FCA Handbook - CRYPTO 3 Admission of qualifying cryptoassets to trading on a UK QCATP and offers to the public of qualifying cryptoassets admitted to trading

You are viewing CRYPTO 3 Admission of qualifying cryptoassets to trading on a UK QCATP and offers to the public of qualifying cryptoassets admitted to trading as it appeared on 25/10/2027. The current version of CRYPTO 3 Admission of qualifying cryptoassets to trading on a UK QCATP and offers to the public of qualifying cryptoassets admitted to trading was last updated on 25/10/2027.

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CRYPTO 3.1 Purpose and application

Purpose

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.

The purpose of this chapter is to:

(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) 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) 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) 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) set out separate rules for the admission to trading of a UK qualifying stablecoin on a UK QCATP;
(6) require UK QCATP operators to keep records relating to their compliance with this chapter;
(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) set out rules on advertisements related to the admission to trading of a qualifying cryptoasset on a retail UK QCATP.

This chapter is relevant to:

(1) UK QCATP operators;
(2) persons requesting or obtaining the admission to trading of a qualifying cryptoasset (including a UK qualifying stablecoin) on a UK QCATP;
(3) where there is an offer of a qualifying cryptoasset to the public, any persons responsible for the offer;
(4) intermediaries through whom qualifying cryptoassets are bought or subscribed for; and
(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

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

(1) CRYPTO 3.1 (Purpose and application) applies for the purposes of CRYPTO 3 generally;
(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) 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) 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) 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) 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) 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) CRYPTO 3.10 (Record keeping) applies to a UK QCATP operator;
(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) 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) CRYPTO 3.13 (Rules that can be waived or modified) applies for the purposes of CRYPTO 3 generally.

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

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.

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) persons carrying out the designated activities referred to in regulations 7 and 8 of the Cryptoassets Regulations; and
(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,
as they apply to authorised persons, insofar as they do not already apply.

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

CRYPTO 3.2 Due diligence by retail UK QCATP operators before admission to trading

Pre-admission assessment of likelihood of detriment to the interests of retail investors

A retail UK QCATP operator may only admit a qualifying cryptoasset to trading on the retail UK QCATP if it is reasonably satisfied the admission to trading of the qualifying cryptoasset is not likely to be detrimental to the interests of retail investors.

CRYPTO 3.2.1R does not apply to the admission to trading of a qualifying cryptoasset on a retail UK QCATP if:

(1) the qualifying cryptoasset is a UK qualifying stablecoin; or
(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.

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 3.2.1R.

(1) The FCA expects the assessment required by CRYPTO 3.2.1R:
1. (a) to be carried out whether or not the qualifying cryptoasset is already admitted to trading on another retail UK QCATP;
2. (b) to be carried out in a risk-based and proportionate way; and
3. (c) to take account of any information available to the retail UK QCATP operator up to the admission to trading of the qualifying cryptoasset concerned.
(2) When judging if a retail UK QCATP operator has complied with CRYPTO 3.2.1R, the FCA will take into account whether it has followed a robust and documented process. However, following such a process will not, by itself, be determinative. The retail UK QCATP operator should also be able to demonstrate in each case the basis on which it was reasonably satisfied for the purposes of CRYPTO 3.2.1R that the admission to trading of a qualifying cryptoasset on the retail UK QCATP was not likely to be detrimental to the interests of retail investors.

Criteria for pre-admission assessment of likelihood of detriment to the interests of retail investors

A retail UK QCATP operator must establish criteria for assessing if the admission to trading of a qualifying cryptoasset on the retail UK QCATP is likely to be detrimental to the interests of retail investors which:

(1) are risk-based and objective; and
(2) take into account at least the following factors:
1. (a) the integrity and reputation of:
  1. (i) the person who created the qualifying cryptoasset (where known);
  2. (ii) any person on whose behalf the qualifying cryptoasset was created (where known);
  3. (iii) the person requesting the admission to trading of the qualifying cryptoasset on the retail UK QCATP; and
  4. (iv) where an offer of a qualifying cryptoasset to the public is made in connection with the admission to trading of the qualifying cryptoasset on the retail UK QCATP, any other person responsible for the offer;
2. (b) the resilience, technical functionality and credibility of the governance and operational arrangements for the qualifying cryptoasset;
3. (c) any known risks associated with the underlying technology of the qualifying cryptoasset such as the distributed ledger infrastructure, smart contracts, or other material aspects of its protocol or ecosystem that may affect its security, functionality or continuing viability;
4. (d) the ability of the persons responsible under regulation 14 of the Cryptoassets Regulations and CRYPTO 3.6.3R for the QCDD and any supplementary disclosure documents to be published under CRYPTO 3.3 in connection with the admission to trading of the qualifying cryptoasset to pay compensation if required to do so by regulation 14 of the Cryptoassets Regulations; and
5. (e) whether information obtained by the retail UK QCATP operator to carry out the assessment required by CRYPTO 3.2.1R can be verified and, if not, how this may affect the interests of retail investors.

