Schedule 8, Part 3, paragraph 54

After section 232 insert— “Cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically. “Crypto wallet” means— which is used to store the cryptographic private key that allows cryptoassets to be accessed. software, hardware, a physical item, or any combination of the things mentioned in paragraphs (a) to (c), “Cryptoasset-related item” has the meaning given in section 195C(5B). The circumstances in which a cryptoasset is taken to be “destroyed” include circumstances where it is— in such a way as to ensure, or to make it virtually certain, that it will not be the subject of any further transactions or be dealt with again in any other way. disposed of, transferred, or otherwise dealt with, The Secretary of State may by regulations amend the definitions of “cryptoasset” and “crypto wallet” in this section. The Secretary of State must consult the Department of Justice in Northern Ireland before making regulations under subsection (5).

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Source: legislation.gov.uk · retrieved 2026-09-04