(a) transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets ("admission to trading"); (b) requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens, as well as for their operation, organisation and governance; (c) requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading of crypto-assets; (d) requirements for the protection of clients of crypto-asset service providers; (e) measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets.
Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance)
Modified by
- Regulation (EU) 2023/2869 of the European Parliament and of the Councilof 13 December 2023amending certain Regulations as regards the establishment and functioning of the European single access point(Text with EEA relevance), 32023R2869, December 20, 2023
Corrected by
- Corrigendum to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, 32023R1114R(03), May 2, 2024
(a) persons who provide crypto-asset services exclusively for their parent companies, for their own subsidiaries or for other subsidiaries of their parent companies; (b) a liquidator or an administrator acting in the course of an insolvency procedure, except for the purposes of Article 47; (c) the ECB, central banks of the Member States when acting in their capacity as monetary authorities, or other public authorities of the Member States; (d) the European Investment Bank and its subsidiaries; (e) the European Financial Stability Facility and the European Stability Mechanism; (f) public international organisations.
(a) financial instruments; (b) deposits, including structured deposits; (c) funds, except if they qualify as e-money tokens; (d) securitisation positions in the context of a securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402; (e) non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to Directive 2009/138/EC of the European Parliament and of the Council Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1 ).(f) pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits; (g) officially recognised occupational pension schemes falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37 ).(h) individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider; (i) a pan-European Personal Pension Product as defined in Article 2, point (2), of Regulation (EU) 2019/1238 of the European Parliament and of the Council Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1 ).(j) social security schemes covered by Regulations (EC) No 883/2004 Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (OJ L 166, 30.4.2004, p. 1 ).Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (OJ L 284, 30.10.2009, p. 1 ).
(1) "distributed ledger technology" or "DLT" means a technology that enables the operation and use of distributed ledgers; (2) "distributed ledger" means an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; (3) "consensus mechanism" means the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated; (4) "DLT network node" means a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger; (5) "crypto-asset" means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; (6) "asset-referenced token" means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; (7) "electronic money token" or "e-money token" means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency; (8) "official currency" means an official currency of a country that is issued by a central bank or other monetary authority; (9) "utility token" means a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer; (10) "issuer" means a natural or legal person, or other undertaking, who issues crypto-assets; (11) "applicant issuer" means an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets; (12) "offer to the public" means a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; (13) "offeror" means a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; (14) "funds" means funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; (15) "crypto-asset service provider" means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; (16) "crypto-asset service" means any of the following services and activities relating to any crypto-asset: (a) providing custody and administration of crypto-assets on behalf of clients; (b) operation of a trading platform for crypto-assets; (c) exchange of crypto-assets for funds; (d) exchange of crypto-assets for other crypto-assets; (e) execution of orders for crypto-assets on behalf of clients; (f) placing of crypto-assets; (g) reception and transmission of orders for crypto-assets on behalf of clients; (h) providing advice on crypto-assets; (i) providing portfolio management on crypto-assets; (j) providing transfer services for crypto-assets on behalf of clients;
(17) "providing custody and administration of crypto-assets on behalf of clients" means the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; (18) "operation of a trading platform for crypto-assets" means the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets; (19) "exchange of crypto-assets for funds" means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital; (20) "exchange of crypto-assets for other crypto-assets" means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital; (21) "execution of orders for crypto-assets on behalf of clients" means the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading; (22) "placing of crypto-assets" means the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers; (23) "reception and transmission of orders for crypto-assets on behalf of clients" means the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution; (24) "providing advice on crypto-assets" means offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto-asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services; (25) "providing portfolio management of crypto-assets" means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets; (26) "providing transfer services for crypto-assets on behalf of clients" means providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another; (27) "management body" means the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; (28) "credit institution" means a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; (29) "investment firm" means an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; (30) "qualified investors" means persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU; (31) "close links" means close links as defined in Article 4(1), point (35), of Directive 2014/65/EU; (32) "reserve of assets" means the basket of reserve assets securing the claim against the issuer; (33) "home Member State" means: (a) where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person has its registered office; (b) where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but does have one or more branches in the Union, the Member State chosen by that offeror or person from among the Member States where it has branches; (c) where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made; (d) in the case of an issuer of asset-referenced tokens, the Member State where the issuer of asset-referenced tokens has its registered office; (e) in the case of an issuer of e-money tokens, the Member State where the issuer of e-money tokens is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC; (f) in the case of crypto-asset service providers, the Member State where the crypto-asset service provider has its registered office;
(34) "host Member State" means the Member State where an offeror or person seeking admission to trading has made an offer to the public of crypto-assets or is seeking admission to trading, or where a crypto-asset service provider provides crypto-asset services, where different from the home Member State; (35) "competent authority" means one or more authorities: (a) designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers; (b) designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;
(36) "qualifying holding" means any direct or indirect holding in an issuer of asset-referenced tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38 ).(37) "retail holder" means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession; (38) "online interface" means any software, including a website, part of a website or an application, that is operated by or on behalf of an offeror or crypto-asset service provider, and which serves to give holders of crypto-assets access to their crypto-assets and to give clients access to crypto-asset services; (39) "client" means any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; (40) "matched principal trading" means matched principal trading as defined in Article 4(1), point (38), of Directive 2014/65/EU; (41) "payment services" means payment services as defined in Article 4, point (3), of Directive (EU) 2015/2366; (42) "payment service provider" means a payment service provider as defined in Article 4, point (11), of Directive (EU) 2015/2366; (43) "electronic money institution" means an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC; (44) "electronic money" means electronic money as defined in Article 2, point (2), of Directive 2009/110/EC; (45) "personal data" means personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679; (46) "payment institution" means a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366; (47) "UCITS management company" means a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32 ).(48) "alternative investment fund manager" means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1 ).(49) "financial instrument" means financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; (50) "deposit" means a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; (51) "structured deposit" means a structured deposit as defined in Article 4(1), point (43), of Directive 2014/65/EU.
(a) is a legal person; (b) has drawn up a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6; (c) has notified the crypto-asset white paper in accordance with Article 8; (d) has published the crypto-asset white paper in accordance with Article 9; (e) has drafted the marketing communications, if any, in respect of that crypto-asset in accordance with Article 7; (f) has published the marketing communications, if any, in respect of that crypto-asset in accordance with Article 9; (g) complies with the requirements for offerors laid down in Article 14.
(a) an offer to fewer than 150 natural or legal persons per Member State where such persons are acting on their own account; (b) over a period of 12 months, starting with the beginning of the offer, the total consideration of an offer to the public of a crypto-asset in the Union does not exceed EUR 1000000 , or the equivalent amount in another official currency or in crypto-assets;(c) an offer of a crypto-asset addressed solely to qualified investors where the crypto-asset can only be held by such qualified investors.
(a) the crypto-asset is offered for free; (b) the crypto-asset is automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions; (c) the offer concerns a utility token providing access to a good or service that exists or is in operation; (d) the holder of the crypto-asset has the right to use it only in exchange for goods and services in a limited network of merchants with contractual arrangements with the offeror.
(a) there exists another offer to the public of the same crypto-asset and that offer does not benefit from the exemption; or (b) the crypto-asset offered is admitted to a trading platform.
(a) is a legal person; (b) has drawn up a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6; (c) has notified the crypto-asset white paper in accordance with Article 8; (d) has published the crypto-asset white paper in accordance with Article 9; (e) has drafted the marketing communications, if any, in respect of that crypto-asset in accordance with Article 7; (f) has published the marketing communications, if any, in respect of that crypto-asset in accordance with Article 9; (g) complies with the requirements for persons seeking admission to trading laid down in Article 14.
(a) the crypto-asset is already admitted to trading on another trading platform for crypto-assets in the Union; and (b) the crypto-asset white paper is drawn up in accordance with Article 6, updated in accordance with Article 12, and the person responsible for drawing up such white paper consents to its use in writing.
(a) information about the offeror or the person seeking admission to trading; (b) information about the issuer, if different from the offeror or person seeking admission to trading; (c) information about the operator of the trading platform in cases where it draws up the crypto-asset white paper; (d) information about the crypto-asset project; (e) information about the offer to the public of the crypto-asset or its admission to trading; (f) information about the crypto-asset; (g) information on the rights and obligations attached to the crypto-asset; (h) information on the underlying technology; (i) information on the risks; (j) information on the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue the crypto-asset.
(a) the crypto-asset may lose its value in part or in full; (b) the crypto-asset may not always be transferable; (c) the crypto-asset may not be liquid; (d) where the offer to the public concerns a utility token, that utility token may not be exchangeable against the good or service promised in the crypto-asset white paper, especially in the case of a failure or discontinuation of the crypto-asset project; (e) the crypto-asset is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22 ).(f) the crypto-asset is not covered by the deposit guarantee schemes under Directive 2014/49/EU.
(a) it should be read as an introduction to the crypto-asset white paper; (b) the prospective holder should base any decision to purchase the crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone; (c) the offer to the public of the crypto-asset does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law; (d) the crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12 ).
(a) the marketing communications are clearly identifiable as such; (b) the information in the marketing communications is fair, clear and not misleading; (c) the information in the marketing communications is consistent with the information in the crypto-asset white paper, where such crypto-asset white paper is required pursuant to Article 4 or 5; (d) the marketing communications clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the offeror, the person seeking admission to trading, or the operator of the trading platform for the crypto-asset concerned, as well as a telephone number and an email address to contact that person; (e) the marketing communications contain the following clear and prominent statement: "This crypto-asset marketing communication has not been reviewed or approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset marketing communication.".
(a) a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4); (b) an e-money token; or (c) an asset-referenced token.
(a) a credit institution, where funds are raised during the offer to the public; (b) a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients.
