{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/schedule-2/paragraph-1",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/schedule-2/paragraph-1.json",
  "legislation": "ukdsi/2025/9780348277586",
  "legislation_title": "The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025",
  "path": "schedule/2/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) In this paragraph “statement” means—\n(a) an untrue or misleading statement in a qualifying cryptoasset disclosure document or supplementary disclosure document, or\n(b) the omission from a qualifying cryptoasset disclosure document or supplementary disclosure document of a matter required to be included by regulation 13 (general requirements to be met by a qualifying cryptoasset disclosure document or supplementary disclosure document).\n(2) A person (“D”) does not incur a liability under regulation 14 (compensation for statements in a qualifying cryptoasset disclosure document or supplementary disclosure document) for loss caused by a statement if D satisfies the court—\n(a) that, at the time when the qualifying cryptoasset disclosure document or supplementary disclosure document was published, D reasonably believed, having made such enquiries as were reasonable, that—\n(i) the statement was true and not misleading, or\n(ii) the matter whose omission caused the loss was properly omitted, and\n(b) that one or more of the conditions set out in sub-paragraph (3) are satisfied.\n(3) The conditions are—\n(a) that D continued in D’s belief until the time when the qualifying cryptoasset in question was bought or subscribed for;\n(b) that the qualifying cryptoasset in question was bought or subscribed for before it was reasonably practicable to bring a correction to the attention of a person likely to buy or subscribe for it;\n(c) that, before the qualifying cryptoasset in question was bought or subscribed for, D had taken all such steps as it was reasonable for D to have taken to secure that a correction was brought to the attention of a person likely to buy or subscribe for it;\n(d) that D continued in D’s belief until after the commencement of dealings in the qualifying cryptoasset in question following its admission to trading and it was bought or subscribed for after such a lapse of time that D ought in the circumstances to be reasonably excused.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/schedule/2/paragraph/1",
    "retrieved_at": "2026-10-30T14:38:18.364924+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}