Matters relevant to the integrity and reputation of a person mentioned in CRYPTO 3.2.5R(2)(a) include, but are not limited to:

(1) any contravention by those persons of CRYPTO 3.5.5R, CRYPTO 3.5.6R or CRYPTO 3.11.1R;
(2) any relevant legal proceedings or regulatory action; and
(3) any relevant publicly available information, such as adverse media reports.

A retail UK QCATP operator must ensure its admission criteria are:

(1) approved by its governing body;
(2) applied consistently;
(3) regularly reviewed and, where appropriate, updated by its governing body; and
(4) published on its website.

Measures to mitigate risks of conflicts of interest

A retail UK QCATP operator must put in place measures to ensure its admission criteria are not applied less rigorously or objectively where:

(1) the retail UK QCATP operator proposes to admit a qualifying cryptoasset to trading of its own motion; or
(2) a member of the retail UK QCATP operator’s group requests the admission to trading of a qualifying cryptoasset.

A retail UK QCATP operator must include, in the measures required by CRYPTO 3.2.8R, written policies to:

(1) ensure separation between the parts of the business responsible for commercial decisions relating to the admission to trading of the qualifying cryptoasset and those responsible for carrying out the assessment required by CRYPTO 3.2.1R; and
(2) ensure that individuals responsible for commercial decisions relating to the admission to trading of the qualifying cryptoasset are not responsible for carrying out the assessment required by CRYPTO 3.2.1R.

CRYPTO 3.3 QCDDs

Publication of QCDDs before admission to trading

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

(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) it has uploaded the published QCDD to the FCA-owned centralised repository; and
(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

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) 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) the information, mistake or inaccuracy may be material to a person considering buying or subscribing for the qualifying cryptoasset.

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.

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) it has published the supplementary disclosure document on its website;
(2) it has uploaded the published supplementary disclosure document to the FCA-owned centralised repository; and
(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).

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) the qualifying cryptoasset is a UK qualifying stablecoin; or
(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.

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).

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

A retail UK QCATP operator must:

(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) 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)

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

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) the nature and scope of governance mechanisms that may affect the qualifying cryptoasset;
(2) the characteristics and methods of using the qualifying cryptoasset;
(3) the operational resilience of the technology underlying the qualifying cryptoasset;
(4) the protocols for the qualifying cryptoasset, including any industry standards they comply with and planned updates or changes;
(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) 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) the ownership of the qualifying cryptoasset, including ownership concentration and options or lock-ups for existing owners;
(8) the trading performance of the qualifying cryptoasset; and
(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)

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) the identity of persons referred to in the QCDD or supplementary disclosure document can be verified using public records or other checks;
(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) information in the QCDD or supplementary disclosure document relating to token supply, distribution and lock-up arrangements is supported by on-chain data;
(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) the QCDD or supplementary disclosure document includes appropriate disclosures of material risks and limitations relating to the qualifying cryptoasset concerned; and
(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.

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)).

CRYPTO 3.4 Presentation and content of QCDDs and supplementary disclosure documents

(1) This section contains rules and guidance for retail UK QCATP operators on the presentation and content of QCDDs and supplementary disclosure documents they must publish to comply with CRYPTO 3.3.1R and CRYPTO 3.3.4R.
(2) This section does not apply to stablecoin QCDDs: the equivalent rules and guidance for stablecoin QCDDs are in CRYPTO 2.5.

In this section:

(1) a reference to a QCDD is to a QCDD produced for publication under CRYPTO 3.3.1R(1); and
(2) a reference to a supplementary disclosure document is to a supplementary disclosure document produced for publication under CRYPTO 3.3.4R(1).

General presentation of information in a QCDD or supplementary disclosure document

A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires a QCDD and any supplementary disclosure document:

(1) to be written in English;
(2) to be presented in a way that:
1. (a) meets the information needs of retail investors;
2. (b) is likely to be understood by retail investors;
3. (c) equips retail investors to make decisions that are effective, timely and properly informed; and
4. (d) provides retail investors with information that is clear, fair and not misleading; and
(3) to clearly demarcate protected forward-looking statements within the QCDD or supplementary disclosure document.