(a) act honestly, fairly and professionally; (b) communicate with holders and prospective holders of the crypto-assets in a fair, clear and not misleading manner; (c) identify, prevent, manage and disclose any conflicts of interest that might arise; (d) maintain all of their systems and security access protocols in conformity with the appropriate Union standards.
(a) is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-asset white paper; or (b) does not provide, when read together with the other parts of the crypto-asset white paper, key information in order to aid prospective holders of the crypto-asset when considering whether to purchase such crypto-asset.
(a) a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or (b) a credit institution that complies with Article 17.
(a) over a period of 12 months, calculated at the end of each calendar day, the average outstanding value of the asset-referenced token issued by an issuer never exceeds EUR 5000000 , or the equivalent amount in another official currency, and the issuer is not linked to a network of other exempt issuers; or(b) the offer to the public of the asset-referenced token is addressed solely to qualified investors and the asset-referenced token can only be held by such qualified investors.
(a) draws up a crypto-asset white paper as referred to in Article 19 for the asset-referenced token, submits that crypto-asset white paper for approval by the competent authority of its home Member State in accordance with the procedure set out in the regulatory technical standards adopted pursuant to paragraph 8 of this Article, and has the crypto-asset white paper approved by the competent authority; (b) notifies the respective competent authority, at least 90 working days before issuing the asset-referenced token for the first time, by providing it with the following information: (i) a programme of operations, setting out the business model that the credit institution intends to follow; (ii) a legal opinion that the asset-referenced token does not qualify as either of the following: a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4); an e-money token;
(iii) a detailed description of the governance arrangements referred to in Article 34(1); (iv) the policies and procedures listed in Article 34(5), first subparagraph; (v) a description of the contractual arrangements with third-party entities as referred to in Article 34(5), second subparagraph; (vi) a description of the business continuity policy referred to in Article 34(9); (vii) a description of the internal control mechanisms and risk management procedures referred to in Article 34(10); (viii) a description of the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality of data referred to in Article 34(11).
(a) the address of the applicant issuer; (b) the legal entity identifier of the applicant issuer; (c) the articles of association of the applicant issuer, where applicable; (d) a programme of operations, setting out the business model that the applicant issuer intends to follow; (e) a legal opinion that the asset-referenced token does not qualify as either of the following: (i) a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4); or (ii) an e-money token;
(f) a detailed description of the applicant issuer’s governance arrangements as referred to in Article 34(1); (g) where cooperation arrangements with specific crypto-asset service providers exist, a description of their internal control mechanisms and procedures to ensure compliance with the obligations in relation to the prevention of money laundering and terrorist financing under Directive (EU) 2015/849; (h) the identity of the members of the management body of the applicant issuer; (i) proof that the persons referred to in point (h) are of sufficiently good repute and possess the appropriate knowledge, skills and experience to manage the applicant issuer; (j) proof that any shareholder or member, whether direct or indirect, that has a qualifying holding in the applicant issuer is of sufficiently good repute; (k) a crypto-asset white paper as referred to in Article 19; (l) the policies and procedures referred to in Article 34(5), first subparagraph; (m) a description of the contractual arrangements with the third-party entities as referred to in Article 34(5), second subparagraph; (n) a description of the applicant issuer’s business continuity policy referred to in Article 34(9); (o) a description of the internal control mechanisms and risk management procedures referred to in Article 34(10); (p) a description of the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality of data as referred to in Article 34(11); (q) a description of the applicant issuer’s complaints-handling procedures as referred to in Article 31; (r) where applicable, a list of host Member States where the applicant issuer intends to offer the asset-referenced token to the public or intends to seek admission to trading of the asset-referenced token.
(a) for all members of the management body, the absence of a criminal record in respect of convictions or the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability; (b) that the members of the management body of the applicant issuer of the asset-referenced token collectively possess the appropriate knowledge, skills and experience to manage the issuer of the asset-referenced token and that those persons are required to commit sufficient time to perform their duties; (c) for all shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant issuer, the absence of a criminal record in respect of convictions and the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability.
(a) information about the issuer of the asset-referenced token; (b) information about the asset-referenced token; (c) information about the offer to the public of the asset-referenced token or its admission to trading; (d) information on the rights and obligations attached to the asset-referenced token; (e) information on the underlying technology; (f) information on the risks; (g) information on the reserve of assets; (h) information on the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue the asset-referenced token.
(a) the asset-referenced token may lose its value in part or in full; (b) the asset-referenced token may not always be transferable; (c) the asset-referenced token may not be liquid; (d) the asset-referenced token is not covered by the investor compensation schemes under Directive 97/9/EC; (e) the asset-referenced token is not covered by the deposit guarantee schemes under Directive 2014/49/EU.
(a) it should be read as an introduction to the crypto-asset white paper; (b) the prospective holder should base any decision to purchase the asset-referenced token on the content of the crypto-asset white paper as a whole and not on the summary alone; (c) the offer to the public of the asset-referenced token does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law; (d) the crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 or any other offer document pursuant to Union or national law.
(a) the management body of the applicant issuer might pose a threat to its effective, sound and prudent management and business continuity and to the adequate consideration of the interest of its clients and the integrity of the market; (b) members of the management body do not meet the criteria set out in Article 34(2); (c) shareholders and members, whether direct or indirect, that have qualifying holdings do not meet the criteria of sufficiently good repute set out in Article 34(4); (d) the applicant issuer fails to meet or is likely to fail to meet any of the requirements of this Title; (e) the applicant issuer’s business model might pose a serious threat to market integrity, financial stability, the smooth operation of payment systems, or exposes the issuer or the sector to serious risks of money laundering and terrorist financing.
(a) the number of holders; (b) the value of the asset-referenced token issued and the size of the reserve of assets; (c) the average number and average aggregate value of transactions per day during the relevant quarter; (d) an estimate of the average number and average aggregate value of transactions per day during the relevant quarter that are associated to its uses as a means of exchange within a single currency area.
(a) stop issuing that asset-referenced token; and (b) within 40 working days of reaching that threshold, submit a plan to the competent authority to ensure that the estimated quarterly average number and average aggregate value of those transactions per day is kept below 1 million transactions and EUR 200000000 respectively.
(a) the issuer has ceased to engage in business for six consecutive months, or has not used its authorisation for 12 consecutive months; (b) the issuer has obtained its authorisation by irregular means, such as by making false statements in the application for authorisation referred to in Article 18 or in any crypto-asset white paper modified in accordance with Article 25; (c) the issuer no longer meets the conditions under which the authorisation was granted; (d) the issuer has seriously infringed the provisions of this Title; (e) the issuer has been subject to a redemption plan; (f) the issuer has expressly renounced its authorisation or has decided to cease operations; (g) the issuer’s activity poses a serious threat to market integrity, financial stability, the smooth operation of payment systems or exposes the issuer or the sector to serious risks of money laundering and terrorist financing.
(a) a third-party entity as referred to in Article 34(5), first subparagraph, point (h), of this Regulation has lost its authorisation as a credit institution as referred to in Article 8 of Directive 2013/36/EU, as a crypto-asset service provider as referred to in Article 59 of this Regulation, as a payment institution, or as an electronic money institution; (b) the members of the issuer’s management body or shareholders or members, whether direct or indirect, that have qualifying holdings in the issuer have infringed the provisions of national law transposing Directive (EU) 2015/849.
(a) the governance arrangements, including reporting lines to the management body and risk management framework; (b) the reserve assets and the custody of the reserve assets; (c) the rights granted to the holders of asset-referenced tokens; (d) the mechanism through which an asset-referenced token is issued and redeemed; (e) the protocols for validating the transactions in asset-referenced tokens; (f) the functioning of issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such a distributed ledger technology; (g) the mechanisms to ensure the liquidity of asset-referenced tokens, including the liquidity management policy and procedures for issuers of significant asset-referenced tokens referred to in Article 45; (h) the arrangements with third-party entities, including for managing the reserve assets and the investment of the reserve, the custody of reserve assets, and, where applicable, the distribution of the asset-referenced tokens to the public; (i) the complaints-handling procedures; (j) the money laundering and terrorist financing risk assessment and general policies and procedures related thereto.
(a) to put in place mechanisms to ensure the protection of holders of the asset-referenced token, when a potential modification of the issuer’s operations can have a material effect on the value, stability, or risks of the asset-referenced token or the reserve assets; (b) to take any appropriate corrective measures to address concerns related to market integrity, financial stability or the smooth operation of payment systems.
(a) is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-asset white paper; or (b) does not provide, when read together with the other parts of the crypto-asset white paper, key information in order to aid prospective holders when considering whether to purchase the asset-referenced token.
(a) the marketing communications are clearly identifiable as such; (b) the information in the marketing communications is fair, clear and not misleading; (c) the information in the marketing communications is consistent with the information in the crypto-asset white paper; (d) the marketing communications clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the issuer of the asset-referenced token, as well as a telephone number and an email address to contact the issuer.
(a) their shareholders or members; (b) any shareholder or member, whether direct or indirect, that has a qualifying holding in the issuers; (c) the members of their management body; (d) their employees; (e) the holders of asset-referenced tokens; or (f) any third party providing one of the functions as referred in Article 34(5), first subparagraph, point (h).
(a) the requirements for the policies and procedures referred to in paragraph 1; (b) the details and methodology for the content of the disclosure referred to in paragraph 3.
