# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 51: Interpretation


In this Part—
“open to review” in relation to a relevant cryptoasset permission means—
(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
(b) one of the following is the case—
(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;
(ii) the matter has been referred to the Tribunal but has not yet been dealt with;
(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;
(iv) an appeal has been brought against the Tribunal but has not yet been determined;
“overseas person” means a person who—
(a) carries on an activity that will be a relevant cryptoasset activity on the full commencement day, and
(b) does not carry on that relevant cryptoasset activity from an establishment in the United Kingdom;
“pre-existing contract” has the meaning given by regulation 56(4) (temporary exemption relating to pre-existing contracts);
“relevant application period” means the period set by the FCA in accordance with directions given under regulation 52 (relevant application period);
“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)—
(a) before the full commencement day, is to become a regulated activity on full commencement day, or
(b) on or after the full commencement, is a regulated activity;
“relevant cryptoasset permission” means—
(a) a Part 4A permission to carry on a relevant cryptoasset activity, or
(b) the variation of an existing Part 4A permission to include a relevant cryptoasset activity;
“the relevant day” has the meaning given by regulation 56(4) (temporary exemption relating to pre-existing contracts).

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/51 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-51
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.