The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026

1. Introductory Text

2. Part 1 General

   1. 1. Citation, commencement and extent

   2. 2. Interpretation: general

3. Part 2 Markets in cryptoassets: designated activities

   1. Chapter 1 Qualifying cryptoasset public offers and admissions to trading

      1. Interpretation

         1. 3. Interpretation: qualifying cryptoasset public offers and admissions to trading

         2. 4. “Issuing qualifying stablecoin” and the “issuer” of that qualifying stablecoin

         3. 5. “Offer of a qualifying cryptoasset to the public”

         4. 6. “Qualifying cryptoasset disclosure document” and “supplementary disclosure document”

      2. Designated activities: qualifying cryptoasset public offers and admissions to trading

         1. 7. Designated activities: public offers of qualifying cryptoassets

         2. 8. Designated activities: admissions to trading on a qualifying cryptoasset trading platform

      3. Designated activity rules: qualifying cryptoasset public offers and admissions to trading

         1. 9. Designated activity rules: qualifying cryptoasset public offers and admissions to trading

      4. Prohibition of public offers of qualifying cryptoassets

         1. 10. Prohibition of public offers of qualifying cryptoassets

      5. Disclosure of information

         1. 11. Disclosure of information

      6. Qualifying cryptoasset disclosure document and supplementary disclosure document

         1. 12. Responsibility for disclosure documents

         2. 13. General requirements to be met by a qualifying cryptoasset disclosure document or supplementary disclosure document

         3. 14. Compensation for statements in a qualifying cryptoasset disclosure document or supplementary disclosure document

         4. 15. Withdrawal rights

         5. 16. Application of section 85 of the Act (contravention of prohibition relating to public offer of securities)

   2. Chapter 2 Market abuse in qualifying cryptoassets and related instruments

      1. Interpretation: market abuse in qualifying cryptoassets and related instruments

         1. 17. Interpretation: market abuse in qualifying cryptoassets and related instruments

         2. 18. Inside information

         3. 19. Market manipulation

      2. Designated activities: use and disclosure of inside information and market manipulation

         1. 20. Designated activities: use and disclosure of inside information and market manipulation

      3. FCA powers: designated activity rules

         1. 21. Designated activity rules: market abuse in qualifying cryptoassets and related instruments

      4. Prohibited use of inside information (insider dealing)

         1. 22. Prohibited use of inside information (insider dealing)

         2. 23. Exclusions: insider dealing

      5. Unlawful disclosure of inside information

         1. 24. Prohibition on the disclosure of inside information

         2. 25. Exclusions: prohibition on the disclosure of inside information

         3. 26. Public disclosure of inside information

         4. 27. Public disclosure of inside information: delayed disclosure

      6. Market manipulation

         1. 28. Prohibition of market manipulation

         2. 29. Exclusions: market manipulation

      7. Systems and procedures to prevent, detect and disrupt market abuse of relevant qualifying cryptoassets and related instruments

         1. 30. Systems and procedures for trading relevant qualifying cryptoassets and related instruments

      8. Insider lists for relevant qualifying cryptoassets and related instruments

         1. 31. Insider lists for relevant qualifying cryptoassets and related instruments

      9. Information sharing

         1. 32. Cases in which sharing of information authorised or required

         2. 33. Protected disclosures

      10. Legitimate cryptoasset market practice

          1. 34. Legitimate cryptoasset market practice

   3. Chapter 3 General provisions relating to cryptoasset designated activities

      1. Reporting of infringements

         1. 35. Reporting of infringements

      2. Rule-making powers of the FCA

         1. 36. Disapplication or modification of rules

      3. Power of the FCA to give directions

         1. 37. Power of the FCA to give directions

      4. Designated activity enforcement by the FCA: cryptoasset designated activities

         1. 38. FCA’s power to require information from persons not subject to a requirement imposed by virtue of any other provision of this Part: cryptoasset designated activities

