You are viewing CRYPTO 3.3 QCDDs as it appeared on 25/10/2027. The current version of CRYPTO 3.3 QCDDs was last updated on 25/10/2027.

CRYPTO 3.3 QCDDs

Publication of QCDDs before admission to trading

25/10/2027R

A retail UK QCATP operator may only admit a qualifying cryptoasset to trading on the retail UK QCATP if:

  1. (1) it has published a QCDD for the qualifying cryptoasset on its website produced by:
    1. (a) the person requesting the admission to trading of the qualifying cryptoasset; or
    2. (b) the retail UK QCATP operator, if it is admitting the qualifying cryptoasset to trading of its own motion;
  2. (2) it has uploaded the published QCDD to the FCA-owned centralised repository; and
  3. (3) it is reasonably satisfied, prior to publishing and uploading the QCDD under (1) and (2), that the QCDD:
    1. (a) contains at least the information required by regulation 13(1) of the Cryptoassets Regulations;
    2. (b) complies with requirements relating to the presentation and content of QCDDs set out in:
      1. (i) the retail UK QCATP's rulebook; or
      2. (ii) CRYPTO 3.4.12R, if the QCDD has been produced by the retail UK QCATP operator; and
    3. (c) does not contain any untrue or misleading statements.

Publication of supplementary disclosure documents before admission to trading

25/10/2027R

A retail UK QCATP operator must ensure a person who produces a QCDD for publication by the retail UK QCATP operator under CRYPTO 3.3.1R produces a supplementary disclosure document if:

  1. (1) after the publication of the QCDD and before the admission to trading of the qualifying cryptoasset concerned on the retail UK QCATP that person becomes aware of new information or a mistake or inaccuracy relating to the information in the QCDD or any supplementary disclosure document; and
  2. (2) the information, mistake or inaccuracy may be material to a person considering buying or subscribing for the qualifying cryptoasset.
25/10/2027G

The circumstances in which new information or a mistake or inaccuracy are likely to be material for the purposes of CRYPTO 3.3.2R(2) include where it may affect the person’s ability to make an informed assessment of the matters mentioned in regulation 13(1)(a) to (f) of the Cryptoassets Regulations.

25/10/2027R

Where a supplementary disclosure document is produced for the purposes of CRYPTO 3.3.2R, a retail UK QCATP operator may only admit the qualifying cryptoasset concerned to trading on the retail UK QCATP if:

  1. (1) it has published the supplementary disclosure document on its website;
  2. (2) it has uploaded the published supplementary disclosure document to the FCA-owned centralised repository; and
  3. (3) it is reasonably satisfied, prior to publishing and uploading the supplementary disclosure document under (1) and (2) that:
    1. (a) the QCDD taken together with the supplementary disclosure document and any other supplementary disclosure document published under this rule contains at least the information required by regulation 13(1) of the Cryptoassets Regulations; and
    2. (b) the supplementary disclosure document complies with the requirements referred to in CRYPTO 3.3.1R(3)(b) and (c).
25/10/2027R

CRYPTO 3.3.1R to CRYPTO 3.3.4R do not apply to the admission to trading of a qualifying cryptoasset on a retail UK QCATP if:

  1. (1) the qualifying cryptoasset is a UK qualifying stablecoin; or
  2. (2) retail investors able to trade in qualifying cryptoassets on the retail UK QCATP will not be able to trade in that particular qualifying cryptoasset on the retail UK QCATP directly or through intermediaries.
25/10/2027R

A retail UK QCATP operator must take reasonable steps to identify and obtain sufficient information to enable it to carry out the assessment required by CRYPTO 3.3.1R(3)(a) and (c).

25/10/2027G

For the avoidance of doubt, CRYPTO 3.3.1R to CRYPTO 3.3.4R apply in cases where a QCDD has been previously assessed and published for the purposes of those rules in connection with the admission to trading of the same qualifying cryptoasset on a different retail UK QCATP.

Additional requirements relating to the publication and uploading of QCDDs and supplementary disclosure documents

25/10/2027R

A retail UK QCATP operator must:

  1. (1) maintain a list on its website of the QCDDs and any supplementary disclosure documents published to comply with CRYPTO 3.3.1R(1) and CRYPTO 3.3.4R(1) for the qualifying cryptoassets admitted to trading on the retail UK QCATP; and
  2. (2) have an LEI (where eligible) with an ‘issued’ registration status on the GLEIF Global LEI Index when uploading a QCDD or supplementary disclosure document to the FCA-owned centralised repository to comply with CRYPTO 3.3.1R(2) or CRYPTO 3.3.4R(2).

