UK Statutory Instrument 2022 United Kingdom

Merchant Shipping (STCW) Regulations 2022

What this means for your business

1 obligations
1 penalties
1 can imprison
Enforced by
DVSA, CAA, MCA, National Highways, ORR
Applies to
United Kingdom
On this page
1 compliance obligation
Read full text on legislation.gov.uk

What you must do

1 compliance obligation under this legislation — 1 can result in imprisonment.

Offences and prohibitions 1

Fail to comply with change‑of‑control notification for a registered cryptoasset business

2 years imprisonment

If you acquire or increase control of a crypto‑asset exchange or custodian‑wallet provider that is on the FCA register, you must give the FCA the notice required under the amended Part 12 FSMA rules. Failing to give that notice, ignoring an FCA objection or breaching a restriction notice is a criminal offence. On conviction you face an unlimited fine, and for the most serious breach you can also be sentenced to up to two years’ imprisonment.

Any Person s.12 DVSA

Penalties for non-compliance

1 penalty under this legislation. 1 can result in imprisonment. 1 carry an unlimited fine.

Prison risk

Fail to comply with change‑of‑control notification for a registered cryptoasset business

Unlimited fine and/or 2 years imprisonment

Either way s.12 Penalises: Fail to comply with change‑of‑control notification for a …

Practical guidance

Our guides explain how to comply with the requirements above.

Sections and provisions

17 classified provisions from this legislation.

1 Offences and penalties 4 Definitions 1 Exemptions

Offences and penalties 1

  • s.12 Changes in control of registered cryptoasset businesses

Definitions 4

  • s.3 Removal of outdated references to the Terrorist Asset-Freezing etc. Act 2010
  • s.5 Cryptoasset transfers
  • s.6 Proliferation financing
  • s.13 Suspicious activity reports

Exemptions 1