Schedule 6B, paragraph 4

The modifications specified in this paragraph are— references to a “UK authorised person” are to be read as references to a registered cryptoasset business; references to “appropriate regulator” and “each regulator” are to be read as references to the FCA; section 178 (obligation to notify the appropriate regulator: acquisitions of control) is to be read as if subsections (2ZA) and (2A) were omitted; section 184 (disregarded holdings) is to be read as if subsections (4) to (10) were omitted; section 185 (assessment: general) is to be read as if in subsection (2)(a), “and the financial soundness of the acquisition” were omitted; section 187 (approval with conditions) is to be read as if subsection (2)(b) were omitted; section 187A (assessment: consultation by PRA with FCA) is to be disregarded; section 187B (assessment: consultation by FCA with PRA) is to be disregarded; section 187C (variation etc of conditions) is to be disregarded; section 189 (assessment: procedure) is to be read as if— subsections (1A), (1ZB) and (1B) were omitted; in subsection (6), “Unless section 190A applies” were omitted; section 190 (requests for further information) is to be read as if subsections (1A) and (4)(b) were omitted; section 190A (assessment and resolution) is to be disregarded; section 191A (objection by the appropriate regulator) is to be read as if— in subsection (2)(c), for “matters in” there were substituted “matter specified in”; subsection (4A) were omitted. section 191B (restriction notices) is to be read as if subsection (2A) were omitted; section 191C (orders for sale of shares) is to be read as if— subsections (2A), (7) and (8) were omitted; for “Where the appropriate regulator is the FCA, it” there were substituted “the FCA”; section 191D (obligation to notify the appropriate regulator: dispositions of control) is to be read as if subsection (1A) were omitted; section 191F (offences under this Part) is to be read as if— in subsection (2), “or section 190A applies” were omitted; subsection (4A) were omitted; for subsections (8) and (9) there were substituted— A person guilty of an offence under subsection (1) to (3) or (5) to (7) is liable— on summary conviction— in England and Wales, to a fine; in Scotland and Northern Ireland, to a fine not exceeding the statutory minimum; on conviction on indictment, to a fine. A person guilty of an offence under subsection (4) is liable— on summary conviction— in England and Wales, to a fine; in Scotland or Northern Ireland, to a fine not exceeding the statutory maximum; on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both. after subsection (9) there were inserted— A person is not guilty of an offence under this section if that person took all reasonable steps and exercised all due diligence to avoid committing the offence. section 191G (interpretation) is to be read as if— the definitions of “the appropriate regulator”, “qualifying credit institution” and “UK authorised person” were omitted; at the appropriate place there were inserted— “registered cryptoasset business” means a cryptoasset exchange provider or a custodian wallet provider which is included in the register maintained by the FCA under regulation 54(1A) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

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