23 Digital settlement assets: power to make regulations
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

23  Digital settlement assets: power to make regulations

(1)     The Treasury may by regulations make such provision as they consider appropriate for the purpose of, or in connection with—

(a)     the regulation of payments that include digital settlement assets,

(b)     the regulation of—

(i)     recognised payment systems that include arrangements using digital settlement assets,

(ii)     recognised DSA service providers, and

(iii)     service providers connected with, or in relation to, the systems and providers mentioned in sub-paragraphs (i) and (ii),

as those terms are for the time being defined in Part 5 of the Banking Act 2009, and

(c)     making insolvency arrangements (including administration, restructuring and any similar procedure) in respect of the systems and providers mentioned in paragraph (b).

(2)     In this section, “digital settlement asset” means a digital representation of value or rights, whether or not cryptographically secured, that—

(a)     can be used for the settlement of payment obligations,

(b)     can be transferred,

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