PART 6Miscellaneous

Amendments to FSMA 2000

I1I269Cryptoassets

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—

    1. a

      can be transferred, stored or traded electronically, and

    2. 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)”.