(a) the reserve of assets referred to in Article 36; (b) the custody of the reserve assets, including the segregation of assets, as specified in Article 37; (c) the rights granted to the holders of asset-referenced tokens, as specified in Article 39; (d) the mechanism through which asset-referenced tokens are issued and redeemed; (e) the protocols for validating transactions in asset-referenced tokens; (f) the functioning of the issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such distributed ledger technology or similar technology that is operated by the issuers or a third party acting on their behalf; (g) the mechanisms to ensure the liquidity of asset-referenced tokens, including the liquidity management policy and procedures for issuers of significant asset-referenced tokens referred to in Article 45; (h) arrangements with third-party entities for operating the reserve of assets, and for the investment of the reserve assets, the custody of the reserve assets and, where applicable, the distribution of the asset-referenced tokens to the public; (i) the written consent of the issuers of asset-referenced tokens given to other persons that might offer or seek the admission to trading of the asset-referenced tokens; (j) complaints-handling, as specified in Article 31; (k) conflicts of interest, as specified in Article 32.
(a) the monitoring tools for the risks referred to in paragraph 8; (b) the business continuity plan referred to in paragraph 9; (c) the internal control mechanism referred to in paragraph 10; (d) the audits referred to in paragraph 12, including the minimum documentation to be used in the audit.
(a) EUR 350000 ;(b) 2 % of the average amount of the reserve of assets referred to in Article 36; (c) a quarter of the fixed overheads of the preceding year.
(a) the evaluation of the risk-management processes and internal control mechanisms of the issuer of the asset-referenced token as referred to in Article 34(1), (8) and (10); (b) the quality and volatility of the reserve of assets referred to in Article 36; (c) the types of rights granted by the issuer of the asset-referenced token to holders of the asset-referenced token in accordance with Article 39; (d) where the reserve of assets includes investments, the risks posed by the investment policy on the reserve of assets; (e) the aggregate value and number of transactions settled in the asset-referenced token; (f) the importance of the markets on which the asset-referenced token is offered and marketed; (g) where applicable, the market capitalisation of the asset-referenced token.
(a) the procedure and timeframe for an issuer of an asset-referenced token to adjust to higher own funds requirements as set out in paragraph 3; (b) the criteria for requiring a higher amount of own funds as set out in paragraph 3; (c) the minimum requirements for the design of stress testing programmes, taking into account the size, complexity and nature of the asset-referenced token, including but not limited to: (i) the types of stress testing and their main objectives and applications; (ii) the frequency of the different stress testing exercises; (iii) the internal governance arrangements; (iv) the relevant data infrastructure; (v) the methodology and the plausibility of assumptions; (vi) the application of the proportionality principle to all of the minimum requirements, whether quantitative or qualitative; and (vii) the minimum periodicity of the stress tests and the common reference parameters of the stress test scenarios.
(a) the risks associated to the assets referenced by the asset-referenced tokens are covered; and (b) the liquidity risks associated to the permanent rights of redemption of the holders are addressed.
(a) the relevant percentage of the reserve of assets according to daily maturities, including the percentage of reverse repurchase agreements that are able to be terminated by giving prior notice of one working day, or the percentage of cash that is able to be withdrawn by giving prior notice of one working day; (b) the relevant percentage of the reserve of assets according to weekly maturities, including the percentage of reverse repurchase agreements that are able to be terminated by giving prior notice of five working days, or the percentage of cash that is able to be withdrawn by giving prior notice of five working days; (c) other relevant maturities, and overall techniques for liquidity management; (d) the minimum amounts in each official currency referenced to be held as deposits in credit institutions, which cannot be lower than 30 % of the amount referenced in each official currency.
(a) list the assets referenced by the asset-referenced tokens and the composition of those assets; (b) describe the type of assets and the precise allocation of assets that are included in the reserve of assets; (c) contain a detailed assessment of the risks, including credit risk, market risk, concentration risk and liquidity risk resulting from the reserve of assets; (d) describe the procedure by which the asset-referenced tokens are issued and redeemed, and the procedure by which such issuance and redemption will result in a corresponding increase and decrease in the reserve of assets; (e) mention whether a part of the reserve of assets is invested as provided in Article 38; (f) where issuers of asset-referenced tokens invest a part of the reserve of assets as provided in Article 38, describe in detail the investment policy and contain an assessment of how that investment policy can affect the value of the reserve of assets; (g) describe the procedure to purchase asset-referenced tokens and to redeem such tokens against the reserve of assets, and list the persons or categories of persons who are entitled to do so.
(a) the issuer has been required to implement a recovery arrangement or measures in accordance with Article 46(3); (b) the issuer has been required to implement a redemption plan in accordance with Article 47; (c) it is deemed necessary to protect the economic interests of holders of the asset-referenced token; (d) it is deemed necessary to avoid a significant adverse effect on the financial system of the home Member State or another Member State.
(a) the number and quality of the counterparties; (b) the volume and turnover in the market of the reserve asset; (c) the size of the reserve of assets.
(a) the volume and turnover in the market of that reserve asset; (b) the size of the reserve of assets; (c) the market risk, interest rate risk and credit risk attached to the reserve asset.
(a) the reserve assets are not encumbered nor pledged as a financial collateral arrangement as defined in Article 2(1), point (a), of Directive 2002/47/EC of the European Parliament and of the Council Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43 ).(b) the reserve assets are held in custody in accordance with paragraph 6 of this Article; (c) the issuers of asset-referenced tokens have prompt access to the reserve assets to meet any requests for redemption from the holders of asset-referenced tokens; (d) concentrations of the custodians of reserve assets are avoided; (e) risk of concentration of reserve assets is avoided.
(a) a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, where the reserve assets take the form of crypto-assets; (b) a credit institution, for all types of reserve assets; (c) an investment firm that provides the ancillary service of safekeeping and administration of financial instruments for the account of clients as referred to in Section B, point (1), of Annex I to Directive 2014/65/EU, where the reserve assets take the form of financial instruments.
(a) credit institutions shall hold in custody funds in an account opened in the credit institutions’ books; (b) for financial instruments that can be held in custody, credit institutions or investment firms shall hold in custody all financial instruments that can be registered in a financial instruments account opened in the credit institutions’ or investments firms’ books and all financial instruments that can be physically delivered to such credit institutions or investment firms; (c) for crypto-assets that can be held in custody, the crypto-asset service providers shall hold in custody the crypto-assets included in the reserve assets or the means of access to such crypto-assets, where applicable, in the form of private cryptographic keys; (d) for other assets, the credit institutions shall verify the ownership of the issuers of the asset-referenced tokens and shall maintain a record of those reserve assets for which they are satisfied that the issuers of the asset-referenced tokens own those reserve assets.
(a) the crypto-asset service providers, credit institutions or investment firms have functionally and hierarchically separated the performance of their custody tasks from their potentially conflicting tasks; (b) the potential conflicts of interest have been properly identified, monitored, managed and disclosed by the issuers of the asset-referenced tokens to the holders of the asset-referenced tokens, in accordance with Article 32.
(a) the various types of assets that can be referenced by an asset-referenced token; (b) the correlation between the assets referenced by the asset-referenced token and the highly liquid financial instruments that the issuer might invest in; (c) the liquidity coverage requirement as referred to in Article 412 of Regulation (EU) No 575/2013 and as further specified in Commission Delegated Regulation (EU) 2015/61 Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions (OJ L 11, 17.1.2015, p. 1 ).(d) constraints on concentration preventing the issuer from: (i) investing more than a certain percentage of reserve assets in highly liquid financial instruments with minimal market risk, credit risk and concentration risk issued by a single entity; (ii) holding in custody more than a certain percentage of crypto-assets or assets with crypto-asset service providers or credit institutions which belong to the same group, as defined in Article 2, point (11), of Directive 2013/34/EU of the European Parliament and of the Council Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19 ).
(a) the conditions, including thresholds, periods and timeframes, for holders of asset-referenced tokens to exercise such right of redemption; (b) the mechanisms and procedures to ensure the redemption of the asset-referenced tokens, including in stressed market circumstances, as well as in the context of the implementation of the recovery plan set out in Article 46 or, in the case of an orderly redemption of asset-referenced tokens, under Article 47; (c) the valuation, or the principles of valuation, of the asset-referenced tokens and of the reserve assets when the right of redemption is exercised by the holder of asset-referenced tokens, including by using the valuation methodology set out in Article 36(11); (d) the conditions for settlement of the redemption; and (e) measures that the issuers take to adequately manage increases or decreases in the reserve of assets in order to avoid any adverse impacts on the market of the reserve assets.
(a) the reputation of the proposed acquirer; (b) the reputation, knowledge, skills and experience of any person who will direct the business of the issuer of the asset-referenced token as a result of the proposed acquisition; (c) the financial soundness of the proposed acquirer, in particular in relation to the type of business envisaged and pursued in respect of the issuer of the asset-referenced token in which the acquisition is proposed; (d) whether the issuer of the asset-referenced token will be able to comply and continue to comply with the provisions of this Title; (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of, respectively, Article 1(3) and (5) of Directive (EU) 2015/849 is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof.
(a) the number of holders of the asset-referenced token is larger than 10 million; (b) the value of the asset-referenced token issued, its market capitalisation or the size of the reserve of assets of the issuer of the asset-referenced token is higher than EUR 5000000000 ;(c) the average number and average aggregate value of transactions in that asset-referenced token per day during the relevant period, is higher than 2,5 million transactions and EUR 500000000 respectively;(d) the issuer of the asset-referenced token is a provider of core platform services designated as a gatekeeper in accordance with Regulation (EU) 2022/1925 of the European Parliament and of the Council Regulation (EU) 2022/1925 of the European Parliament and of the Council of 14 September 2022 on contestable and fair markets in the digital sector and amending Directives (EU) 2019/1937 and (EU) 2020/1828 (Digital Markets Act) (OJ L 265, 12.10.2022, p. 1 ).(e) the significance of the activities of the issuer of the asset-referenced token on an international scale, including the use of the asset-referenced token for payments and remittances; (f) the interconnectedness of the asset-referenced token or its issuers with the financial system; (g) the fact that the same issuer issues at least one additional asset-referenced token or e-money token, and provides at least one crypto-asset service.
