Financial Services and Markets Act 2023

69 Cryptoassets U.K.

(1) FSMA 2000 is amended as follows.

(2) In section 21 (restrictions on financial promotion), in subsection (14) at end insert “(including where an asset, right or interest is, or comprises or represents, a cryptoasset)”.

(3) In section 22 (regulated activities), in subsection (4) at end insert “(including where an asset, right or interest is, or comprises or represents, a cryptoasset)”.

(4) In section 417 (definitions)—

(a) in subsection (1), insert at the appropriate place—

• ““cryptoasset” means any cryptographically secured digital representation of value or contractual rights that—

  (a)

  can be transferred, stored or traded electronically, and

  (b)

  that uses technology supporting the recording or storage of data (which may include distributed ledger technology).”;

(b) at end insert—

“(5) The Treasury may by regulations amend the definition of “cryptoasset” in subsection (1).”

(5) In section 429 (Parliamentary control of statutory instruments), in subsection (2) leave out “or 333T” and insert “, 333T or 417(5)”.

Commencement Information

I1 S. 69 not in force at Royal Assent, see s. 86(3)

I2 S. 69 in force at 29.8.2023 by S.I. 2023/779, reg. 4(uu)