The Treasury may by regulations provide for an activity of a specified description to be a designated activity for the purposes of this Act.
Regulations under this section are referred to in this Act as designated activity regulations.
Designated activity regulations may provide for an activity to be a designated activity only if the activity relates or is connected to—
the financial markets or exchanges of the United Kingdom, or
financial instruments, financial products or financial investments that are (or are proposed to be) issued or sold to, or by, persons in the United Kingdom.
The description of an activity as a designated activity may be framed by reference to—
the way in which the activity is carried on, or
the description of persons who carry on the activity.
Schedule 6B contains examples of activities that may be specified as designated activities.
Nothing in Schedule 6B limits the powers conferred by subsection (1).
The financial instruments, financial products and financial investments mentioned in subsection (3)(b) may include cryptoassets.