42(1)Section 42 (participants in payment systems) is amended as follows.U.K.
(2)In subsection (2)(c), for “subsection (5)” substitute “subsections (5) and (5A)”.
(3)After subsection (5) insert—
“(5A)“Payment service provider” in relation to a payment system that includes arrangements using digital settlement assets means—
(a)a person responsible for managing the issuance and redemption of digital settlement assets;
(b)a person whose business or occupation is to safeguard, or to safeguard and administer digital settlement assets, including their private cryptographic keys (or means of access);
(c)a digital settlement asset exchange provider;
(d)a person who—
(i)sets rules, standards, or conditions of access or participation in relation to the system, or
(ii)provides any service that facilitates, or supports, a transfer of money or digital settlement assets to be made using the system, including any infrastructure provider in relation to the system.”
Commencement Information
I1Sch. 6 para. 42 in force at 29.8.2023, see s. 86(2)(a)