(a) during the period covered by the first report of information as referred to in paragraph 4 of this Article, following authorisation pursuant to Article 21 or after approval of the crypto-asset white paper pursuant to Article 17; or (b) during the period covered by at least two consecutive reports of information as referred to in paragraph 4 of this Article.
(a) the circumstances under which the activities of the issuer of the asset-referenced token are deemed significant on an international scale outside the Union; (b) the circumstances under which asset-referenced tokens and their issuers shall be considered to be interconnected with the financial system; (c) the content and format of information provided by competent authorities to EBA and the ECB under paragraph 4 of this Article and Article 56(3).
(a) the minimum content of the governance arrangements on the remuneration policy referred to in paragraph 1; (b) the minimum contents of the liquidity management policy and procedures as set out in paragraph 3, and liquidity requirements, including by specifying the minimum amount of deposits in each official currency referenced, which cannot be lower than 60 % of the amount referenced in each official currency; (c) the procedure and timeframe for an issuer of a significant asset-referenced token to adjust the amount of its own funds as required by paragraph 5.
(a) liquidity fees on redemptions; (b) limits on the amount of the asset-referenced token that can be redeemed on any working day; (c) suspension of redemptions.
(a) the content of the redemption plan and the periodicity for review, taking into account the size, complexity and nature of the asset-referenced token and the business model of its issuer; and (b) the triggers for implementation of the redemption plan.
(a) is authorised as a credit institution or as an electronic money institution; and (b) has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51.
(a) information about the issuer of the e-money token; (b) information about the e-money token; (c) information about the offer to the public of the e-money token or its admission to trading; (d) information on the rights and obligations attached to the e-money token; (e) information on the underlying technology; (f) information on the risks; (g) information on the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue the e-money token.
(a) the e-money token is not covered by the investor compensation schemes under Directive 97/9/EC; (b) the e-money token is not covered by the deposit guarantee schemes under Directive 2014/49/EU.
(a) it should be read as an introduction to the crypto-asset white paper; (b) the prospective holder should base any decision to purchase the e-money token on the content of the crypto-asset white paper as a whole and not on the summary alone; (c) the offer to the public of the e-money token does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law; (d) the crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 or any other offer document pursuant to Union or national law.
(a) is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-asset white paper; or (b) does not provide, when read together with the other parts of the crypto-asset white paper, key information in order to aid prospective holders when considering whether to purchase such e-money tokens.
(a) the marketing communications are clearly identifiable as such; (b) the information in the marketing communications is fair, clear and not misleading; (c) the information in the marketing communications is consistent with the information in the crypto-asset white paper; (d) the marketing communications clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the issuer of the e-money token, as well as a telephone number and an email address to contact the issuer.
(a) at least 30 % of the funds received is always deposited in separate accounts in credit institutions; (b) the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token.
(a) during the period covered by the first report of information as referred to in paragraph 3 of this Article, following the offer to the public or the seeking admission to trading of those tokens; or (b) during the period covered by at least two consecutive reports of information as referred to in paragraph 3 of this Article.
(a) the requirements referred to in Articles 36, 37, 38 and Article 45, (1) to (4) of this Regulation, instead of Article 7 of Directive 2009/110/EC; (b) the requirements referred to in Article 35(2), (3) and (5) and Article 45(5) of this Regulation, instead of Article 5 of Directive 2009/110/EC.
(a) a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article 63; or (b) a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment fund manager that is allowed to provide crypto-asset services pursuant to Article 60.
(a) providing custody and administration of crypto-assets on behalf of clients is deemed equivalent to the ancillary service referred to in Section B, point (1), of Annex I to Directive 2014/65/EU; (b) the operation of a trading platform for crypto-assets is deemed equivalent to the operation of a multilateral trading facility and operation of an organised trading facility referred to in Section A, points (8) and (9), respectively, of Annex I to Directive 2014/65/EU; (c) the exchange of crypto-assets for funds and other crypto-assets is deemed equivalent to dealing on own account referred to in Section A, point (3), of Annex I to Directive 2014/65/EU; (d) the execution of orders for crypto-assets on behalf of clients is deemed equivalent to the execution of orders on behalf of clients referred to in Section A, point (2), of Annex I to Directive 2014/65/EU; (e) the placing of crypto-assets is deemed equivalent to the underwriting or placing of financial instruments on a firm commitment basis and placing of financial instruments without a firm commitment basis referred to in Section A, points (6) and (7), respectively, of Annex I to Directive 2014/65/EU; (f) the reception and transmission of orders for crypto-assets on behalf of clients is deemed equivalent to the reception and transmission of orders in relation to one or more financial instruments referred to in Section A, point (1), of Annex I to Directive 2014/65/EU; (g) providing advice on crypto-assets is deemed equivalent to investment advice referred to in Section A, point (5), of Annex I to Directive 2014/65/EU; (h) providing portfolio management on crypto-assets is deemed equivalent to portfolio management referred to in Section A, point (4), of Annex I to Directive 2014/65/EU.
(a) the reception and transmission of orders for crypto-assets on behalf of clients is deemed equivalent to the reception and transmission of orders in relation to financial instruments referred in Article 6(4), point (b)(iii), of Directive 2011/61/EU; (b) providing advice on crypto-assets is deemed equivalent to investment advice referred to in Article 6(4), point (b)(i), of Directive 2011/61/EU and in Article 6(3), point (b)(i), of Directive 2009/65/EC; (c) providing portfolio management on crypto-assets is deemed equivalent to the services referred to in Article 6(4), point (a), of Directive 2011/61/EU and in Article 6(3), point (a), of Directive 2009/65/EC.
(a) a programme of operations setting out the types of crypto-asset services that the applicant crypto-asset service provider intends to provide, including where and how those services are to be marketed; (b) a description of: (i) the internal control mechanisms, policies and procedures to ensure compliance with the provisions of national law transposing Directive (EU) 2015/849; (ii) the risk assessment framework for the management of money laundering and terrorist financing risks; and (iii) the business continuity plan;
(c) the technical documentation of the ICT systems and security arrangements, and a description thereof in non-technical language; (d) a description of the procedure for the segregation of clients’ crypto-assets and funds; (e) a description of the custody and administration policy, where it is intended to provide custody and administration of crypto-assets on behalf of clients; (f) a description of the operating rules of the trading platform and of the procedures and system to detect market abuse, where it is intended to operate a trading platform for crypto-assets; (g) a description of the non-discriminatory commercial policy governing the relationship with clients as well as a description of the methodology for determining the price of the crypto-assets they propose to exchange for funds or other crypto-assets, where it is intended to exchange crypto-assets for funds or other crypto-assets; (h) a description of the execution policy, where it is intended to execute orders for crypto-assets on behalf of clients; (i) evidence that the natural persons giving advice on behalf of the applicant crypto-asset service provider or managing portfolios on behalf of the applicant crypto-asset service provider have the necessary knowledge and expertise to fulfil their obligations, where it is intended to provide advice on crypto-assets or provide portfolio management on crypto-assets; (j) whether the crypto-asset service relates to asset-referenced tokens, e-money tokens or other crypto-assets; (k) information on the manner in which such transfer services will be provided, where it is intended to provide transfer services for crypto-assets on behalf of clients.
(a) the name, including the legal name and any other commercial name used, the legal entity identifier of the applicant crypto-asset service provider, the website operated by that provider, a contact email address, a contact telephone number and its physical address; (b) the legal form of the applicant crypto-asset service provider; (c) the articles of association of the applicant crypto-asset service provider, where applicable; (d) a programme of operations, setting out the types of crypto-asset services that the applicant crypto-asset service provider intends to provide, including where and how those services are to be marketed; (e) proof that the applicant crypto-asset service provider meets the requirements for prudential safeguards set out in Article 67; (f) a description of the applicant crypto-asset service provider’s governance arrangements; (g) proof that members of the management body of the applicant crypto-asset service provider are of sufficiently good repute and possess the appropriate knowledge, skills and experience to manage that provider; (h) the identity of any shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider and the amounts of those holdings, as well as proof that those persons are of sufficiently good repute; (i) a description of the applicant crypto-asset service provider’s internal control mechanisms, policies and procedures to identify, assess and manage risks, including money laundering and terrorist financing risks, and business continuity plan; (j) the technical documentation of the ICT systems and security arrangements, and a description thereof in non-technical language; (k) a description of the procedure for the segregation of clients’ crypto-assets and funds; (l) a description of the applicant crypto-asset service provider’s complaints-handling procedures; (m) where the applicant crypto-asset service provider intends to provide custody and administration of crypto-assets on behalf of clients, a description of the custody and administration policy; (n) where the applicant crypto-asset service provider intends to operate a trading platform for crypto-assets, a description of the operating rules of the trading platform and of the procedure and system to detect market abuse; (o) where the applicant crypto-asset service provider intends to exchange crypto-assets for funds or other crypto-assets, a description of the commercial policy, which shall be non-discriminatory, governing the relationship with clients as well as a description of the methodology for determining the price of the crypto-assets that the applicant crypto-asset service provider proposes to exchange for funds or other crypto-assets; (p) where the applicant crypto-asset service provider intends to execute orders for crypto-assets on behalf of clients, a description of the execution policy; (q) where the applicant crypto-asset service provider intends to provide advice on crypto-assets or portfolio management of crypto-assets, proof that the natural persons giving advice on behalf of the applicant crypto-asset service provider or managing portfolios on behalf of the applicant crypto-asset service provider have the necessary knowledge and expertise to fulfil their obligations; (r) where the applicant crypto-asset service provider intends to provide transfer services for crypto-assets on behalf of clients, information on the manner in which such transfer services will be provided; (s) the type of crypto-asset to which the crypto-asset service relates.
