(1) The financial promotion restriction does not apply to any communication which relates only to one or more qualifying cryptoassets and which is communicated -

(a) by a registered person; or

(b) on behalf of a registered person provided that -

(i) the communication is a non-real time communication; and

(ii) the registered person prepared the content of the communication.

(2) Subsection (1) does not apply where a registered person makes or directs the communication, or causes it to be made or directed, in breach of -

(a) a requirement imposed by the FCA under section 55L (imposition of requirements by FCA) of the Act; or

(b) a direction given under section 137S (financial promotion rules: directions given by FCA) of the Act, as those provisions have been applied and modified by the Schedule to the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023.

(3) In this article, a "registered person" means a person who is -