You are viewing CRYPTO 6.2 Trading process requirements as it appeared on 25/10/2027. The current version of CRYPTO 6.2 Trading process requirements was last updated on 25/10/2027.

CRYPTO 6.2 Trading process requirements

Rules, procedures and arrangements

25/10/2027R

A firm must implement, publish and maintain clear and transparent operating rules for a UK QCATP it operates, including at least:

  1. (1) objective, non-discriminatory rules and proportionate criteria for:

    1. (a) ensuring fair and orderly trading on; and
    2. (b) promoting fair and open access to,

    the UK QCATP for users;

  2. (2) objective criteria for the efficient execution of orders that are established and implemented in non-discretionary rules;
  3. (3) arrangements for the sound management of the technical operations of the UK QCATP, including effective contingency arrangements to cope with the risks of systems disruption;
  4. (4) transparent rules regarding the criteria for determining the qualifying cryptoassets that can be traded on or under its systems and regarding their withdrawal from admission to trading;
  5. (5) non-discriminatory and objective criteria governing access to its UK QCATP and that must provide that users of that platform:
    1. (a) are of sufficient good repute;
    2. (b) have a sufficient level of trading ability, competence and experience;
    3. (c) where applicable, have adequate organisational arrangements; and
    4. (d) have sufficient financial resources to trade on the platform; and
  6. (6) arrangements to:
    1. (a) monitor compliance with its rules by users of the UK QCATP; and
    2. (b) suspend or terminate the provision of access to a UK QCATP for a user in the case of any non-compliance with its rules.
25/10/2027R
  1. (1) A firm must publish information on the operating rules for its trading platform free of charge and in a manner that:
    1. (a) is easily accessible, non-discriminatory, prominent, comprehensible, fair, clear and not misleading; and
    2. (b) facilitates all users’ understanding.
  2. (2) The information in (1) must include an explanation of any:
    1. (a) trading limits; and
    2. (b) adverse consequences arising from breaches of the operating rules.
  3. (3) A firm must provide access to its operating rules to all of its users at all times.

Admission, suspension and withdrawal

25/10/2027R
  1. (1) A firm must ensure that, on a UK QCATP it operates, a UK retail investor is only able to trade directly in qualifying cryptoassets admitted to trading in accordance with CRYPTO 3.

  2. (2) A firm that admits to trading a qualifying cryptoasset (A):

    1. (a) on a UK QCATP it operates (B); and
    2. (b) where trading in A is limited to designated categories of investors,

    must ensure that only investors to whom (b) applies can trade in A on B.

  3. (3) A firm must direct its users to the QCDD and (where relevant) supplementary disclosure document relating to A.
  4. (4) The disclosure in (3) must be made prior to trading in a manner that:
    1. (a) is easily accessible, non-discriminatory, prominent, comprehensible, fair, clear and not misleading; and
    2. (b) facilitates all users’ understanding.
25/10/2027R

  1. (1) A firm that wishes to admit to trading, on a UK QCATP it operates, a qualifying cryptoasset:

    1. (a) of which it is the issuer;
    2. (b) for which it has arranged the issue; or
    3. (c) in which it otherwise has a financial interest,

    must disclose the nature of its interest in that qualifying cryptoasset in the relevant QCDD and (where relevant) supplementary disclosure document provided to users of the UK QCATP.

  2. (2) A firm must have in place policies and procedures to mitigate the conflict in (1), including functional separation of individuals engaged in:

    1. (a) the issuance process; and
    2. (b) the admission to trading process,

    in the case of the qualifying cryptoasset to which (1) applies.

  3. (3) A firm must be able to demonstrate that the arrangements in (2) allow for the independent performance of the admission to trading process.
  4. (4) A firm must make a disclosure on its website if, following admission to trading, it acquires a financial interest in a qualifying cryptoasset it has admitted to trading.
25/10/2027R
  1. (1) If a firm withdraws a qualifying cryptoasset from trading on a UK QCATP, it must, prior to doing so, notify the fact and consequences of withdrawal to the public through appropriate direct channels.
  2. (2) If a firm withdraws a UK qualifying stablecoin from trading on a UK QCATP, it must, prior to doing so, in addition to (1), notify the issuer and the FCA.
25/10/2027R

Where a firm has withdrawn a qualifying cryptoasset from trading on a UK QCATP it operates, it must update its website and the FCA-owned centralised repository with a notice duly dated comprising:

  1. (1) the date of withdrawal;
  2. (2) the digital token identifier;
  3. (3) the UK QCATP operator name and LEI;
  4. (4) the name of the person who obtained admission to trading and that person’s LEI, where available; and
  5. (5) an explanation of the reasons for withdrawal.
25/10/2027G

A firm withdraws a qualifying cryptoasset from trading on a UK QCATP it operates, for the purposes of CRYPTO 6.2.6R, both when it withdraws a qualifying cryptoasset from trading altogether and where the qualifying cryptoasset ceases to be available to a class of investors, such as retail investors.

25/10/2027R
  1. (1) A firm must maintain a record on its website of all qualifying cryptoassets admitted to trading on a UK QCATP it operates.
  2. (2) The record in (1) must:
    1. (a) be kept up to date;
    2. (b) identify whether the relevant qualifying cryptoasset is available to be traded by UK retail investors;
    3. (c) comprise details of the QCDD and (where relevant) supplementary disclosure document that correspond to a qualifying cryptoasset; and
    4. (d) be easily accessible and comprehensible to users of the UK QCATP.

Co-location

25/10/2027R

Where a firm permits co-location in relation to the UK QCATP, its rules on co-location services must be transparent, fair and non-discriminatory.

Point In Time
25/10/2027