{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-51",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-51.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/51",
  "kind": "regulation",
  "number": "51",
  "heading": "Interpretation",
  "text": "In this Part—\n“open to review” in relation to a relevant cryptoasset permission means—\n(a) the application has been refused by the FCA by a decision notice given under section 55X(4) of the Act (determination of applications: warning notices and decision notices), and\n(b) one of the following is the case—\n(i) the period for making a reference to the Tribunal under section 55Z3 of the Act (right to refer matters to the Tribunal) is still running;\n(ii) the matter has been referred to the Tribunal but has not yet been dealt with;\n(iii) the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running;\n(iv) an appeal has been brought against the Tribunal but has not yet been determined;\n“overseas person” means a person who—\n(a) carries on an activity that will be a relevant cryptoasset activity on the full commencement day, and\n(b) does not carry on that relevant cryptoasset activity from an establishment in the United Kingdom;\n“pre-existing contract” has the meaning given by regulation 56(4) (temporary exemption relating to pre-existing contracts);\n“relevant application period” means the period set by the FCA in accordance with directions given under regulation 52 (relevant application period);\n“relevant cryptoasset activity” means an activity that, as a result of the amendments in regulation 40 of these Regulations (amendment of the Regulated Activities Order)—\n(a) before the full commencement day, is to become a regulated activity on full commencement day, or\n(b) on or after the full commencement, is a regulated activity;\n“relevant cryptoasset permission” means—\n(a) a Part 4A permission to carry on a relevant cryptoasset activity, or\n(b) the variation of an existing Part 4A permission to include a relevant cryptoasset activity;\n“the relevant day” has the meaning given by regulation 56(4) (temporary exemption relating to pre-existing contracts).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/51",
    "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."
}