{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-9M",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-9M.json",
  "legislation": "uksi/2001/544",
  "legislation_title": "The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001",
  "path": "article/9M",
  "kind": "article",
  "number": "9M",
  "heading": "Issuing qualifying stablecoin",
  "text": "(1) Issuing a qualifying stablecoin is a specified kind of activity.\n(2) A person (“A”) “issues” a qualifying stablecoin if—\n(a) A offers, or arranges for another to offer, a qualifying stablecoin for sale or subscription from an establishment in the United Kingdom, or has previously done so, whether before or on or after the coming into force of this article,\n(b) the qualifying stablecoin was created by, or on behalf of, A or a member of A’s group, and\n(c) A carries on both the following activities from an establishment in the United Kingdom—\n(i) undertaking, or arranging for another to undertake, to redeem the qualifying stablecoin;\n(ii) holding, or arranging for another to hold, fiat currency or other assets for the purpose of maintaining the stable value of the qualifying stablecoin, as mentioned in article 88G(2)(a).\n(3) The activity in paragraph (2)(a) does not include the minting of a qualifying stablecoin, such that it first exists—\n(a) as an identifiable asset on the blockchain, and\n(b) in a transferable form.\n(4) For the purposes of paragraph (1)—\n(a) A is to be considered as carrying on or having carried on the activity in paragraph (2)(a) where A accepts an invitation from another person (“B”) for B’s purchase of a qualifying stablecoin;\n(b) A is to be considered as carrying on the activities in paragraphs (2)(a) and (2)(c)(ii), and as having created the qualifying stablecoin for the purposes of paragraph (2)(b), where A has assumed (by assignment, variation, operation of law or by any other similar mechanism) an undertaking to redeem the qualifying stablecoin;\n(c) where all of the activities in paragraph (2)(a) and (c)(i) and (ii) are carried on by another person (“B”) under arrangements made by A, then only A is to be considered as carrying on the activity specified in paragraph (1), not B.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 2 Ch. 2B inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(5) (with regs. 53-56)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/544/article/9M",
    "retrieved_at": "2026-10-29T08:01:12.377334+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."
}