(a) for all members of the management body of the applicant crypto-asset service provider, the absence of a criminal record in respect of convictions and the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering, and counter-terrorist financing, to fraud or to professional liability; (b) that the members of the management body of the applicant crypto-asset service provider collectively possess the appropriate knowledge, skills and experience to manage the crypto-asset service provider and that those persons are required to commit sufficient time to perform their duties; (c) for all shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider, the absence of a criminal record in respect of convictions or the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability.
(a) it is its subsidiary; (b) it is a subsidiary of the parent undertaking of that entity; or (c) it is controlled by the same natural or legal persons who control that entity.
(a) may consult the competent authorities for anti-money laundering and counter-terrorist financing, and financial intelligence units, in order to verify that the applicant crypto-asset service provider has not been the subject of an investigation into conduct relating to money laundering or terrorist financing; (b) shall ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive; (c) shall, where appropriate, ensure that the applicant crypto-asset service provider has put in place appropriate procedures to comply with the provisions of national law transposing Article 18a(1) and (3) of Directive (EU) 2015/849.
(a) the management body of the applicant crypto-asset service provider poses a threat to its effective, sound and prudent management and business continuity, and to the adequate consideration of the interest of its clients and the integrity of the market, or exposes the applicant crypto-asset service provider to a serious risk of money laundering or terrorist financing; (b) the members of the management body of the applicant crypto-asset service provider do not meet the criteria set out in Article 68(1); (c) the shareholders or members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider do not meet the criteria of sufficiently good repute set out in Article 68(2); (d) the applicant crypto-asset service provider fails to meet or is likely to fail to meet any of the requirements of this Title.
(a) has not used its authorisation within 12 months of the date of the authorisation; (b) has expressly renounced its authorisation; (c) has not provided crypto-asset services for nine consecutive months; (d) has obtained its authorisation by irregular means, such as by making false statements in its application for authorisation; (e) no longer meets the conditions under which the authorisation was granted and has not taken the remedial action requested by the competent authority within the specified timeframe; (f) fails to have in place effective systems, procedures and arrangements to detect and prevent money laundering and terrorist financing in accordance with Directive (EU) 2015/849; (g) has seriously infringed this Regulation, including the provisions relating to the protection of holders of crypto-assets or of clients of crypto-asset service providers, or market integrity.
(a) the crypto-asset service provider has infringed the provisions of national law transposing Directive (EU) 2015/849; (b) the crypto-asset service provider has lost its authorisation as a payment institution or its authorisation as an electronic money institution, and that crypto-asset service provider has failed to remedy the situation within 40 calendar days.
(a) a subsidiary of a crypto-asset service provider authorised in that other Member State; (b) a subsidiary of the parent undertaking of a crypto-asset service provider authorised in that other Member State; (c) controlled by the same natural or legal persons who control a crypto-asset service provider authorised in that other Member State.
(a) a list of the Member States in which the crypto-asset service provider intends to provide crypto-asset services; (b) the crypto-asset services that the crypto-asset service provider intends to provide on a cross-border basis; (c) the starting date of the intended provision of the crypto-asset services; (d) a list of all other activities provided by the crypto-asset service provider not covered by this Regulation.
(a) the amount of permanent minimum capital requirements indicated in Annex IV, depending on the type of the crypto-asset services provided; (b) one quarter of the fixed overheads of the preceding year, reviewed annually.
(a) staff bonuses and other remuneration, to the extent that those bonuses and that remuneration depend on a net profit of the crypto-asset service providers in the relevant year; (b) employees’, directors’ and partners’ shares in profits; (c) other appropriations of profits and other variable remuneration, to the extent that they are fully discretionary; (d) non-recurring expenses from non-ordinary activities.
(a) own funds, consisting of Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions pursuant to Articles 46 and 48 of that Regulation; (b) an insurance policy covering the territories of the Union where crypto-asset services are provided or a comparable guarantee.
(a) it has an initial term of not less than one year; (b) the notice period for its cancellation is at least 90 days; (c) it is taken out from an undertaking authorised to provide insurance, in accordance with Union or national law; (d) it is provided by a third-party entity.
(a) loss of documents; (b) misrepresentations or misleading statements made; (c) acts, errors or omissions resulting in a breach of: (i) legal and regulatory obligations; (ii) the obligation to act honestly, fairly and professionally towards clients; (iii) obligations of confidentiality;
(d) failure to establish, implement and maintain appropriate procedures to prevent conflicts of interest; (e) losses arising from business disruption or system failures; (f) where applicable to the business model, gross negligence in the safeguarding of clients’ crypto-assets and funds; (g) liability of the crypto-asset service providers towards clients pursuant to Article 75(8).
(a) the measures ensuring continuity and regularity in the performance of the crypto-asset services referred to in paragraph 7; (b) the records to be kept of all crypto-asset services, activities, orders and transactions undertaken referred to in paragraph 9.
(a) the nature and terms and conditions of those services, including references to the applicable national law and to the rights of clients; (b) whether those services are provided by them directly or by a third party.
(a) themselves and: (i) their shareholders or members; (ii) any person directly or indirectly linked to the crypto-asset service providers or their shareholders or members by control; (iii) members of their management body; (iv) their employees; or (v) their clients; or
(b) two or more clients whose mutual interests conflict.
(a) the requirements for the policies and procedures referred to in paragraph 1, taking into account the scale, the nature and the range of crypto-asset services provided; (b) the details and methodology for the content of the disclosure referred to in paragraph 2.
(a) outsourcing does not result in the delegation of the responsibility of the crypto-asset service providers; (b) outsourcing does not alter the relationship between the crypto-asset service providers and their clients, nor the obligations of the crypto-asset service providers towards their clients; (c) outsourcing does not alter the conditions for the authorisation of the crypto-asset service providers; (d) third parties involved in the outsourcing cooperate with the competent authority of the crypto-asset service providers’ home Member State and the outsourcing does not prevent the exercise of the supervisory functions of competent authorities, including on-site access to acquire any relevant information needed to fulfil those functions; (e) crypto-asset service providers retain the expertise and resources necessary for evaluating the quality of the services provided, for supervising the outsourced services effectively and for managing the risks associated with the outsourcing on an ongoing basis; (f) crypto-asset service providers have direct access to the relevant information of the outsourced services; (g) crypto-asset service providers ensure that third parties involved in the outsourcing meet the data protection standards of the Union.
(a) the identity of the parties to the agreement; (b) the nature of the crypto-asset service provided and a description of that service; (c) the custody policy; (d) the means of communication between the crypto-asset service provider and the client, including the client’s authentication system; (e) a description of the security systems used by the crypto-asset service provider; (f) the fees, costs and charges applied by the crypto-asset service provider; (g) the applicable law.
(a) set the approval processes, including customer due diligence requirements commensurate to the money laundering or terrorist financing risk presented by the applicant in accordance with Directive (EU) 2015/849, that are applied before admitting crypto-assets to the trading platform; (b) define exclusion categories, if any, of the types of crypto-assets that are not admitted to trading; (c) set out the policies, procedures and the level of fees, if any, for the admission to trading; (d) set objective, non-discriminatory rules and proportionate criteria for participation in the trading activities, which promote fair and open access to the trading platform for clients willing to trade; (e) set non-discretionary rules and procedures to ensure fair and orderly trading and objective criteria for the efficient execution of orders; (f) set conditions for crypto-assets to remain accessible for trading, including liquidity thresholds and periodic disclosure requirements; (g) set conditions under which trading of crypto-assets can be suspended; (h) set procedures to ensure efficient settlement of both crypto-assets and funds.
(a) are resilient; (b) have sufficient capacity to deal with peak order and message volumes; (c) are able to ensure orderly trading under conditions of severe market stress; (d) are able to reject orders that exceed pre-determined volume and price thresholds or are clearly erroneous; (e) are fully tested to ensure that the conditions under points (a) to (d) are met; (f) are subject to effective business continuity arrangements to ensure the continuity of their services if there is any failure of the trading system; (g) are able to prevent or detect market abuse; (h) are sufficiently robust to prevent their abuse for the purposes of money laundering or terrorist financing.
(a) the manner in which transparency data, including the level of disaggregation of the data to be made available to the public as referred to in paragraphs 1, 9 and 10, is to be presented; (b) the content and format of order book records to be maintained as specified in paragraph 15.
(a) the type of placement under consideration, including whether a minimum amount of purchase is guaranteed or not; (b) an indication of the amount of transaction fees associated with the proposed placing; (c) the likely timing, process and price for the proposed operation; (d) information about the targeted purchasers.
(a) crypto-asset service providers place the crypto-assets with their own clients; (b) the proposed price for placing of crypto-assets has been overestimated or underestimated; (c) incentives, including non-monetary incentives, are paid or granted by the offeror to crypto-asset service providers.
(a) provided on an independent basis; (b) based on a broad or on a more restricted analysis of different crypto-assets, including whether the advice is limited to crypto-assets issued or offered by entities having close links with the crypto-asset service provider or any other legal or economic relationships, such as contractual relationships, that risk impairing the independence of the advice provided.
(a) assess a sufficient range of crypto-assets available on the market which must be sufficiently diverse to ensure that the client’s investment objectives can be suitably met and which must not be limited to crypto-assets issued or provided by: (i) that same crypto-asset service provider; (ii) entities having close links with that same crypto-asset service provider; or (iii) other entities with which that same crypto-asset service provider has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided;
(b) not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.
(a) is designed to enhance the quality of the relevant service to the client; and (b) does not impair compliance with the crypto-asset service provider’s obligation to act honestly, fairly and professionally in accordance with the best interests of its clients.
(a) the value of crypto-assets might fluctuate; (b) the crypto-assets might be subject to full or partial losses; (c) the crypto-assets might not be liquid; (d) where applicable, the crypto-assets are not covered by the investor compensation schemes under Directive 97/9/EC; (e) the crypto-assets are not covered by the deposit guarantee schemes under Directive 2014/49/EU.
(a) include an updated information on the assessment referred to in paragraph 1; and (b) provide an outline of the advice given.