Guidance on assessing whether a QCDD and supplementary disclosure documents contain the information required by regulation 13(1) of the Cryptoassets Regulations to comply with CRYPTO 3.3.1R(3)(a) and CRYPTO 3.3.4R(3)(a)

25/10/2027G

A QCDD taken together with any supplementary disclosure documents must contain the information required by regulation 13(1) of the Cryptoassets Regulations, which may vary under regulation 13(2) of the Cryptoassets Regulations depending on:

  1. (1) the nature and circumstances of a person mentioned in regulation 13(1)(d) or (e) of the Cryptoassets Regulations;
  2. (2) the type of qualifying cryptoasset; and
  3. (3) whether the qualifying cryptoasset has already been admitted to trading on a UK QCATP.
25/10/2027G

Without prejudice to the generality of regulation 13(1) of the Cryptoassets Regulations, the FCA expects the information contained in a QCDD to comply with that regulation to include:

  1. (1) the nature and scope of governance mechanisms that may affect the qualifying cryptoasset;
  2. (2) the characteristics and methods of using the qualifying cryptoasset;
  3. (3) the operational resilience of the technology underlying the qualifying cryptoasset;
  4. (4) the protocols for the qualifying cryptoasset, including any industry standards they comply with and planned updates or changes;
  5. (5) any specific vulnerability of the technology underlying the qualifying cryptoasset to hacks or other disruption, taking account of present and future threats and severe but plausible scenarios;
  6. (6) any audits of the technology underlying the qualifying cryptoasset and any measures that have been implemented or planned to mitigate vulnerabilities in the technology;
  7. (7) the ownership of the qualifying cryptoasset, including ownership concentration and options or lock-ups for existing owners;
  8. (8) the trading performance of the qualifying cryptoasset; and
  9. (9) any major events or technology changes that have affected the qualifying cryptoasset or its value, including changes that have affected the qualifying cryptoasset’s ecosystem or any closely related protocol that provides utility rights for the qualifying cryptoasset.

Guidance on assessing whether information in a QCDD or supplementary disclosure document is true and not misleading to comply with CRYPTO 3.3.1R(3)(c)

25/10/2027G

The types of checks the FCA expects a retail UK QCATP operator to perform when assessing whether the information in a QCDD and any supplementary disclosure document is true and not misleading for the purposes of CRYPTO 3.3.1R(3)(c) or CRYPTO 3.3.4R(3)(b) include (but are not limited to) whether:

  1. (1) the identity of persons referred to in the QCDD or supplementary disclosure document can be verified using public records or other checks;
  2. (2) information in the QCDD or supplementary disclosure document on the claimed utility, rights, governance or technical features of the qualifying cryptoasset concerned is consistent with its underlying code, documentation or observed behaviour on-chain;
  3. (3) information in the QCDD or supplementary disclosure document relating to token supply, distribution and lock-up arrangements is supported by on-chain data;
  4. (4) information in the QCDD or supplementary disclosure document regarding the development progress of the qualifying cryptoasset or partnerships relating to the qualifying cryptoasset concerned is credible and supported by evidence;
  5. (5) the QCDD or supplementary disclosure document includes appropriate disclosures of material risks and limitations relating to the qualifying cryptoasset concerned; and
  6. (6) there are omissions or inconsistencies in the QCDD or supplementary disclosure document when compared with publicly available information on the qualifying cryptoasset concerned or similar qualifying cryptoassets.
25/10/2027G

A retail UK QCATP operator may not be able to obtain or verify information about a matter when assessing whether the information in a QCDD or supplementary disclosure document is true and not misleading for the purposes of CRYPTO 3.3.1R(3)(c) or CRYPTO 3.3.4R(3)(b). The retail UK QCATP operator may nevertheless be reasonably satisfied the QCDD or supplementary disclosure document is not misleading in respect of that matter where the QCDD or supplementary disclosure document states clearly and prominently that the retail UK QCATP operator could not obtain or verify the information concerned (as required under CRYPTO 3.4.8R and CRYPTO 3.4.12R(3)).

Point In Time
25/10/2027