The FCA expects a retail UK QCATP operator to ensure that the QCDD and any supplementary disclosure document do at least the following for the purposes of CRYPTO 3.4.3R(2):

(1) explain or present information logically;
(2) use plain and intelligible language and, where use of jargon or technical terms is unavoidable, explain the meaning of any jargon or technical terms as simply as possible;
(3) make key information prominent and easy to identify; and
(4) provide relevant information with an appropriate level of detail, to avoid providing too much information such that it may prevent retail investors from making effective decisions.

Information to be included in all QCDDs and supplementary disclosure documents

A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires a QCDD and any supplementary disclosure document to state clearly and prominently:

(1) the name of the person requesting or obtaining the admission to trading of the qualifying cryptoasset concerned on the retail UK QCATP;
(2) any LEI that is included on the GLEIF Global LEI Index for that person;
(3) the digital token identifier for the qualifying cryptoasset concerned;
(4) the name of the person responsible for the document under regulation 14 of the Cryptoassets Regulations and CRYPTO 3.6.3R;
(5) that any person who has agreed to buy or subscribe for the qualifying cryptoasset is permitted by regulation 15 of the Cryptoassets Regulations to withdraw their acceptance in the circumstances and manner specified in CRYPTO 3.5.3R and CRYPTO 3.5.4R;
(6) that a supplementary disclosure document may be published before the admission to trading of the qualifying cryptoasset concerned if the person who produced the QCDD becomes aware of new information or a mistake or inaccuracy relating to the information in the QCDD or any supplementary disclosure document that may be material to a person considering buying or subscribing for the qualifying cryptoasset;
(7) where a supplementary disclosure document will be published;
(8) that the text of the QCDD or supplementary disclosure document will not itself be updated after it is published and any change or correction will be published in a supplementary disclosure document or further supplementary disclosure document;
(9) that QCDDs and supplementary disclosure documents do not require the FCA’s approval before they are published and that the QCDD or supplementary disclosure document has not been approved by the FCA; and
(10) that the FCA does not require QCDDs or supplementary disclosure documents produced in connection with the admission to trading of a qualifying cryptoasset on a retail UK QCATP to be published or updated after the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

Additional information to be included in a QCDD where there are potential conflicts of interest

A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires a QCDD to state clearly and prominently any financial interest the following persons have in the qualifying cryptoasset concerned:

(1) the retail UK QCATP operator;
(2) any member of the same group as the retail UK QCATP operator;
(3) any of the retail UK QCATP operator’s directors or senior managers; and
(4) any of the retail UK QCATP operator’s controllers.

Additional information to be included in a QCDD for a qualifying stablecoin

(1) A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires a QCDD to include the statement in (2) where:
1. (a) the QCDD relates to a qualifying stablecoin; and
2. (b) the qualifying stablecoin is not a UK qualifying stablecoin.
(2) The statement referred to in (1) is a prominent statement that says: ‘This stablecoin is not issued by a person with permission in the UK for issuing stablecoins.’

Additional information to be included in a QCDD or supplementary disclosure document where the retail UK QCATP operator cannot obtain or verify information when assessing the document under CRYPTO 3.3.1R(3)(c) or CRYPTO 3.3.4R(3)(b)

A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires the QCDD and any supplementary disclosure document to state clearly and prominently any information the retail UK QCATP operator has reported it was unable to obtain or verify in the document when assessing if the documents contain any untrue or misleading statements for the purposes of CRYPTO 3.3.1R(3)(c) or CRYPTO 3.3.4R(3)(b).

For the purposes of CRYPTO 3.4.8R, a retail UK QCATP operator must provide a person required by its rulebook to produce a QCDD or supplementary disclosure document with a report summarising information it was unable to obtain or verify when carrying out the assessment mentioned in CRYPTO 3.4.8R a reasonable time before the QCDD or supplementary disclosure document is to be published under CRYPTO 3.3.1R(1) or CRYPTO 3.3.4R(1).

Additional information on withdrawal rights to be included in supplementary disclosure documents

A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires a supplementary disclosure document to:

(1) include clear, prominent and detailed information about any available right of withdrawal under regulation 15(1) of the Cryptoassets Regulations and the circumstances and manner in which that right may be exercised as specified by CRYPTO 3.5.3R and CRYPTO 3.5.4R; and
(2) state clearly and prominently:
1. (a) that the right of withdrawal is only available to a person who agreed to buy or subscribe for the qualifying cryptoasset concerned before the publication of the supplementary disclosure document;
2. (b) the period during which a person may exercise the right of withdrawal, including the final date on which the right of withdrawal may be exercised; and
3. (c) who a person should contact if they wish to exercise the right of withdrawal.

