The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2024
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Change 1
5 Interpretation: cryptoassets etc
After article 2 (interpretation), insert— Cryptoassets etc 2A (1) “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. (2) “Crypto wallet” means— (a) software, (b) hardware, (c) a physical item, or (d) any combination of the things mentioned in paragraphs (a) to (c), which is used to store the cryptographic private key that allows cryptoassets to be accessed. (3) The circumstances in which a cryptoasset is taken to be “destroyed” include circumstances where it is— (a) disposed of, (b) transferred, or (c) otherwise dealt with, 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. Meaning of “UK-connected cryptoasset service provider” 2B (1) “UK-connected cryptoasset service provider” means a cryptoasset service provider which— (a) is acting in the course of business carried on by it in the United Kingdom, (b) has terms and conditions with the persons to whom it provides services which provide for a legal dispute to be litigated in the courts of a part of the United Kingdom, (c) holds in the United Kingdom any data relating to the persons to whom it provides services, or (d) meets the condition in paragraph (2). (2) The condition in this paragraph is that— (a) the cryptoasset service provider has its registered office or, if it does not have one, its head office in the United Kingdom, and (b) the day-to-day management of the provider’s business is the responsibility of that office or another establishment maintained by it in the United Kingdom. (3) “Cryptoasset service provider” in paragraphs (1) and (2) includes a cryptoasset exchange provider and a custodian wallet provider; and for this purpose— “cryptoasset exchange provider” means a firm or sole practitioner who by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets; exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another; operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets; “custodian wallet provider” means a firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer— cryptoassets on behalf of its customers, or private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (4) In the definition of “cryptoasset exchange provider” in paragraph (3), “cryptoasset” includes a right to, or interest in, a cryptoasset. .
5 Interpretation: cryptoassets etc
After article 2 (interpretation), insert— Cryptoassets etc 2A (1) “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. (2) “Crypto wallet” means— (a) software, (b) hardware, (c) a physical item, or (d) any combination of the things mentioned in paragraphs (a) to (c), which is used to store the cryptographic private key that allows cryptoassets to be accessed. (3) The circumstances in which a cryptoasset is taken to be “destroyed” include circumstances where it is— (a) disposed of, (b) transferred, or (c) otherwise dealt with, 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. Meaning of “UK-connected cryptoasset service provider” 2B (1) “UK-connected cryptoasset service provider” means a cryptoasset service provider which— (a) is acting in the course of business carried on by it in the United Kingdom, (b) has terms and conditions with the persons to whom it provides services which provide for a legal dispute to be litigated in the courts of a part of the United Kingdom, (c) holds in the United Kingdom any data relating to the persons to whom it provides services, or (d) meets the condition in paragraph (2). (2) The condition in this paragraph is that— (a) the cryptoasset service provider has its registered office or, if it does not have one, its head office in the United Kingdom, and (b) the day-to-day management of the provider’s business is the responsibility of that office or another establishment maintained by it in the United Kingdom. (3) “Cryptoasset service provider” in paragraphs (1) and (2) includes a cryptoasset exchange provider and a custodian wallet provider; and for this purpose— “cryptoasset exchange provider” means a firm or sole practitioner who by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets; exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another; operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets; “custodian wallet provider” means a firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer— cryptoassets on behalf of its customers, or private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (4) In the definition of “cryptoasset exchange provider” in paragraph (3), “cryptoasset” includes a right to, or interest in, a cryptoasset. .
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