Article 9U Article 9T exclusion:absence of holding out etc.F1

(1)

Subject to paragraph (3), a person (“P”) does not carry on an activity specified by article 9T by entering into a transaction which relates to a qualifying cryptoasset unless—

(a)

P holds itself out as willing, as principal, to buy, sell, subscribe for or underwrite qualifying cryptoassets of the kind to which the transaction relates at prices determined by P—

(i)

generally, and

(ii)

continuously rather than in respect of each particular transaction,

(b)

P holds itself out as engaging in the business of buying qualifying cryptoassets of the kind to which the transaction relates, with a view to selling them,

(c)

P holds itself out as engaging in the business of underwriting qualifying cryptoassets of the kind to which the transaction relates, or

(d)

P regularly solicits members of the public with the purpose of inducing them, as principals or agents, to enter into transactions constituting activities of the kind specified by article 9T, and the transaction is entered into as a result of P having solicited members of the public in that manner.

(2)

In paragraph (1)(d), “members of the public” means persons other than—

(a)

an authorised person with a Part 4A permission to carry on a regulated activity specified by article 9T;

(b)

a member of the same group as P.

(3)

Paragraph (1) does not apply where P enters into the transaction as bare trustee or, in Scotland, as nominee for another person (“B”), where—

(a)

P is acting on B’s instructions, and

(b)

P holds itself out as providing a service of buying and selling qualifying cryptoassets.

Annotations

Textual amendments

F1: 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)