The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025
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Change 1
21 Duplication of liability to penalties
(1) A UK reporting cryptoasset service provider cannot be liable to penalties under any two or more of regulations 11 (failure to apply due diligence procedures), 12 (failure to comply with record-keeping requirements), and 15 (inaccurate or incomplete reports) in respect of the same act or omission. (2) Where, apart from paragraph (1), a UK reporting cryptoasset service provider would be so liable, the UK reporting cryptoasset service provider is liable to a penalty in respect of that act or omission under whichever of regulations 11, 12, or 15 is, in the opinion of an officer of Revenue and Customs, correct or appropriate in the circumstances.
21 Duplication of liability to penalties
(1) A UK reporting cryptoasset service provider cannot be liable to penalties under any two or more of regulations 11 (failure to apply due diligence procedures), 12 (failure to comply with record-keeping requirements), and 15 (inaccurate or incomplete reports) in respect of the same act or omission. (2) Where, apart from paragraph (1), a UK reporting cryptoasset service provider would be so liable, the UK reporting cryptoasset service provider is liable to a penalty in respect of that act or omission under whichever of regulations 11, 12, or 15 is, in the opinion of an officer of Revenue and Customs, correct or appropriate in the circumstances.
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