C4C6C5C1C7C3C2 Part 3 Confiscation: Scotland

Annotations:
Modifications etc. (not altering text)
C6

Pt. 3 applied by Terrorism Act 2000 (c. 11), Sch. 8 paras. 17(4A), 34(3A) (as substituted (24.3.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 11 para. 39(4)(5); S.S.I. 2003/210, art. 2(1)(b)(2), sch. (with art. 7); S.I. 2003/333, art. 2, Sch.

C7

Pt. 3 applied (12.2.2019 for specified purposes, 13.8.2020 in so far as not already in force) by Counter-Terrorism and Border Security Act 2019 (c. 3), s. 27(1)(g), Sch. 3 para. 39(6) (with s. 25(9)); S.I. 2020/792, reg. 2(g)

F3F1Seized moneyF1Enforcement: money, cryptoassets and personal property

Annotations:
Amendments (Textual)
F3

S. 131ZA and cross-heading inserted (S.) (27.4.2017 for specified purposes, 31.1.2018 in so far as not already in force) by Criminal Finances Act 2017 (c. 22), ss. 28, 58(2)(6); S.S.I. 2017/456, reg. 2(a)

F1

S. 131ZA cross-heading substituted (26.10.2023 for specified purposes) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(2)(b)(4)(a), Sch. 8 para. 33

131ZCF2Meaning of “UK-connected cryptoasset service provider”

1

“UK-connected cryptoasset service provider” in section 131ZB means a cryptoasset service provider which—

a

is acting in the course of business carried on by it in the United Kingdom,

b

has terms and conditions with the persons to whom it provides services which provide for a legal dispute to be litigated in the courts of a part of the United Kingdom,

c

holds in the United Kingdom any data relating to the persons to whom it provides services, or

d

meets the condition in subsection (2).

2

The condition in this subsection is that—

a

the cryptoasset service provider has its registered office or, if it does not have one, its head office in the United Kingdom, and

b

the day-to-day management of the provider’s business is the responsibility of that office or another establishment maintained by it in the United Kingdom.

3

“Cryptoasset service provider” in subsections (1) and (2) includes a cryptoasset exchange provider and a custodian wallet provider; and for this purpose—

  • “cryptoasset exchange provider” means a firm or sole practitioner who by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved—

    1. a

      exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets;

    2. b

      exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another;

    3. c

      operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets;

  • “custodian wallet provider” means a firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer—

    1. a

      cryptoassets on behalf of its customers, or

    2. b

      private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets.

4

In the definition of “cryptoasset exchange provider” in subsection (3), “cryptoasset” includes a right to, or interest in, a cryptoasset.

5

The Secretary of State may by regulations amend the definitions in subsection (3) (including by amending subsection (4)).

6

The Secretary of State must consult the Scottish Ministers before making regulations under subsection (5).