Regulation 53 Saving provision for decisions not fully determined

(1)

This regulation applies to a person (“P”) where—

(a)

P applied for a relevant cryptoasset permission during the relevant application period (“the application”), and

(b)

the application has either—

(i)

not been determined by the FCA, or

(ii)

been refused by the FCA but is open to review, and

(c)

P is not subject to a direction by the FCA made under regulation 55(3) (application of the cryptoasset transitional provision) applying that regulation and Chapter 3 (cryptoasset transitional provision) of this Part to them.

(2)

For the purposes of the relevant cryptoasset activity to which the application relates, P, and any overseas person in the same group as P, is to be treated as if Parts 3 to 6 of these Regulations had not come into force.

(3)

This Chapter ceases to have effect at the end of the period of 2 years beginning with the full commencement day.