You are viewing CRYPTO 3.9 Withdrawal rights for qualifying stablecoins issued in the United Kingdom as it appeared on 25/10/2027. The current version of CRYPTO 3.9 Withdrawal rights for qualifying stablecoins issued in the United Kingdom was last updated on 25/10/2027.

CRYPTO 3.9 Withdrawal rights for qualifying stablecoins issued in the United Kingdom

25/10/2027G

The rules in this section:

  1. (1) relate to the offer of a qualifying cryptoasset to the public where that qualifying cryptoasset is a UK qualifying stablecoin; and
  2. (2) specify the circumstances and manner in which a person who has agreed to buy or subscribe for the qualifying cryptoasset may withdraw their acceptance under regulation 15(1) of the Cryptoassets Regulations.
25/10/2027R

A person who has agreed to buy or subscribe for a UK qualifying stablecoin may withdraw their acceptance under regulation 15(1) of the Cryptoassets Regulations if:

  1. (1) the agreement was entered into as a conditional agreement contingent on the UK qualifying stablecoin gaining admission to trading;
  2. (2) the agreement was entered into after the publication of a valid stablecoin QCDD in accordance with CRYPTO 2.5.39R(1);
  3. (3) following the agreement to buy or subscribe, the stablecoin QCDD was subsequently updated because information within it became inaccurate, in accordance with CRYPTO 2.5.48R or CRYPTO 2.5.49R; and
  4. (4) the circumstances which required the publication of the updated stablecoin QCDD under paragraph (3) arose or were noted before the admission to trading of the UK qualifying stablecoin on a UK QCATP.
25/10/2027R
  1. Where the stablecoin QCDD referred to in CRYPTO 3.9.2R(2) has already been updated in accordance with CRYPTO 2.5.48R or CRYPTO 2.5.49R, the reference in CRYPTO 3.9.2R(2) to ‘publication of a valid stablecoin QCDD’ should be read as ‘publication of the latest updated version of a stablecoin QCDD’.
25/10/2027R

A person who has agreed to buy or subscribe for a UK qualifying stablecoin may only withdraw their acceptance under regulation 15(1) of the Cryptoassets Regulations within 2 working days after publication of the updated stablecoin QCDD referred to in CRYPTO 3.9.2R(3), unless the qualifying stablecoin issuer, or the intermediary through whom the UK qualifying stablecoins were bought or subscribed for, allows an extension to this period.

25/10/2027R

Where a UK qualifying stablecoin is bought or subscribed for directly from the person responsible for the offer, the person responsible for the offer must inform the person who agreed to buy or subscribe for the UK qualifying stablecoin:

  1. (1) that the stablecoin QCDD may be updated before the admission to trading of the UK qualifying stablecoin concerned if the person requesting its admission to trading becomes aware of any new information or an inaccuracy in the stablecoin QCDD; 
  2. (2) where any updated stablecoin QCDD will be published;
  3. (3) that the person who bought or subscribed for the UK qualifying stablecoin may, in such circumstances, have a right to withdraw their acceptance; and
  4. (4) of the publication of an updated stablecoin QCDD on the day it is published.
25/10/2027R

Where a UK qualifying stablecoin is bought or subscribed for through an intermediary, the intermediary must inform the person who agreed to buy or subscribe for the UK qualifying stablecoin:

  1. (1) that the stablecoin QCDD may be updated before the admission to trading of the UK qualifying stablecoin concerned if the person requesting its admission to trading becomes aware of any new information or an inaccuracy in the stablecoin QCDD;
  2. (2) where any updated stablecoin QCDD will be published;
  3. (3) that they will assist the person who bought or subscribed for the UK qualifying stablecoin in exercising their withdrawal rights; and
  4. (4) of the publication of an updated stablecoin QCDD on the day it is published.
Point In Time
25/10/2027