         2. 39. Liability for contravention of a prohibition in regulation 22, 24 or 28

4. Part 3 Amendment of the Regulated Activities Order

   1. 40. Amendment of the Regulated Activities Order

5. Part 4 Amendment of the Act

   1. 41. Amendment of the Act

6. Part 5 Amendment of the Financial Promotion Order

   1. 42. Amendment of the Financial Promotion Order

7. Part 6 Consequential amendment of other secondary legislation

   1. 43. Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001

   2. 44. Amendment of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001

   3. 45. Amendment of the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001

   4. 46. Amendment of the Electronic Money Regulations 2011

   5. 47. Amendment of the Alternative Investment Fund Managers Regulations 2013

   6. 48. Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

   7. 49. Amendment of the Payment Services Regulations 2017

   8. 50. Amendment of the Financial Services and Markets Act 2000 (Prudential Regulation of FCA Investment Firms) (Definitions for the purposes of Part 9C) Regulations 2021

8. Part 7 Savings and transitional provision

   1. Chapter 1 Interpretation and relevant application period

      1. 51. Interpretation

      2. 52. Relevant application period

   2. Chapter 2 Cryptoasset saving provision

      1. 53. Saving provision for decisions not fully determined

      2. 54. Notification by a person to whom regulation 53 applies

   3. Chapter 3 Cryptoasset transitional provision

      1. 55. Application of the cryptoasset transitional provision

      2. 56. Temporary exemption relating to pre-existing contracts

      3. 57. Notification by a person to whom regulation 56 applies

      4. 58. Information to be supplied to a party to a contract with a person to whom regulation 56 applies

      5. 59. Variation and cancellation of an exemption under regulation 56

      6. 60. Restrictions on financial promotions

      7. 61. Information gathering

      8. 62. Publication of information

      9. 63. Public censure

   4. Chapter 4 Consultation relating to rules and guidance by the FCA

      1. 64. Consultation relating to rules and guidance by the FCA

9. Part 8 Review

   1. 65. Review

10. Signature

11. Schedules

    1. Schedule 1

       Exceptions from prohibition of offers to the public

       1. Part 1 Offers not contravening prohibition

          1. General exceptions

             1. 1. An offer of a qualifying cryptoasset made to the public...

             2. 2. An offer of a qualifying cryptoasset made solely to qualified...

             3. 3. An offer of a qualifying cryptoasset made to fewer than...

             4. 4. An offer of a qualifying cryptoasset made to a person...

          2. Qualifying stablecoin

             1. 5. An offer of a qualifying stablecoin for sale or subscription...

          3. Offer of qualifying cryptoassets admitted to trading

             1. 6. An offer of a qualifying cryptoasset where—

          4. Offer of qualifying cryptoassets to directors or employees

             1. 7. (1) An offer or allotment of a qualifying cryptoasset that—...

       2. Part 2 Supplementary provisions relating to Part 1

          1. 8. (1) In determining whether paragraph 1 is satisfied in relation...

          2. 9. (1) In paragraphs 2 and 3, “qualified investor”, in relation...

          3. 10. For the purposes of paragraph 3, the making of an...

          4. 11. (1) For the purposes of Part 1 of this Schedule,...

    2. Schedule 2

       Compensation: exemptions

       1. Part 1 General exemptions

          1. Statements believed to be true

             1. 1. (1) In this paragraph “statement” means— (a) an untrue or...

          2. Correction of statements

             1. 2. (1) In this paragraph “statement” has the same meaning as...

          3. Statements by experts

             1. 3. (1) In this paragraph “statement” means a statement included in...

          4. Correction of statements by experts

             1. 4. (1) In this paragraph “statement” has the same meaning as...

          5. Official statements

             1. 5. A person (“D”) does not incur a liability under regulation...

          6. Belief that supplementary disclosure document not called for

             1. 6. (1) A person (“D”) does not incur a liability under...

          7. Meaning of “expert”

             1. 7. In this Part, “expert” includes an engineer, valuer, accountant or...

       2. Part 2 Further exemption relating to forward-looking statement

          1. “Protected forward-looking statement”

             1. 8. (1) For the purposes of this Part of this Schedule,...

          2. Exemption from liability

             1. 9. (1) Unless the condition in sub-paragraph (2) is met, a...

12. Explanatory Note