Watchtower/Law library/Electronic Money Regulations 2011/3ZA Electronic money: further exclusions
As last captured

Electronic Money Regulations 2011 · PART 1 INTRODUCTORY PROVISIONS

3ZA Electronic money: further exclusions

reg. 3ZA · in force: yes

Captured statutory text (L5)

3ZA Electronic money: further exclusions

(1)For the purposes of the definition of “electronic money” in regulation 2 (interpretation), “monetary value” does not include—
(a)a stablecoin;
(b)money or an asset held for the stabilisation or backing of a stablecoin.
(2)Nothing in this regulation affects whether electronic money held for the stabilisation or backing of a stablecoin is considered electronic money, as defined by regulation 2 (interpretation).
(3)In this regulation, “stablecoin” means a cryptoasset that—
(a)meets the following two conditions—
(i)it seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”), and
(ii)fiat currency (which may be that referenced fiat currency) or other assets are held for the purpose of maintaining its stable value in relation to the referenced fiat currency, in accordance with paragraph (i),
(b)is fungible,
(c)is transferable,
(d)is not solely a record of value or contractual rights, including another cryptoasset, and
(e)is not excluded by paragraph (6).
(4)Where a cryptoasset seeks or purports to maintain a stable value in relation to an asset other than a fiat currency, the cryptoasset is not to be regarded as falling within paragraph (3)(a)(i) even if the asset is expressed in terms of a fiat currency.
(5)For the purposes of paragraph (3)(a)(ii)—
(a)other assets do not include the cryptoasset itself;
(b)the holding of fiat currency or another asset for the purpose of maintaining a stable value does not include the holding of assets by a person carrying on the activity described in article 5 of the Regulated Activities Order (accepting deposits), whether authorised or not, for the purpose of complying with its general prudential requirements or meeting its liabilities generally.
(6)The following are excluded from being a stablecoin—
(a)a specified investment cryptoasset, other than one specified by the following articles of the Regulated Activities Order—
(i)article 74A (electronic money);
(ii)article 88F (qualifying cryptoassets);
(b)electronic money;
(c)currency of the United Kingdom or any other country or territory, including a central bank digital currency;
(d)a cryptoasset that—
(i)cannot be transferred or sold in exchange for money or other cryptoassets, except by way of redemption with the issuer, and
(ii)can only be used by the holder—
(aa)to acquire goods or services from the issuer, or
(bb)to acquire goods or services within a limited network of service providers, which have direct commercial agreements with the issuer.
(7)For the purposes of paragraphs (1)(b) and (2), money or an asset is held for the stabilisation of a stablecoin if it is held for the purpose mentioned in paragraph (3)(a)(ii).
(8)For the purposes of paragraph (3)(c), the circumstances in which a cryptoasset is to be treated as “transferable” include where it confers transferable rights.
(9)In this regulation— “cryptoasset” has the meaning given by section 417(1) (definitions) of the 2000 Act; “fiat currency” means the currency of the United Kingdom or any other country or territory, unless that currency is solely a cryptoasset; “money” includes electronic money; “Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “specified investment cryptoasset” has the meaning given by article 3 (interpretation) of the Regulated Activities Order.
Full captured verbatim text
(1) For the purposes of the definition of “electronic money” in regulation 2 (interpretation), “monetary value” does not include—

(a) a stablecoin;

(b) money or an asset held for the stabilisation or backing of a stablecoin.

(2) Nothing in this regulation affects whether electronic money held for the stabilisation or backing of a stablecoin is considered electronic money, as defined by regulation 2 (interpretation).

(3) In this regulation, “stablecoin” means a cryptoasset that—

(a) meets the following two conditions—

(i) it seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”), and

(ii) fiat currency (which may be that referenced fiat currency) or other assets are held for the purpose of maintaining its stable value in relation to the referenced fiat currency, in accordance with paragraph (i),

(b) is fungible,

(c) is transferable,

(d) is not solely a record of value or contractual rights, including another cryptoasset, and

(e) is not excluded by paragraph (6).

(4) Where a cryptoasset seeks or purports to maintain a stable value in relation to an asset other than a fiat currency, the cryptoasset is not to be regarded as falling within paragraph (3)(a)(i) even if the asset is expressed in terms of a fiat currency.

(5) For the purposes of paragraph (3)(a)(ii)—

(a) other assets do not include the cryptoasset itself;

(b) the holding of fiat currency or another asset for the purpose of maintaining a stable value does not include the holding of assets by a person carrying on the activity described in article 5 of the Regulated Activities Order (accepting deposits), whether authorised or not, for the purpose of complying with its general prudential requirements or meeting its liabilities generally.

(6) The following are excluded from being a stablecoin—

(a) a specified investment cryptoasset, other than one specified by the following articles of the Regulated Activities Order—

(i) article 74A (electronic money);

(ii) article 88F (qualifying cryptoassets);

(b) electronic money;

(c) currency of the United Kingdom or any other country or territory, including a central bank digital currency;

(d) a cryptoasset that—

(i) cannot be transferred or sold in exchange for money or other cryptoassets, except by way of redemption with the issuer, and

(ii) can only be used by the holder—

(aa) to acquire goods or services from the issuer, or

(bb) to acquire goods or services within a limited network of service providers, which have direct commercial agreements with the issuer.

(7) For the purposes of paragraphs (1)(b) and (2), money or an asset is held for the stabilisation of a stablecoin if it is held for the purpose mentioned in paragraph (3)(a)(ii).

(8) For the purposes of paragraph (3)(c), the circumstances in which a cryptoasset is to be treated as “transferable” include where it confers transferable rights.

(9) In this regulation—

“cryptoasset” has the meaning given by section 417(1) (definitions) of the 2000 Act;

“fiat currency” means the currency of the United Kingdom or any other country or territory, unless that currency is solely a cryptoasset;

“money” includes electronic money;

“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

“specified investment cryptoasset” has the meaning given by article 3 (interpretation) of the Regulated Activities Order.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: failed · Stored artifact; current recipe verification unavailable

Further exclusions clarifying that monetary value does not include stablecoins or backing assets under specified conditions.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

other law external_cite · s. 417

cross-reference internal_cite · reg. 2

Referred to by

cross-reference internal_cite · reg. 2

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (202)

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Instrument tier unavailable

Change history as published

Reg. 28 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 29 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 29A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 30 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 31 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), Sch. para. 42

Reg. 59A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 15 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Regs. 74-78A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 18 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(3), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1) · repeated 6×

Sch. 2 paras. 5-8 and heading omitted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by virtue of The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(30)(c) (with reg. 3) · repeated 4×

Sch. 2A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 20 (with reg. 4, Sch. 3 Pt. 1 and saving for effects of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632, reg. 144(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1) · repeated 6×

Sch. 3 para. 4A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(4) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Pending effects amendments not yet applied to this text

reg. 13(8)(d) words revoked by Sanctions and Anti-Money Laundering Act 2018 Sch. 3 para. 9 · Effective date unknown · reg. 13

Regulations revoked by Financial Services and Markets Act 2023 Sch. 1 Pt. 2 · Effective date unknown

Sch. 2A para. 1(13) omitted by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 reg. 195 · Effective date unknown · Sch. 2A para. 1

Regulations power to amend conferred by Financial Services Act 2021 s. 23 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:uksi/2011/99
Part
PART 1 INTRODUCTORY PROVISIONS
Version
5e042ca1bfbd459184a0a4f8…
Content hash
sha256 3f8a176909d7a86b425271db…
Source
legislation.gov.uk/uksi/2011/99