply of services to the customer otherwise than by the supplier, but for the purpose of the sale or supply mentioned in paragraph (1);\n“supplier” means—\n(a) a person whose main business is to sell goods or supply services, and\n(b) where the supplier is a member of a group, includes any other member of that group;\n“supply of services” does not include the provision of a service comprising an activity of a kind specified by any provision of this Chapter.\nActivities incidental to the carrying on of a profession or business\n9Z11. (1) There is excluded from this Chapter activity where that activity (“the incidental activity”)—\n(a) is carried on in a manner that is incidental to the carrying on of a profession or business, and\n(b) does not itself constitute the carrying on of a regulated activity.\n(2) For the purposes of paragraph (1)(a), an activity is carried on in a manner that is incidental to the carrying on of a profession or business where the following apply—\n(a) a close factual connection exists between the carrying on of the profession or business and the incidental activity, such that the incidental activity may reasonably be regarded as a necessary ancillary to the carrying on of the profession or business,\n(b) the incidental activity does not provide a systematic source of income to the person providing the professional activity,\n(c) the person carrying on the professional activity does not market or otherwise promote their ability to provide the incidental activity, except where there are disclosed to clients as being a necessary ancillary to the carrying on of the profession or business, and\n(d) the carrying on of a profession or business is supervised and regulated by any of the bodies listed in article 2 of the Financial Services and Markets Act 2000 (Designated Professional Bodies) Order 2001.”.\n(6) In article 40 (safeguarding and administering investments), after paragraph (3) insert—\n“(4) For the purposes of this article, references to “assets” do not include—\n(a) qualifying cryptoassets, or\n(b) relevant specified investment cryptoassets.”.\n(7) In article 42A (depositaries of UK UCITs and AIFs), for “article 40” substitute “article 9N or 40”.\n(8) In article 64 (agreeing to carry on specified kinds of activity), after “9B,” insert “9M, 9S,”.\n(9) In article 71 (activities carried on in connection with employee share schemes), after paragraph (5) insert—\n“(5A) There is excluded from article 9N any activity if the relevant specified investment cryptoassets in question are, or are to be, safeguarded by C, a member of the same group as C or a relevant trustee for the purpose of enabling or facilitating transactions of the kind described in paragraph (1).”.\n(10) In article 72H (insolvency practitioners), in paragraph (2), before sub-paragraph (a) insert—\n“(za) any regulated activity specified by Chapter 2B (cryptoassets);”.\n(11) After article 88E (consumer hire agreement) insert—\n“Qualifying cryptoassets\n88F (1) A qualifying cryptoasset.\n(2) A “qualifying cryptoasset” means a cryptoasset which is—\n(a) fungible,\n(b) transferable,\n(c) not solely a record of value or contractual rights, including rights in another cryptoasset, and\n(d) not excluded by paragraph (4).\n(3) For the purposes of paragraph (2)(b), the circumstances in which a cryptoasset is to be treated as “transferable” include where it confers transferable rights.\n(4) A cryptoasset does not fall within paragraph (1) if it is—\n(a) a specified investment cryptoasset, other than one specified by—\n(i) article 74A (electronic money); and\n(ii) article 88F (qualifying cryptoassets);\n(b) electronic money;\n(c) currency of the United Kingdom or any other country or territory, including a central bank digital currency;\n(d) a cryptoasset that—\n(i) cannot be transferred or sold in exchange for money or other cryptoassets, except by way of redemption with the issuer, and\n(ii) can only be used by the holder—\n(aa) to acquire goods or services from the issuer, or\n(bb) to acquire goods or services within a limited network of service providers which have direct commercial agreements with the issuer.\nQualifying stablecoin\n88G (1) A qualifying stablecoin.\n(2) A “qualifying stablecoin” means a qualifying cryptoasset where—\n(a) that cryptoasset seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”), and\n(b) fiat currency (which may be referenced fiat currency referred to in sub-paragraph (a)) or other assets are held for the purpose of maintaining a stable value, in accordance with sub-paragraph (a).\n(3) Where a cryptoasset seeks or purports to maintain a stable value in relation to an asset other than a fiat currency, the cryptoasset is not to be regarded as falling within paragraph (2)(a) even if the asset is expressed in terms of a fiat currency.\n(4) For the purposes of paragraph (2)(b)—\n(a) other assets do not include the cryptoasset itself;\n(b) the holding of fiat currency or another asset for the purpose of maintaining a stable value does not include the holding of assets by a person carrying on the activity described in article 5 (accepting deposits), whether authorised or not, for the purpose of complying with its general prudential requirements or meeting its liabilities generally.\n(5) In this article, “fiat currency” means the currency of the United Kingdom or any other country or territory, unless that currency is solely a cryptoasset.”.\n(12) After article 97 (disapplication of section 49(2) of the Act) insert—\n“Application of section 137B of the Act to backing assets for qualifying stablecoin\n98 (1) For the purposes of the FCA making rules in relation to the activity specified by article 9M (issuing qualifying stablecoin), section 137B of the Act (FCA general rules: clients’ money, right to rescind etc) applies as if references to “clients’ money” and “money” include a sum or asset received or held as a backing asset for the purposes of a qualifying stablecoin.\n(2) For the purposes of paragraph (1), a “sum or asset received or held as a backing asset” includes where the sum or asset received or held is categorised as, is to be treated as or should be held as a backing asset under rules made by the FCA in relation to the regulated activity specified by article 9M.\nApplication of section 137B of the Act to safeguarding of qualifying cryptoassets\n99 For the purposes of the FCA making rules in relation to an activity specified by article 9N (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets) so far as it concerns qualifying cryptoassets, section 137B of the Act (FCA general rules: clients’ money, right to rescind etc) applies as if—\n(a) references to “clients’ money” and “money” include a qualifying cryptoasset or any other asset;\n(b) references to “accounts” are read as including a reference to wallets or any other form of storing or recording a qualifying cryptoasset.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Article 9N is inserted by regulation 40(5) of this instrument."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Article 9AZA is inserted by regulation 40(4) of this instrument."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Article 9A was inserted by S.I. 2002/682."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Article 5 was amended by S.I. 2002/682."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "S.I. 2001/1226, amended by S.I. 2004/3352 and 2006/58."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "Article 42A was inserted by S.I. 2013/1773 and amended by S.I. 2019/632."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "Article 64 was amended by S.I. 2013/1881, 2018/135 and 2018/1253."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "Article 72H was inserted by S.I. 2014/366 and amended by S.I. 2017/488, 2019/632 and 2022/466."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "Article 88E was inserted by S.I. 2013/1881."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "Article 74A was inserted by S.I. 2002/682."
    },
    {
      "type": "footnote",
      "label": "f11",
      "text": "Article 97 was inserted by S.I. 2004/1610 and amended by S.I. 2013/472."
    },
    {
      "type": "footnote",
      "label": "f12",
      "text": "Section 137B of the Act was inserted by s.24(1) of the Financial Services Act 2012."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/40",
    "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."
}