# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Paragraph 9


(1) In paragraphs 2 and 3, “qualified investor”, in relation to an offer of a qualifying cryptoasset, means—
(a) a person described in paragraph 3 of Schedule 1 to the markets in financial instruments regulation, other than a person who, before the making of the offer, has agreed in writing with the relevant firm, or each of the relevant firms, to be treated as a non-professional client in accordance with paragraph 4 of that Schedule;
(b) a person who has made a request a relevant firm to be treated as a professional client in accordance with paragraphs 5 and 6 of that Schedule and has not subsequently, but before the making of the offer, agreed in writing with that relevant firm (or each of those relevant firms) to be treated as a non-professional client in accordance with paragraph 4 of that Schedule;
(c) a person who—
(i) is an eligible counterparty for the purposes of Section 6 of Chapter 3 of the Conduct of Business sourcebook, and
(ii) has not, before the making of the offer, agreed in writing with the relevant firm (or each of the relevant firms) to be treated as a non-professional client in accordance with paragraph 4 of Schedule 1 to the markets in financial instruments regulation.
(2) In sub-paragraph (1)—
(a) “relevant firm” means an investment firm or qualifying credit institution acting in connection with the offer;
(b) the reference to the Conduct of Business sourcebook is a reference to that sourcebook in the Handbook of Rules and Guidance published by the FCA under the Act, as it has effect from time to time.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/schedule/1/paragraph/9 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/schedule-1/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.