# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Regulation 56: Temporary exemption relating to pre-existing contracts


(1) Subject to paragraph (2), a person to whom this regulation applies is an exempt person for the purposes of section 19(1)(b) of the Act (the general prohibition).
(2) If a person to whom this regulation applies is already an authorised person, then they are to be treated as exempt from the application of section 20 of the Act (authorised persons acting without permission).
(3) An exemption under this regulation has effect—
(a) in relation to the carrying on of a relevant cryptoasset activity for which the person does not have a Part 4A permission,
(b) solely to the extent—
(i) necessary for the performance of a pre-existing contract, including where the performance of an obligation under the contract is contingent or conditional, and
(ii) where carried on for the purposes of performing such a contract, and
(c) subject to the operation of regulation 59 (variation and cancellation of an exemption under regulation 56).
(4) In this regulation—
“pre-existing contract” means a contract entered into before the relevant day;
“the relevant day” means—
(a) where this regulation applies as a result of regulation 55(1), (2) or (4), whichever is the later of—
(i) the full commencement day, or
(ii) if the day on which the condition in regulation 55(1), (2) or (4) (as applicable) is met is after the full commencement day, that day, or
(b) where this regulation applies as a result of regulation 55(3), the day on which the FCA specifies that the direction given under that provision takes effect.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/56 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-56
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.