Part 1 Amendments to the Banking Act 2009
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

SCHEDULE 6 Digital Settlement Assets

Section 22

Part 1 Amendments to the Banking Act 2009

1

The Banking Act 2009 is amended as follows.

2

In the heading to Part 5 (payment systems), after “systems†insert “and service providersâ€.

3

In section 181 (overview), after “services†insert “, includingâ€.

4

(1)     Section 182 (interpretation of payment system) is amended as follows.

(2)     In the heading, for ““payment systemâ€â€ substitute “key termsâ€.

(3)     In subsection (1), after “money†insert “or digital settlement assetsâ€.

(4)     After subsection (4) insert—

“(4A)     In subsection (1) “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, stored or traded electronically, and

(c)     uses technology supporting the recording or storage of data (which may include distributed ledger technology).

(4B)     In this section, “digital settlement asset†includes a right to, or an interest in, a digital settlement asset.â€

(5)     After subsection (5) insert—

“(5A)     In this Part, a “DSA service provider†is a person who provides one or more services in relation to a payment system that includes arrangements using digital settlement assets

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