Summary of key information

A retail UK QCATP operator must ensure the retail UK QCATP’s rulebook requires a QCDD to include a summary of key information which:

(1) is an introduction to the QCDD;
(2) contains the following information:
1. (a) the name of, and digital token identifier for, the qualifying cryptoasset concerned;
2. (b) the name of the person who produced the QCDD; and
3. (c) the name of the persons responsible for the document under regulation 14 of the Cryptoassets Regulations and CRYPTO 3.6.3R;
(3) presents the key features and risks of the qualifying cryptoasset concerned to help retail investors considering whether to buy or subscribe for the qualifying cryptoasset concerned;
(4) is consistent with the other parts of the QCDD;
(5) is no more than 2 pages of printed A4 paper in length;
(6) contains cross-references to where further information on matters mentioned in the summary of key information can be found in the QCDD;
(7) includes a warning that investment decisions should not be based on the information in the summary alone, but also on the information in the QCDD and any supplementary disclosure documents;
(8) states clearly and prominently:
1. (a) that a supplementary disclosure document may be published before the admission to trading of the qualifying cryptoasset concerned if the person who produced the QCDD becomes aware of new information or a mistake or inaccuracy relating to the information in the QCDD that may be material to a person considering buying or subscribing for the qualifying cryptoasset;
2. (b) where any supplementary disclosure document will be published; and
3. (c) that the text of the summary and the other parts of the QCDD will not be updated if a supplementary disclosure document is published;
(9) includes a clear and prominent reference to any statement included in the QCDD to comply with the rules in the retail UK QCATP’s rulebook that give effect to CRYPTO 3.4.6R and CRYPTO 3.4.7R; and
(10) states clearly and prominently that:
1. (a) QCDDs and supplementary disclosure documents do not require the FCA’s approval before they are published and this QCDD or supplementary disclosure document has not been approved by the FCA; and
2. (b) the FCA does not require QCDDs or supplementary disclosure documents produced in connection with the admission to trading of a qualifying cryptoasset on a retail UK QCATP to be published or updated after the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

Presentation and content of QCDDs and supplementary disclosure documents by retail UK QCATP operators admitting qualifying cryptoassets to trading on their own behalf

Where a retail UK QCATP operator is admitting a qualifying cryptoasset to trading of its own motion it must:

(1) comply with any relevant requirements in the retail UK QCATP’s rulebook relating to the presentation and content of QCDDs and supplementary disclosure documents; and
(2) state clearly and prominently in the QCDD and any supplementary disclosure document that it:
1. (a) is admitting the qualifying cryptoasset to trading on the retail UK QCATP of its own motion; and
2. (b) has produced the QCDD and the supplementary disclosure document; and
(3) state clearly and prominently in the QCDD and any supplementary disclosure document any information it was unable to obtain or verify in the document when assessing if the information in the document is true and not misleading for the purposes of CRYPTO 3.3.1R(3)(c) or CRYPTO 3.3.4R(3)(b).

In CRYPTO 3.4.12R, the relevant requirements in the retail UK QCATP’s rulebook are the requirements relating to the presentation and content of QCDDs and supplementary disclosure documents imposed by the rules that would apply to a person requesting the admission to trading of the same qualifying cryptoasset on the retail UK QCATP (including those that give effect to rules in this section).

The relevant requirements referred to in CRYPTO 3.4.13R do not include requirements that give effect to CRYPTO 3.4.8R.

See also CRYPTO 3.2.8R and CRYPTO 3.2.9R on measures a retail UK QCATP operator must put in place to mitigate risks of conflicts of interest.

CRYPTO 3.5 Withdrawal rights

The rules in this section relate to offers of qualifying cryptoassets to the public. They specify the circumstances and manner in which a person who has agreed to buy or subscribe for a qualifying cryptoasset that is not a UK qualifying stablecoin may withdraw their acceptance under regulation 15(1) of the Cryptoassets Regulations.

In this section:

(1) a reference to a QCDD is to a QCDD published under CRYPTO 3.3.1R(1); and
(2) a reference to a supplementary disclosure document is to a supplementary disclosure document published under CRYPTO 3.3.4R(1).

