{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-9X",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-9X.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/9X",
  "kind": "article",
  "number": "9X",
  "heading": "Article 9W: exclusions",
  "text": "(1) There is excluded from article 9W—\n(a) the creation, including the design, of a qualifying stablecoin;\n(b) the minting of a qualifying stablecoin, such that it first exists as—\n(i) an identifiable asset on a blockchain, and\n(ii) in a transferable form;\n(c) activity where the qualifying cryptoasset is acquired or transferred for no consideration;\n(d) the distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;\n(e) activity where the qualifying cryptoasset is—\n(i) issued by, or on behalf of, the person carrying on the activity, and\n(ii) sold to or subscribed for by an employee or partner of the person carrying on the activity.\n(2) There is excluded from article 9W activity specified by—\n(a) article 9M (issuing qualifying stablecoin);\n(b) article 9S (operating a qualifying cryptoasset trading platform);\n(c) article 9Z6 (qualifying cryptoasset staking).",
  "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/9X",
    "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."
}