(a) the criteria for the assessment of knowledge and competence in accordance with paragraph 7; (b) the information referred to in paragraph 8; and (c) the format of the periodic statement referred to in paragraph 14.
(a) the identity of the parties to the agreement; (b) a description of the modalities of the transfer service provided; (c) a description of the security systems used by the crypto-asset service provider; (d) fees applied by the crypto-asset service provider; (e) the applicable law.
(a) the reputation of the proposed acquirer; (b) the reputation, knowledge, skills and experience of any person who will direct the business of the crypto-asset service provider as a result of the proposed acquisition; (c) the financial soundness of the proposed acquirer, in particular in relation to the type of business envisaged and pursued in respect of the crypto-asset service provider in which the acquisition is proposed; (d) whether the crypto-asset service provider will be able to comply and continue to comply with the provisions of this Title; (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of, respectively, Article 1(3) and (5) of Directive (EU) 2015/849 is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof.
(a) ongoing or concluded authorisations as referred to in Article 59; (b) ongoing or concluded processes of withdrawal of authorisations as referred to in Article 64; (c) the exercise of supervisory powers set out in Article 94(1), first subparagraph, points (b), (c), (e), (f), (g), (y) and (aa).
(a) information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers, offerors or persons seeking admission to trading, or to one or more crypto-assets, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assets or on the price of a related crypto-asset; (b) for persons charged with the execution of orders for crypto-assets on behalf of clients, it also means information of a precise nature conveyed by a client and relating to the client’s pending orders in crypto-assets, relating, directly or indirectly, to one or more issuers, offerors or persons seeking admission to trading or to one or more crypto-assets, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assets or on the price of a related crypto-asset.
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers, offerors or persons seeking admission to trading; (b) delay of disclosure is not likely to mislead the public; (c) issuers, offerors or persons seeking admission to trading are able to ensure the confidentiality of that information.
(a) appropriate public disclosure of inside information as referred to in paragraph 1; and (b) delaying the public disclosure of inside information as referred to in paragraphs 2 and 3.
(a) to acquire or dispose of those crypto-assets; or (b) to cancel or amend an order concerning those crypto-assets.
(a) being a member of the administrative, management or supervisory bodies of the issuer, the offeror, or the person seeking admission to trading; (b) having a holding in the capital of the issuer, the offeror, or the person seeking admission to trading; (c) having access to the information through the exercise of an employment, profession or duties or in relation to its role in the distributed ledger technology or similar technology; or (d) being involved in criminal activities.
(a) unless carried out for legitimate reasons, entering into a transaction, placing an order to trade or engaging in any other behaviour which: (i) gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a crypto-asset; (ii) secures, or is likely to secure, the price of one or several crypto-assets at an abnormal or artificial level;
(b) entering into a transaction, placing an order to trade or any other activity or behaviour which affects or is likely to affect the price of one or several crypto-assets, while employing a fictitious device or any other form of deception or contrivance; (c) disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of one or several crypto-assets, or secures or is likely to secure, the price of one or several crypto-assets, at an abnormal or artificial level, including the dissemination of rumours, where the person who engaged in the dissemination knew, or ought to have known, that the information was false or misleading.
(a) securing a dominant position over the supply of, or demand for, a crypto-asset, which has, or is likely to have, the effect of fixing, directly or indirectly, purchase or sale prices or creates, or is likely to create, other unfair trading conditions; (b) the placing of orders to a trading platform for crypto-assets, including any cancellation or modification thereof, by any available means of trading, and which has one of the effects referred to in paragraph 2, point (a), by: (i) disrupting or delaying the functioning of the trading platform for crypto-assets or engaging into any activities that are likely to have that effect; (ii) making it more difficult for other persons to identify genuine orders on the trading platform for crypto-assets or engaging into any activities that are likely to have that effect, including by entering orders which result in the destabilisation of the normal functioning of the trading platform for crypto-assets; (iii) creating a false or misleading signal about the supply of, or demand for, or price of, a crypto-asset, in particular by entering orders to initiate or exacerbate a trend, or engaging into any activities that are likely to have that effect;
(c) taking advantage of occasional or regular access to the traditional or electronic media by voicing an opinion about a crypto-asset, while having previously taken positions on that crypto-asset, and profiting subsequently from the impact of the opinions voiced on the price of that crypto-asset, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.
(a) appropriate arrangements, systems and procedures for persons to comply with paragraph 1; (b) the template to be used by persons to comply with paragraph 1; (c) for cross-border market abuse situations, coordination procedures between the relevant competent authorities for the detection and sanctioning of market abuse.
(a) to require any person to provide information and documents which the competent authorities consider could be relevant for the performance of their duties; (b) to suspend, or to require a crypto-asset service provider to suspend, the provision of crypto-asset services for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed; (c) to prohibit the provision of crypto-asset services where they find that this Regulation has been infringed; (d) to disclose, or to require a crypto-asset servicer provider to disclose, all material information which might have an effect on the provision of the crypto-asset services concerned, in order to ensure the protection of the interests of clients, in particular retail holders, or the smooth operation of the market; (e) to make public the fact that a crypto-asset service provider fails to fulfil its obligations; (f) to suspend, or to require a crypto-asset service provider to suspend, the provision of crypto-asset services where the competent authorities consider that the crypto-asset service provider’s situation is such that the provision of the crypto-asset service would be detrimental to the interests of clients, in particular retail holders; (g) to require the transfer of existing contracts to another crypto-asset service provider in cases where a crypto-asset service provider’s authorisation is withdrawn in accordance with Article 64, subject to the agreement of the clients and the crypto-asset service provider to which the contracts are to be transferred; (h) where there is a reason to assume that a person is providing crypto-asset services without authorisation, to order the immediate cessation of the activity without prior warning or imposition of a deadline; (i) to require offerors, persons seeking admission to trading of crypto-assets, or issuers of asset-referenced tokens or e-money tokens to amend their crypto-asset white paper or further amend their modified crypto-asset white paper, where they find that the crypto-asset white paper or the modified crypto-asset white paper does not contain the information required by Article 6, 19 or 51; (j) to require offerors, persons seeking admission to trading of crypto-assets, or issuers of asset-referenced tokens or e-money tokens, to amend their marketing communications, where they find that the marketing communications do not comply with the requirements set out in Article 7, 29 or 53 of this Regulation; (k) to require offerors, persons seeking admission to trading of crypto-assets, or issuers of asset-referenced tokens or e-money tokens, to include additional information in their crypto-asset white papers, where necessary for financial stability or the protection of the interests of the holders of crypto-assets, in particular retail holders; (l) to suspend an offer to the public or an admission to trading of crypto-assets for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed; (m) to prohibit an offer to the public or an admission to trading of crypto-assets where they find that this Regulation has been infringed or where there are reasonable grounds for suspecting that it will be infringed; (n) to suspend, or require a crypto-asset service provider operating a trading platform for crypto-assets to suspend, trading of the crypto-assets for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed; (o) to prohibit trading of crypto-assets on a trading platform for crypto-assets where they find that this Regulation has been infringed or where there are reasonable grounds for suspecting that it will be infringed; (p) to suspend or prohibit marketing communications where there are reasonable grounds for suspecting that this Regulation has been infringed; (q) to require offerors, persons seeking admission to trading of crypto-assets, issuers of asset-referenced tokens or e-money tokens or relevant crypto-asset service providers to cease or suspend marketing communications for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed; (r) to make public the fact that an offeror, a person seeking admission to trading of a crypto-asset or an issuer of an asset-referenced token or e-money token, fails to fulfil its obligations under this Regulation; (s) to disclose, or to require the offeror, the person seeking admission to trading of a crypto-asset or the issuer of the asset-referenced token or e-money token, to disclose all material information which may have an effect on the assessment of the crypto-asset offered to the public or admitted to trading in order to ensure the protection of the interests of holders of crypto-assets, in particular retail holders, or the smooth operation of the market; (t) to suspend, or require the relevant crypto-asset service provider operating the trading platform for crypto-assets to suspend, the crypto-assets from trading where they consider that the situation of the offeror, the person seeking admission to trading of a crypto-asset or the issuer of an asset-referenced token or an e-money token is such that trading would be detrimental to the interests of the holders of crypto-assets, in particular retail holders; (u) where there is a reason to assume that a person is issuing asset-referenced tokens or e-money tokens without authorisation or a person is offering or seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens without a crypto-asset white paper notified in accordance with Article 8, to order the immediate cessation of the activity without prior warning or imposition of a deadline; (v) to take any type of measure to ensure that an offeror or a person seeking admission to trading of crypto-assets, an issuer of an asset-referenced token or an e-money token or a crypto-asset service provider comply with this Regulation including to require the cessation of any practice or conduct that the competent authorities consider contrary to this Regulation; (w) to carry out on-site inspections or investigations at sites other than the private residences of natural persons, and for that purpose to enter premises in order to access documents and other data in any form; (x) to outsource verifications or investigations to auditors or experts; (y) to require the removal of a natural person from the management body of an issuer of an asset-referenced token or of a crypto-asset service provider; (z) to request any person to take steps to reduce the size of its position or exposure to crypto-assets; (aa) where no other effective means are available to bring about the cessation of the infringement of this Regulation and in order to avoid the risk of serious harm to the interests of clients or holders of crypto-assets to take all necessary measures, including by requesting a third party or a public authority to implement such measures, to: (i) remove content or restrict access to an online interface or to order the explicit display of a warning to clients and holders of crypto-assets when they access an online interface; (ii) order a hosting service provider to remove, disable or restrict access to an online interface; or (iii) order domain registries or registrars to delete a fully qualified domain name and allow the competent authority concerned to register it;
(ab) to require an issuer of an asset-referenced token or e-money token, in accordance with Article 23(4), 24(3) or 58(3), to introduce a minimum denomination amount or to limit the amount issued.
