Article 9Z5 Article 9Y: other exclusionsF1

(1)

There is excluded from article 9Y the following activities—

(a)

the creation, including the design, of a qualifying stablecoin;

(b)

the minting of a qualifying stablecoin, such that it first exists as—

(i)

an identifiable asset on the blockchain, and

(ii)

in a transferable form;

(c)

activity where the qualifying cryptoasset is acquired or transferred for no consideration;

(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;

(e)

activity where the qualifying cryptoasset is—

(i)

issued by, or on behalf of, the person carrying on the activity, and

(ii)

sold to or subscribed for by an employee or partner of the person carrying on the activity;

(f)

any activity where—

(i)

a person (“A”) who only makes arrangements for, or with a view to, a transaction which is or is to be entered into, as principal, by another member of the same group, and

(ii)

A is not authorised or required to be authorised to carry on an activity specified by this Chapter.

(2)

There is excluded from article 9Y activity specified by—

(a)

article 9M (issuing qualifying stablecoin);

(b)

article 9S (operating a qualifying cryptoasset trading platform);

(c)

article 9Z6 (qualifying cryptoasset staking).

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)