A person who has agreed to buy or subscribe for a qualifying cryptoasset that is not a UK qualifying stablecoin may withdraw their acceptance under regulation 15(1) of the Cryptoassets Regulations if:

(1) the agreement was entered into after the publication of a QCDD for the qualifying cryptoasset;
(2) after the agreement was entered into, a supplementary disclosure document was published; and
(3) the circumstances which required the publication of the supplementary disclosure document arose or were noted before the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

The person who agreed to buy or subscribe for the qualifying cryptoasset may only withdraw their acceptance under regulation 15(1) of the Cryptoassets Regulations within 2 working days after publication of the supplementary disclosure document, unless the person responsible for the offer, or the intermediary through whom the qualifying cryptoasset was bought or subscribed for, allows an extension to this period.

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

(1) that a supplementary disclosure document may be published before the admission to trading of the qualifying cryptoasset concerned if the person who produced the QCDD becomes aware of new information or a mistake or inaccuracy relating to the information in the QCDD that may be material to a person considering buying or subscribing for the qualifying cryptoasset;
(2) where a supplementary disclosure document will be published;
(3) that the person who bought or subscribed for the qualifying cryptoasset may, in such circumstances, have a right to withdraw their acceptance; and
(4) of the publication of a supplementary disclosure document on the day it is published.

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

(1) that a supplementary disclosure document may be published before the admission to trading of the qualifying cryptoasset concerned if the person who produced the QCDD becomes aware of new information or a mistake or inaccuracy relating to the information in the QCDD that may be material to a person considering buying or subscribing for the qualifying cryptoasset;
(2) where a supplementary disclosure document will be published;
(3) that they will assist the person who bought or subscribed for the qualifying cryptoasset in exercising their withdrawal rights; and
(4) of the publication of a supplementary disclosure document on the day it is published.

CRYPTO 3.6 Persons responsible for a QCDD or supplementary disclosure document under regulation 14 of the Cryptoassets Regulations

The rules and guidance in this section should be read by those persons who have been involved in the preparation of a QCDD (other than a stablecoin QCDD) and any supplementary disclosure document for the QCDD. These rules determine who is responsible for the QCDD or supplementary disclosure document under regulation 14 of the Cryptoassets Regulations.

A person who is responsible for a QCDD or supplementary disclosure document may be liable to pay compensation under regulation 14 of the Cryptoassets Regulations.

The following persons are responsible for the purposes of regulation 14 of the Cryptoassets Regulations for a QCDD and any supplementary disclosure document published in connection with the admission to trading of the qualifying cryptoasset concerned on a retail UK QCATP:

(1) the person who requested the admission to trading of the qualifying cryptoasset, if the qualifying cryptoasset has been admitted to trading as a result of that request;
(2) the retail UK QCATP operator, if the retail UK QCATP operator admitted the qualifying cryptoasset of its own motion; and
(3) each person who accepts and is stated in the document as accepting responsibility for it.

CRYPTO 3.6.3R does not apply if the QCDD is a stablecoin QCDD.

Advice in a professional capacity

Nothing in the rules in this section is to be construed as making a person responsible for a QCDD or supplementary disclosure document by reason only of that person giving advice about its contents in a professional capacity.

CRYPTO 3.7 Protected forward-looking statements

Part 2 of Schedule 2 to the Cryptoassets Regulations provides a conditional exemption from liability under regulation 14 of the Cryptoassets Regulations for protected forward-looking statements in a QCDD or supplementary disclosure document. The rules in this section specify:

(1) the kind of forward-looking statements that are protected forward-looking statements for the purposes of paragraph 8 of Part 2 of Schedule 2 to the Cryptoassets Regulations; and
(2) the required form for a statement identifying a forward-looking statement as a protected forward-looking statement for the purposes of Part 2 of Schedule 2 to the Cryptoassets Regulations.

Protected forward-looking statements can be:

(1) included in any QCDD (except a stablecoin QCDD), and any supplementary disclosure document;
(2) included in multiple locations in the QCDD or supplementary disclosure document; and
(3) presented in any way that the person who is required to produce the QCDD or supplementary disclosure document considers is likely to be useful to a reader of the QCDD or supplementary disclosure document.