(a) to access any document and data in any form, and to receive or take a copy thereof; (b) to require or demand information from any person, including those who are successively involved in the transmission of orders or conduct of the operations concerned, as well as their principals, and if necessary, to summon and question any such person with a view to obtain information; (c) to enter the premises of natural and legal persons in order to seize documents and data in any form where a reasonable suspicion exists that documents or data relating to the subject matter of the inspection or investigation might be relevant to prove a case of insider dealing or market manipulation; (d) to refer matters for criminal prosecution; (e) to require, insofar as permitted by national law, existing data traffic records held by a telecommunications operator, where there is a reasonable suspicion of an infringement and where such records may be relevant to the investigation of an infringement of Articles 88 to 91; (f) to request the freezing or sequestration of assets, or both; (g) to impose a temporary prohibition on the exercise of professional activity; (h) to take all necessary measures to ensure that the public is correctly informed, inter alia, by correcting false or misleading disclosed information, including by requiring an offeror, person seeking admission to trading or issuer or other person who has published or disseminated false or misleading information to publish a corrective statement.
(a) directly; (b) in collaboration with other authorities, including authorities competent for the prevention and fight against money laundering and terrorist financing; (c) under their responsibility, by delegation to the authorities referred to in point (b); (d) by application to the competent courts.
(a) communication of relevant information could adversely affect the security of the Member State addressed, in particular with regard to the fight against terrorism and other serious crimes; (b) where complying with the request is likely to adversely affect its own investigation, enforcement activities or, where applicable, a criminal investigation; (c) where proceedings have already been initiated in respect of the same actions and against the same natural or legal persons before the courts of the Member State addressed; (d) where a final judgment has already been delivered in respect of the same action and against the same natural or legal person in the Member State addressed.
(a) carry out the on-site inspection or investigation itself; (b) allow the competent authority which submitted the request to participate in an on-site inspection or investigation; (c) allow the competent authority which submitted the request to carry out the on-site inspection or investigation itself; (d) share specific tasks related to supervisory activities with the other competent authorities.
(a) the marketing, distribution or sale of certain crypto-assets other than asset-referenced tokens or e-money tokens or crypto-assets other than asset-referenced tokens or e-money tokens with certain specified features; or (b) a type of activity or practice related to crypto-assets other than asset-referenced tokens or e-money tokens.
(a) the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union; (b) the regulatory requirements under Union law that are applicable to the relevant crypto-assets and crypto-asset services do not address the threat at issue; (c) a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat.
(a) have a detrimental effect on the efficiency of markets in crypto-assets or on holders of crypto-assets or clients receiving crypto-asset services that is disproportionate to the benefits of the measure; and (b) create a risk of regulatory arbitrage.
(a) the marketing, distribution or sale of certain asset-referenced tokens or e-money tokens or asset-referenced tokens or e-money tokens with certain specified features; or (b) a type of activity or practice related to asset-referenced tokens or e-money tokens.
(a) the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union; (b) the regulatory requirements under Union law that are applicable to the relevant asset-referenced tokens, e-money tokens or crypto-asset services related to them do not address the threat at issue; (c) a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat.
(a) have a detrimental effect on the efficiency of markets in crypto-assets or on holders of asset-referenced tokens or e-money tokens or clients receiving crypto-asset services that is disproportionate to the benefits of the measure; and (b) create a risk of regulatory arbitrage.
(a) the marketing, distribution or sale of certain crypto-assets or crypto-assets with certain specified features; or (b) a type of activity or practice related to crypto-assets.
(a) a crypto-asset gives rise to significant investor protection concerns or poses a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system within at least one Member State; (b) existing regulatory requirements under Union law applicable to the crypto-asset or crypto-asset service concerned do not sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved supervision or enforcement of existing requirements; (c) the measure is proportionate, taking into account the nature of the risks identified, the level of sophistication of investors or market participants concerned and the likely effect of the measure on investors and market participants who may hold, use or benefit from the crypto-asset or crypto-asset service concerned; (d) the competent authority has properly consulted the competent authorities in other Member States that might be significantly affected by the measure; and (e) the measure does not have a discriminatory effect on services or activities provided from another Member State.
(a) the crypto-asset or activity or practice to which the proposed measure relates; (b) the precise nature of the proposed prohibition or restriction and when it is intended to take effect; and (c) the evidence upon which it has based its decision and upon which it is satisfied that each of the conditions in paragraph 2, first subparagraph, are met.
(a) crypto-asset white papers for crypto-assets other than asset-referenced tokens and e-money tokens; (b) issuers of asset-referenced tokens; (c) issuers of e-money tokens; and (d) crypto-asset service providers.
(a) the name, legal form and legal entity identifier of the issuer; (b) the commercial name, physical address, telephone number, email and website of the issuer; (c) the crypto-asset white papers and any modified crypto-asset white papers, with the out-of-date versions of the crypto-asset white paper kept in a separate archive and clearly marked as out-of-date; (d) the list of host Member States where the applicant issuer intends to offer an asset-referenced token to the public or intends to seek admission to trading of the asset-referenced tokens; (e) the starting date, or, if not available at the time of the notification by the competent authority, the intended starting date, of the offer to the public or the admission to trading; (f) any other services provided by the issuer not covered by this Regulation, with a reference to the applicable Union or national law; (g) the date of authorisation to offer to the public or seek the admission to trading of an asset-referenced token or of authorisation as a credit institution and, where applicable, of withdrawal of either authorisation.
(a) the name, legal form and legal entity identifier of the issuer; (b) the commercial name, physical address, telephone number, email and website of the issuer; (c) the crypto-asset white papers and any modified crypto-asset white papers, with the out-of-date versions of the crypto-asset white paper kept in a separate archive and clearly marked as out-of-date; (d) the starting date, or, if not available at the time of the notification by the competent authority, the intended starting date, of the offer to the public or the admission to trading; (e) any other services provided by the issuer not covered by this Regulation, with a reference to the applicable Union or national law; (f) the date of authorisation as a credit institution or as an electronic money institution and, where applicable, of withdrawal of that authorisation.
(a) the name, legal form and legal entity identifier of the crypto-asset service provider and, where applicable, of the branches of the crypto-asset service provider; (b) the commercial name, physical address, telephone number, email and website of the crypto-asset service provider and, where applicable, of the trading platform for crypto-assets operated by the crypto-asset service provider; (c) the name and address of the competent authority that granted authorisation and its contact details; (d) the list of crypto-asset services provided by the crypto-asset service provider; (e) the list of host Member States in which the crypto-asset service provider intends to provide crypto-asset services; (f) the starting date, or, if not available at the time of the notification by the competent authority, the intended starting date, of the provision of crypto-asset services; (g) any other services provided by the crypto-asset service provider not covered by this Regulation with a reference to the applicable Union or national law; (h) the date of authorisation and, where applicable, of the withdrawal of an authorisation.
(a) be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859 or, where required by Union law, in a machine-readable format, as defined in Article 2, point (4), of that Regulation; (b) be accompanied by the following metadata: (i) all the names of the issuer, offeror or person seeking admission to trading to which the information relates; (ii) for legal persons, the legal entity identifier of the issuer, offeror or person seeking admission to trading, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859; (iii) for legal persons, the size, by category, of the issuer, offeror or person seeking admission to trading, as specified pursuant to Article 7(4), point (d), of that Regulation; (iv) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation; (v) an indication of whether the information contains personal data.
(a) be submitted in a machine-readable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859; (b) be accompanied by the following metadata: (i) all the names of the issuer of asset-referenced tokens, issuer of e-money tokens and crypto-asset service provider to which the information relates; (ii) where available, the legal entity identifier of the issuer of asset-referenced tokens, issuer of e-money tokens and crypto-asset service provider, as specified pursuant to Article 7(4), point (b), of that Regulation; (iii) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation; (iv) an indication of whether the information contains personal data.
(a) any other metadata to accompany the information; (b) the structuring of data in the information; (c) for which information a machine-readable format is required and, in such cases, which machine-readable format is to be used.
(a) infringements of Articles 4 to 14; (b) infringements of Articles 16, 17, 19, 22, 23, 25, Articles 27 to 41, Articles 46 and 47; (c) infringements of Articles 48 to 51, Articles 53, 54 and 55; (d) infringements of Articles 59, 60, 64 and Articles 65 to 83; (e) infringements of Articles 88 to 92; (f) failure to cooperate or to comply with an investigation, with an inspection or with a request as referred to in Article 94(3).
(a) a public statement indicating the natural or legal person responsible and the nature of the infringement; (b) an order requiring the natural or legal person responsible to cease the conduct constituting the infringement and to desist from a repetition of that conduct; (c) maximum administrative fines of at least twice the amount of the profits gained or losses avoided because of the infringement where those can be determined, even if it exceeds the maximum amounts set out in point (d) of this paragraph, as regards natural persons, or in paragraph 3 as regards legal persons; (d) in the case of a natural person, maximum administrative fines of at least EUR 700000 , or, in the Member States whose official currency is not the euro, the corresponding value in the official currency on29 June 2023 .
(a) EUR 5000000 , or, in the Member States whose official currency is not the euro, the corresponding value in the official currency on29 June 2023 , for the infringements referred to in paragraph 1, first subparagraph, points (a) to (d);(b) 3 % of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, point (a); (c) 5 % of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, point (d); (d) 12,5 % of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, points (b) and (c).
