# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 43: Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001


(1) The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 is amended as follows.
(2) In the Schedule (arrangements not amounting to a collective investment scheme)—
(a) after paragraph 3 (pure deposit based schemes) insert—
“Qualifying stablecoin arrangements
3A (1) Arrangements do not amount to a collective investment scheme where—
(a) they are arrangements under which money or an asset is held for the stabilisation of a qualifying stablecoin, and
(b) both the conditions in paragraph (2)(a) and (b) are met.
(2) The conditions referred to in paragraph (1)(b) are—
(a) that the issuer of the qualifying stablecoin does not pay, or arrange for another to pay, interest or yield arising from money or an asset held for the stabilisation of the qualifying stablecoin, or the benefits accruing from such to a holder;
(b) that, under normal conditions, the qualifying stablecoin offers a holder a right to redeem the stablecoin with the issuer at the same value, in the currency the stablecoin referenced at issue (excluding any fees that may be payable on redemption).
(3) For the purposes of this regulation—
(a) “qualifying stablecoin” has the meaning given by article 88G of the Regulated Activities Order (qualifying stablecoin);
(b) money or an asset is held for the stabilisation of a qualifying stablecoin if it is held for the purpose mentioned in article 88G(2)(b) of the Regulated Activities Order.”.
(b) In paragraph 22 (qualifying cryptoasset staking), in sub-paragraph (2), for the definition of “qualifying cryptoasset” substitute—
““qualifying cryptoasset” has the meaning given by article 88F of the Regulated Activities Order (qualifying cryptoassets);”.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/43 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-43
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.