CRYPTO 3.8 Admission of qualifying stablecoins issued in the United Kingdom

The rules and guidance in this section apply to the UK QCATP operator of a UK QCATP where a person proposes the admission to trading of a UK qualifying stablecoin.

A UK QCATP operator must not admit a UK qualifying stablecoin to trading unless:

A UK QCATP operator must ensure that the link to the relevant stablecoin QCDD is provided to a prospective user prior to first authorising that user to execute a trade.

A UK QCATP operator is not permitted to charge a fee, directly or indirectly, to an applicant requesting the admission to trading of a UK qualifying stablecoin, for or in connection with the obtaining of further information about that application.

The effect of CRYPTO 3.8.4R is that where a UK QCATP operator of a qualifying CATP receives a link to a stablecoin QCDD in the course of an application for admission to trading of that UK qualifying stablecoin, it may seek further information from the applicant or qualifying stablecoin issuer but is not permitted to charge for such activity.

Where a UK qualifying stablecoin issuer has already published a stablecoin QCDD, it is not necessary for a UK QCATP operator to require the production of another QCDD when it receives an application for the admission to trading of the qualifying stablecoin product to which that stablecoin QCDD relates.

A UK QCATP operator must not refuse the admission to trading of a UK qualifying stablecoin on the basis of the quality or accuracy of the information contained in the relevant stablecoin QCDD.

The effect of CRYPTO 3.8.7R is that a UK QCATP operator will assess any application for admission to trading of a UK qualifying stablecoin against the normal criteria it has established under CRYPTO 6.2.1R(4) but is not permitted to reject such an application only on the basis that the stablecoin QCDD is deficient.

A UK QCATP operator which rejects an application for admission to trading of a UK qualifying stablecoin must immediately communicate that decision and the reasons for it to:

Where an application for admission to trading of a UK qualifying stablecoin is made by a person who is not the relevant qualifying stablecoin issuer, the UK QCATP operator to which the application is made must:

Where the UK QCATP operator itself proposes the admission to trading of a UK qualifying stablecoin, the UK QCATP operator must comply with CRYPTO 3.8.10R in the same way as if it receives an application for the admission to trading of a UK qualifying stablecoin from a third party who is not the qualifying stablecoin issuer.

The UK QCATP operator must allow at least 5 working days for a qualifying stablecoin issuer to make representations between the date it notifies a qualifying stablecoin issuer under CRYPTO 3.8.10R(2) and the date it makes a decision about whether to proceed with the admission to trading of the relevant UK qualifying stablecoin.