You are viewing CRYPTO 3.1 Purpose and application as it appeared on 25/10/2027. The current version of CRYPTO 3.1 Purpose and application was last updated on 25/10/2027.

CRYPTO 3.1 Purpose and application

Purpose

25/10/2027G

CRYPTO 3 is the specialist chapter for offers of qualifying cryptoassets to the public and the admission to trading of qualifying cryptoassets on a UK QCATP.

25/10/2027G

The purpose of this chapter is to:

  1. (1) require retail UK QCATP operators to conduct due diligence and publish a QCDD before admitting qualifying cryptoassets (other than UK qualifying stablecoins) to trading on a retail UK QCATP;
  2. (2) specify when and how withdrawal rights under regulation 15(1) of the Cryptoassets Regulations can be exercised by persons who have agreed to buy or subscribe for qualifying cryptoassets;
  3. (3) specify who is responsible for a QCDD (other than a stablecoin QCDD) for the purposes of regulations 12 and 14 of the Cryptoassets Regulations; 
  4. (4) specify when forward-looking statements in a QCDD (other than a stablecoin QCDD) are protected forward-looking statements under Part 2 of Schedule 2 to the Cryptoassets Regulations;
  5. (5) set out separate rules for the admission to trading of a UK qualifying stablecoin on a UK QCATP;
  6. (6) require UK QCATP operators to keep records relating to their compliance with this chapter;
  7. (7) prohibit offers of qualifying cryptoassets to the public by virtue of paragraph 6 of Schedule 1 to the Cryptoassets Regulations where no QCDD has been published; and
  8. (8) set out rules on advertisements related to the admission to trading of a qualifying cryptoasset on a retail UK QCATP.
25/10/2027G

This chapter is relevant to:

  1. (1) UK QCATP operators;
  2. (2) persons requesting or obtaining the admission to trading of a qualifying cryptoasset (including a UK qualifying stablecoin) on a UK QCATP;
  3. (3) where there is an offer of a qualifying cryptoasset to the public, any persons responsible for the offer;
  4. (4) intermediaries through whom qualifying cryptoassets are bought or subscribed for; and
  5. (5) persons communicating advertisements relating either to the admission to trading of qualifying cryptoassets on a UK QCATP or offers of qualifying cryptoassets to the public made by virtue of paragraph 6 of Schedule 1 to the Cryptoassets Regulations.

Application

25/10/2027G

This chapter applies as follows, unless the provisions of a section or rule state otherwise:

  1. (1) CRYPTO 3.1 (Purpose and application) applies for the purposes of CRYPTO 3 generally;
  2. (2) CRYPTO 3.2 (Due diligence by retail UK QCATP operators before admission to trading), CRYPTO 3.3 (QCDDs) and CRYPTO 3.4 (Presentation and content of QCDDs and supplementary disclosure documents) apply to a retail UK QCATP operator;
  3. (3) CRYPTO 3.5 (Withdrawal rights) applies in respect of a person responsible for the offer of a qualifying cryptoasset to the public and any intermediary through whom the qualifying cryptoasset is bought or subscribed for;
  4. (4) CRYPTO 3.6 (Persons responsible for a QCDD or supplementary disclosure document under regulation 14 of the Cryptoassets Regulations) determines the person responsible for a QCDD or supplementary disclosure document for the purposes of regulation 14 of the Cryptoassets Regulations;
  5. (5) CRYPTO 3.7 (Protected forward-looking statements) specifies the kind of forward-looking statement that is a protected forward-looking statement for the purposes of Part 2 of Schedule 2 to the Cryptoassets Regulations;
  6. (6) CRYPTO 3.8 (Admission of qualifying stablecoins issued in the United Kingdom) applies to a UK QCATP operator in relation to the admission to trading of a UK qualifying stablecoin;
  7. (7) CRYPTO 3.9 (Withdrawal rights for qualifying stablecoins issued in the United Kingdom) applies to a person responsible for the offer of a UK qualifying stablecoin;
  8. (8) CRYPTO 3.10 (Record keeping) applies to a UK QCATP operator;
  9. (9) CRYPTO 3.11 (Offers to the public of qualifying cryptoassets admitted to trading) applies to any person making an offer of a qualifying cryptoasset to the public;
  10. (10) CRYPTO 3.12 (Advertisements and other disclosures of information) applies to the communication of advertisements in relation to:
    1. (a) the admission to trading of a qualifying cryptoasset on a retail UK QCATP;
    2. (b) the proposed admission to trading of a qualifying cryptoasset on a retail UK QCATP; or 
    3. (c) the offer of a qualifying cryptoasset to the public; and
  11. (11) CRYPTO 3.13 (Rules that can be waived or modified) applies for the purposes of CRYPTO 3 generally.
25/10/2027G

CRYPTO 3.2 to CRYPTO 3.7, CRYPTO 3.11 and CRYPTO 3.12 do not apply to offers of qualifying cryptoassets to the public which relate to UK qualifying stablecoins or the admission to trading of UK qualifying stablecoins on a UK QCATP. There are specific rules in respect of UK qualifying stablecoins in CRYPTO 2, CRYPTO 3.8 and CRYPTO 3.9.

Application of GEN

25/10/2027G

GEN does not apply in respect of the rules and guidance in CRYPTO 3, except as provided for in CRYPTO 3.1.7R and CRYPTO 3.1.8R.

25/10/2027R

The rules and guidance in GEN 1.3, GEN 2.1, GEN 2.2.1R to GEN 2.2.16G and GEN 2.2.18R to GEN 2.2.25G apply to:

  1. (1) persons carrying out the designated activities referred to in regulations 7 and 8 of the Cryptoassets Regulations; and
  2. (2) persons responsible for the content of a QCDD and any supplementary disclosure document produced in accordance with the rules and guidance in CRYPTO 3,

  3. as they apply to authorised persons, insofar as they do not already apply.

     

25/10/2027R

The persons identified in CRYPTO 3.1.7R(1) and (2) must deal with the FCA in an open and cooperative way.

Point In Time
25/10/2027