Forward-looking statements that are protected forward-looking statements

A forward-looking statement in a QCDD or supplementary disclosure document is a protected forward-looking statement for the purposes of paragraph 8 of Part 2 of Schedule 2 to the Cryptoassets Regulations if:

(1) the QCDD is not a stablecoin QCDD;
(2) the forward-looking statement contains:
1. (a) financial information that meets one or more of the criteria in CRYPTO 3.7.5R; or
2. (b) operational information that meets one or more of the criteria in CRYPTO 3.7.6R;
(3) it is only possible to determine whether the forward-looking statement is untrue or misleading, or omits any matter that must be included under regulation 13(1) of the Cryptoassets Regulations, by reference to events or circumstances that occur after the statement has been published;
(4) the forward-looking statement includes an estimate as to when the events or circumstances referred to in (3) are expected to occur;
(5) the forward-looking statement contains information that a reasonable person would be likely to use as part of the basis of their investment decisions; and
(6) the forward-looking statement is accompanied by a statement which includes general information and content-specific information as required by CRYPTO 3.7.10R and CRYPTO 3.7.11R.

Exclusions

A forward-looking statement included in a QCDD or supplementary disclosure document to comply with CRYPTO 3.4, the rulebook of a UK QCATP operator or regulation 13(1) of the Cryptoassets Regulations, is not a protected forward-looking statement for the purposes of paragraph 8 of Part 2 of Schedule 2 to the Cryptoassets Regulations.

Financial information criteria

The criteria that financial information must meet for the purposes of CRYPTO 3.7.3R(2)(a) are that it:

(1) expressly states, or by implication indicates, a figure or minimum or maximum figure for the financial information; or
(2) contains data from which a calculation of that figure is possible.

Operational information criteria

The criteria that operational information must meet for the purposes of CRYPTO 3.7.3R(2)(b) are that it:

(1) expressly states, or by implication indicates, a figure or a minimum or maximum figure for the operational information;
(2) contains data from which a calculation of that figure is possible; or
(3) is information that cannot be expressed in numerical terms but can be confirmed empirically through direct observation or objective measurements.

Form (content and placement) of accompanying statements

A statement identifying a protected forward-looking statement for the purposes of paragraph 8(1)(b) of Part 2 of Schedule 2 to the Cryptoassets Regulations must include:

(1) the general information set out in CRYPTO 3.7.10R; and
(2) the content-specific information set out in CRYPTO 3.7.11R.

The general information referred to in CRYPTO 3.7.10R only needs to appear once in the QCDD or supplementary disclosure document.

For each protected forward-looking statement included in a QCDD or supplementary disclosure document:

(1) at least one instance of that protected forward-looking statement in the document must be followed by its content-specific information referred to in CRYPTO 3.7.11R, which must appear immediately next to it; and
(2) any other instances must be accompanied by a cross-reference immediately next to it identifying where the relevant content-specific information appears in the document.

General information to be included in accompanying statement

The general information that must be included in a statement identifying the protected forward-looking statements in a QCDD or supplementary disclosure document for the purposes of Part 2 of Schedule 2 to the Cryptoassets Regulations is:

(1) an explanation of how to identify a protected forward-looking statement in the QCDD; and
(2) the following wording:
1. (a) there is no guarantee the projected outcome of a protected forward-looking statement will prove to be accurate;
2. (b) there is a different liability standard for protected forward-looking statements compared with other information in the QCDD or supplementary disclosure document, which will make it more difficult to succeed in a claim for compensation in the event of any loss caused by a protected forward-looking statement; and
3. (c) there is no obligation for a protected forward-looking statement to be updated, except in accordance with existing obligations where those apply.

Content-specific information to be included in accompanying statement

The content-specific information that must be included in a statement identifying a protected forward-looking statement for the purposes of Part 2 of Schedule 2 to the Cryptoassets Regulations is:

(1) information to identify the forward-looking statement as a protected forward-looking statement;
(2) the principal assumptions upon which the protected forward-looking statement is based, in accordance with the following principles:
1. (a) there must be a clear distinction between assumptions about factors:
  1. (i) which the person responsible for the offer can influence; and
  2. (ii) which are exclusively outside the influence of the person responsible for the offer.
2. (b) the assumptions must be reasonable, specific, precise and readily understandable by investors;
3. (c) the assumptions must not relate to the general accuracy of the estimates underlying the protected forward-looking statement; and
4. (d) the assumptions must draw attention to those uncertain factors which could materially change the projected outcome of the protected forward-looking statement.

If the protected forward-looking statement contains financial information of the same type as historical financial information elsewhere in the QCDD or supplementary disclosure document, the content-specific information referred to in CRYPTO 3.7.11R must also state whether the financial information in the protected forward-looking statement is comparable and consistent with the historical financial information.

CRYPTO 3.8 Admission of qualifying stablecoins issued in the United Kingdom

Application

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.

Admission process

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

(1) it has obtained a hyperlink to the relevant stablecoin QCDD on the FCA-owned centralised repository; and
(2) it has published that hyperlink on its website in a way that is prominent and available to actual and prospective users of the UK QCATP.

