14A.—(1) In these Regulations, “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, when providing such services—
(a)exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets,
(b)exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or
(c)operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets.
(2) In these Regulations, “custodian wallet provider” means a firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer—
(a)cryptoassets on behalf of its customers, or
(b)private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets,
when providing such services.
(3) For the purposes of this regulation—
(a)“cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically;
(b)“money” means—
(i)money in sterling,
(ii)money in any other currency, or
(iii)money in any other medium of exchange,
but does not include a cryptoasset; and
(c)in sub-paragraphs (a), (b) and (c) of paragraph (1), “cryptoasset” includes a right to, or interest in, the cryptoasset.]
Textual Amendments
F1Reg. 14A inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 4(7)