# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 55: Application of the cryptoasset transitional provision


(1) Regulation 56 applies to a person where the following conditions are satisfied—
(a) during the relevant application period, that person applied for a relevant cryptoasset permission, and
(b) that application—
(i) has been refused by the FCA, and is no longer open to review, or
(ii) has been withdrawn.
(2) Regulation 56 also applies to a person where the following conditions are satisfied—
(a) outside the relevant application period but before the full commencement day, that person applied for a relevant cryptoasset permission, and
(b) that application—
(i) has not been determined,
(ii) has been refused, or
(iii) has been withdrawn.
(3) The FCA may direct that regulation 56, and not regulation 53, will apply to a person, where that person has—
(a) applied for a relevant cryptoasset permission during the relevant application period, and
(b) that application has been refused by the FCA but is open to review.
(4) Regulation 56 applies to an overseas person (“O”) where—
(a) a person (“P”), established in the United Kingdom, has made an application within the scope of paragraph (1), and
(b) O is within the same group as P.
(5) The FCA may only exercise the power in paragraph (3) if it considers that the exercise of the power is necessary—
(a) for the prevention, detection, investigation, or prosecution of a criminal offence;
(b) for the protection of consumers;
(c) in order for the FCA to advance its objectives under Part 1A of the Act.
(6) Where the FCA decides to exercise the power in paragraph (3), the FCA must—
(a) specify the date on which the direction is to come into effect, which may not be before the full commencement day, and
(b) give a decision notice to the person to whom the decision relates.
(7) A person to whom a direction is given under paragraph (3) relates may refer the decision to exercise the power in that paragraph to the Tribunal.
(8) Part 9 of the Act (hearings and appeals) applies to a reference to the Tribunal under paragraph (7) as it applies to a reference under that Act.
(9) This Chapter ceases to have effect at the end of the period of 2 years beginning with the full commencement day.

---
Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/55 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-55
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.