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.

Criteria for determining admission of a UK qualifying stablecoin to trading

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:

(1) the relevant qualifying stablecoin issuer; and
(2) the FCA.

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:

(1) obtain a link to the relevant stablecoin QCDD hosted on the FCA-owned centralised repository;
(2) notify the relevant qualifying stablecoin issuer of the application; and
(3) carefully consider any representations made by the qualifying stablecoin issuer before making a decision as to whether the criteria against which the UK QCATP operator will assess whether to proceed with the admission to trading of that UK qualifying stablecoin are met.

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.

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

The rules in this section:

(1) relate to the offer of a qualifying cryptoasset to the public where that qualifying cryptoasset is a UK qualifying stablecoin; and
(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.

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) the agreement was entered into as a conditional agreement contingent on the UK qualifying stablecoin gaining admission to trading;
(2) the agreement was entered into after the publication of a valid stablecoin QCDD in accordance with CRYPTO 2.5.39R(1);
(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) 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.

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’.

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.

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) 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) where any updated stablecoin QCDD will be published;
(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) of the publication of an updated stablecoin QCDD on the day it is published.

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) 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) where any updated stablecoin QCDD will be published;
(3) that they will assist the person who bought or subscribed for the UK qualifying stablecoin in exercising their withdrawal rights; and
(4) of the publication of an updated stablecoin QCDD on the day it is published.

CRYPTO 3.10 Record keeping

The rules in this section are in addition to any other FCA rules relating to record keeping to which a UK QCATP operator is subject.

A UK QCATP operator must make and keep records evidencing its compliance with this chapter, which, if it is a retail UK QCATP operator, must include records of:

(1) assessments carried out for the purposes of CRYPTO 3.2.1R, including (where relevant) information it could not obtain or verify for the purposes of those assessments;
(2) decisions made for the purposes of CRYPTO 3.2.1R, including the reasons for making those decisions;
(3) the admission criteria for a retail UK QCATP established to comply with CRYPTO 3.2.5R;
(4) measures put in place to comply with CRYPTO 3.2.8R and (where relevant) the specific measures implemented for the purposes of that rule when assessments have been carried out to comply with CRYPTO 3.2.1R;
(5) assessments of QCDDs and supplementary disclosure documents carried out to comply with CRYPTO 3.3.1R and CRYPTO 3.3.4R; and
(6) decisions made for the purposes of CRYPTO 3.3.1R and CRYPTO 3.3.4R relating to the publication of a QCDD or supplementary disclosure document, including the reasons for making those decisions.

A record made and kept by a UK QCATP operator in accordance with CRYPTO 3.10.2R must be:

(1) provided by the UK QCATP operator to the FCA upon request; and
(2) kept for a period of 5 years or, where requested by the FCA, for a period of up to 7 years.

CRYPTO 3.11 Offers to the public of qualifying cryptoassets admitted to trading

A person must not make an offer of a qualifying cryptoasset to the public in reliance on its admission to trading on a UK QCATP unless:

(1) the UK QCATP concerned is a retail UK QCATP; and
(2) the retail UK QCATP operator has published a QCDD in connection with the admission to trading of the qualifying cryptoasset on the retail UK QCATP to comply with CRYPTO 3.3.1R.

CRYPTO 3.11.1R does not apply where the qualifying cryptoasset being offered is a UK qualifying stablecoin.

In CRYPTO 3.11.1R, an offer of a qualifying cryptoasset to the public is made in reliance on its admission to trading on a retail UK QCATP if the offer is made:

(1) in reliance on paragraph 6(a) of Part 1 of Schedule 1 to the Cryptoassets Regulations because the offer is conditional on the admission to trading of the qualifying cryptoasset on the UK QCATP; or
(2) in reliance on paragraph 6(b) of Part 1 of Schedule 1 to the Cryptoassets Regulations because the qualifying cryptoasset being offered is admitted to trading on the UK QCATP.

CRYPTO 3.12 Advertisements and other disclosures of information

Application

This section applies to the communication of an advertisement where:

(1) the advertisement relates 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 made in reliance on paragraph 6(a) of Schedule 1 to the Cryptoassets Regulations because the offer is conditional on the admission to trading of the qualifying cryptoasset on a retail UK QCATP; and
(2) a QCDD is required to be published by CRYPTO 3.3.1R(1) in connection with the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

This section does not apply to the communication of an advertisement that relates to a UK qualifying stablecoin.

In this section a QCDD or supplementary disclosure document is relevant to an advertisement where:

(1) the QCDD or supplementary disclosure document is required to be published by CRYPTO 3.3.1R(1) or CRYPTO 3.3.4R in connection with the admission to trading of the qualifying cryptoasset concerned on a retail UK QCATP; and
(2) the advertisement relates to:
1. (a) the admission to trading of that qualifying cryptoasset on the retail UK QCATP;
2. (b) the proposed admission to trading of that qualifying cryptoasset on the retail UK QCATP; or
3. (c) the offer of that qualifying cryptoasset to the public made in reliance on paragraph 6(a) of Schedule 1 to the Cryptoassets Regulations because the offer is conditional on the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

Consistency of information

All information disclosed in oral or written form as an advertisement must be consistent with any relevant QCDD or supplementary disclosure document and must:

(1) not contradict information in the QCDD or a supplementary disclosure document, where already published;
(2) not contradict information to be included in the QCDD or a supplementary disclosure document which is to be published at a later date; and
(3) not refer to information which contradicts information in the QCDD or a supplementary disclosure document.

Disclosure of information

Where there is an offer of a qualifying cryptoasset to the public and material information is disclosed by, or on behalf of, the person responsible for the offer and addressed to a person considering buying or subscribing for the qualifying cryptoasset, regulation 11(2) of the Cryptoassets Regulations may require that information to be disclosed in the relevant QCDD or in a supplementary disclosure document.

An advertisement must:

(1) state that a QCDD or supplementary disclosure document has been, or will be, published and indicate where investors are, or will be, able to obtain it, noting the identification requirements in CRYPTO 3.12.8R;
(2) be clearly recognisable as an advertisement and include the word ‘advertisement’ in a prominent manner;
(3) be accurate and not misleading; and
(4) include a recommendation that potential investors read the QCDD and any supplementary disclosure documents before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the qualifying cryptoasset.

Information disclosed in the advertisement in oral or written form must not present the information in the QCDD or supplementary disclosure document in a materially unbalanced way, including by:

(1) presenting negative aspects of information with less prominence than the positive aspects; or
(2) omitting or selectively presenting certain information.

Identification of the QCDD or supplementary disclosure document

An advertisement must clearly identify any relevant QCDD or supplementary disclosure document by:

(1) identifying the website on which the QCDD or supplementary disclosure document is published, or will be published, where the advertisement is disseminated in written form and by means other than electronic means;
(2) including a hyperlink to the QCDD or supplementary disclosure document where the advertisement is disseminated in written form by electronic means, or by including a hyperlink to the page of the website where the QCDD or supplementary disclosure document will be published if those documents have not yet been published; and
(3) including accurate information about:
1. (a) where the QCDD or supplementary disclosure document may be obtained; and
2. (b) the admission to trading of the qualifying cryptoassets on a retail UK QCATP to which it relates,
where the advertisement is disseminated in a form or by means not falling within the scope of (1) or (2).

Where an advertisement is disseminated in an oral form, the purpose of the communication must be clearly identified at the beginning of the message.

Advertisements in written form which are disseminated to potential retail investors must be sufficiently different in format and length from the QCDD or supplementary disclosure document that no confusion with the QCDD or supplementary disclosure document is possible.

Dissemination of advertisements

Advertisements disseminated to potential investors must be amended where:

(1) a relevant supplementary disclosure document is published; and
(2) the new information, mistake or inaccuracy mentioned in that supplementary disclosure document renders the previously disseminated advertisement materially inaccurate or misleading.

With the exception of orally disseminated advertisements, advertisements amended pursuant to CRYPTO 3.12.11R must be disseminated through, at a minimum, the same method as the previous advertisement.

CRYPTO 3.12.11R does not apply after the time when trading on a retail UK QCATP of the qualifying cryptoasset to which the advertisement relates has begun.

Advertisements amended pursuant to CRYPTO 3.12.11R must be disseminated to potential investors without undue delay following the publication of the supplementary disclosure document and must contain:

(1) a clear reference to the inaccurate or misleading version of the advertisement;
(2) an explanation that the advertisement has been amended as it contained materially inaccurate or misleading information; and
(3) a clear description of the differences between the two versions of the advertisement.

CRYPTO 3.13 Rules that can be waived or modified

As a result of section 138A of the Act (Modification or waiver of rules), the FCA has the power to waive all of its rules, other than rules made under section 137O (Threshold condition code), section 247 (Trust scheme rules), section 248 (Scheme particulars rules), section 261I (Contractual scheme rules) or section 261J (Contractual scheme particulars rules) of the Act.

Point In Time

25/10/2027