(a) a public statement indicating the natural or legal person responsible and the nature of the infringement; (b) an order requiring the natural or legal person responsible to cease the conduct constituting the infringement and to desist from a repetition of that conduct; (c) the disgorgement of the profits gained or losses avoided due to the infringement insofar as they can be determined; (d) withdrawal or suspension of the authorisation of a crypto-asset service provider; (e) a temporary ban of any member of the management body of the crypto-asset service provider, or any other natural person who is held responsible for the infringement, from exercising management functions in crypto-asset service providers; (f) in the event of a repeated infringement of Article 89, 90, 91 or 92, a ban of at least 10 years for any member of the management body of a crypto-asset service provider, or any other natural person who is held responsible for the infringement, from exercising management functions in a crypto-asset service provider; (g) a temporary ban of any member of the management body of a crypto-asset service provider or any other natural person who is held responsible for the infringement, from dealing on own account; (h) maximum administrative fines of at least three times the amount of the profits gained or losses avoided because of the infringement, where those can be determined, even if it exceeds the maximum amounts set out in point (i) or (j), as applicable; (i) in respect of a natural person, maximum administrative fines of at least EUR 1000000 for infringements of Article 88 and EUR5000000 for infringements of Articles 89 to 92 or in the Member States whose official currency is not the euro, the corresponding value in the official currency on29 June 2023 ;(j) in respect of legal persons, maximum administrative fines of at least EUR 2500000 for infringements of Article 88 and EUR15000000 for infringements of Articles 89 to 92, or 2 % for infringements of Article 88 and 15 % for infringements of Articles 89 to 92 of the total annual turnover of the legal person according to the last available accounts approved by the management body, or in the Member States whose official currency is not the euro, the corresponding value in the official currency on29 June 2023 .
(a) the gravity and the duration of the infringement; (b) whether the infringement has been committed intentionally or negligently; (c) the degree of responsibility of the natural or legal person responsible for the infringement; (d) the financial strength of the natural or legal person responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person; (e) the importance of the profits gained or losses avoided by the natural or legal person responsible for the infringement, insofar as those can be determined; (f) the losses for third parties caused by the infringement, insofar as those can be determined; (g) the level of cooperation of the natural or legal person responsible for the infringement with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person; (h) previous infringements of this Regulation by the natural or legal person responsible for the infringement; (i) measures taken by the person responsible for the infringement to prevent its repetition; (j) the impact of the infringement on the interests of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders.
(a) public bodies or their representatives; (b) consumer organisations having a legitimate interest in protecting holders of crypto-assets; (c) professional organisations having a legitimate interest in protecting their members.
(a) defer the publication of the decision to impose an administrative penalty or other administrative measure until the moment where the reasons for non-publication cease to exist; (b) publish the decision to impose an administrative penalty or other administrative measure on an anonymous basis in a manner which is in conformity with national law, where such anonymous publication ensures the effective protection of the personal data concerned; (c) not publish the decision to impose an administrative penalty or other administrative measure in the event that the options provided for in points (a) and (b) are considered insufficient to ensure: (i) that the stability of financial markets is not jeopardised; (ii) the proportionality of the publication of such a decision with regard to measures which are deemed to be of a minor nature.
(a) the prudential supervisory authority, including, where applicable, the ECB under Regulation (EU) No 1024/2013; (b) relevant competent authorities under national law transposing Directive 2009/110/EC, where applicable; (c) the competent authorities referred to in Article 20(1).
(a) EBA; (b) ESMA; (c) the competent authorities of the home Member State where the issuer of the significant asset-referenced token or of the significant e-money token is established; (d) the competent authorities of the most relevant crypto-asset service providers, credit institutions or investment firms ensuring the custody of the reserve assets in accordance with Article 37 or of the funds received in exchange of the significant e-money tokens; (e) where applicable, the competent authorities of the most relevant trading platforms for crypto-assets where the significant asset-referenced tokens or the significant e-money tokens are admitted to trading; (f) the competent authorities of the most relevant payment service providers providing payment services in relation to the significant e-money tokens; (g) where applicable, the competent authorities of the entities ensuring the functions as referred to in Article 34(5), first subparagraph, point (h); (h) where applicable, the competent authorities of the most relevant crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients in relation to the significant asset-referenced tokens or with the significant e-money tokens; (i) the ECB; (j) where the issuer of the significant asset-referenced token is established in a Member State whose official currency is not the euro, or where an official currency that is not the euro is referenced by the significant asset-referenced token, the central bank of that Member State; (k) where the issuer of the significant e-money token is established in a Member State whose official currency is not the euro, or where an official currency that is not the euro is referenced by the significant e-money token, the central bank of that Member State; (l) competent authorities of Member States where the asset-referenced token or the e-money token is used at large scale, at their request; (m) relevant supervisory authorities of third countries with which EBA has concluded administrative agreements in accordance with Article 126.
(a) the preparation of the non-binding opinion referred to in Article 120; (b) the exchange of information in accordance with this Regulation; (c) agreement on the voluntary entrustment of tasks among its members.
(a) voting procedures as referred in Article 120(3); (b) the procedures for setting the agenda of college meetings; (c) the frequency of the college meetings; (d) the appropriate minimum timeframes for the assessment of the relevant documentation by the members of the college; (e) the modalities of communication between the members of the college; (f) the creation of several colleges, one for each specific crypto-asset or group of crypto-assets.
(a) establish written arrangements and procedures for the functioning of the college, after consulting the other members of the college; (b) coordinate all activities of the college; (c) convene and chair all its meetings and keep the members of the college fully informed in advance of the organisation of meetings of the college, of the main issues to be discussed and of the items to be considered; (d) notify the members of the college of any planned meetings so that they can request to participate; (e) keep the members of the college informed, in a timely manner, of the decisions and outcomes of those meetings.
(a) the conditions under which the entities referred to in paragraph 2, points (d), (e), (f) and (h), are to be considered the most relevant; (b) the conditions under which it is considered that asset-referenced tokens or e-money tokens are used at large scale, as referred to in paragraph 2, point (l); and (c) the details of the practical arrangements referred to in paragraph 6.
(a) the supervisory reassessment as referred to in Article 117(3); (b) any decision to require an issuer of a significant asset-referenced token or a significant e-money token to hold a higher amount of own funds in accordance with Article 35(2), (3) and (5), Article 45(5) and Article 58(1), as applicable; (c) any update of the recovery plan or redemption plan of an issuer of a significant asset-referenced token or an issuer of a significant e-money token pursuant to Articles 46, 47 and 55, as applicable; (d) any change of the business model of an issuer of a significant asset-referenced token pursuant to Article 25(1); (e) a draft modified crypto-asset white paper drawn up in accordance with Article 25(2); (f) any envisaged appropriate corrective measures pursuant to Article 25(4); (g) any envisaged supervisory measures pursuant to Article 130; (h) any envisaged administrative agreement on the exchange of information with a supervisory authority of a third-country in accordance with Article 126; (i) any delegation of supervisory tasks from EBA to a competent authority pursuant to Article 138; (j) any envisaged change in the authorisation of, or any envisaged supervisory measure on, the members of the college referred to in Article 119(2), points (d) to (h); (k) a draft modified crypto-asset white paper drawn up in accordance with Article 51(12).
(a) an issuer of a significant asset-referenced token or a person controlling or being directly or indirectly controlled by an issuer of a significant asset-referenced token; (b) a third party as referred to in Article 34(5), first subparagraph, point (h), with which an issuer of a significant asset-referenced token has a contractual arrangement; (c) a crypto-asset service provider, credit institution or investment firm ensuring the custody of the reserve assets in accordance with Article 37; (d) an issuer of a significant e-money token or a person controlling or being directly or indirectly controlled by an issuer of a significant e-money token; (e) a payment service provider that provides payment services in relation to significant e-money tokens; (f) a natural or legal person in charge of distributing significant e-money tokens on behalf of an issuer of significant e-money tokens; (g) a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients in relation to significant asset-referenced tokens or significant e-money tokens; (h) an operator of a trading platform for crypto-assets that has admitted to trading a significant asset-referenced token or a significant e-money token; (i) the management body of the persons referred to in points (a) to (h).
(a) refer to this Article as the legal basis of that request; (b) state the purpose of the request; (c) specify the information required; (d) include a time limit within which the information is to be provided; (e) inform the person from whom the information is requested that it is not obliged to provide the information but that, in the case of a voluntary reply to the request, the information provided is required to be correct and not misleading; and (f) indicate the fine provided for in Article 131, where the answers to questions asked are incorrect or misleading.
(a) refer to this Article as the legal basis of that request; (b) state the purpose of the request; (c) specify the information required; (d) set a time limit within which the information is to be provided; (e) indicate the periodic penalty payments provided for in Article 132 where the production of information is required; (f) indicate the fine provided for in Article 131, where the answers to questions asked are incorrect or misleading; (g) indicate the right to appeal the decision before EBA’s Board of Appeal and to have the decision reviewed by the Court of Justice in accordance with Articles 60 and 61 of Regulation (EU) No 1093/2010.
(a) examine any records, data, procedures and any other material relevant to the execution of its tasks irrespective of the medium on which they are stored; (b) take or obtain certified copies of or extracts from such records, data, procedures and other material; (c) summon and ask any issuer of a significant asset-referenced token or issuer of a significant of e-money token, or their management body or staff, for oral or written explanations of facts or documents relating to the subject matter and purpose of the investigation and to record the answers; (d) interview any other natural or legal person who consents to be interviewed for the purposes of collecting information relating to the subject matter of an investigation; (e) request records of telephone and data traffic.
(a) the decision of EBA referred to in paragraph 3 is authentic; (b) any measures to be taken are proportionate and not arbitrary or excessive.
(a) the decision adopted by EBA referred to in paragraph 4 is authentic; (b) any measures to be taken are proportionate and not arbitrary or excessive.
(a) an issuer of a significant asset-referenced token or a person controlling or being directly or indirectly controlled by an issuer of a significant asset-referenced token; (b) a third party as referred to in Article 34(5), first subparagraph, point (h), with which an issuer of a significant asset-referenced token has a contractual arrangement; (c) a crypto-asset service provider, credit institution or investment firm ensuring the custody of the reserve assets in accordance with Article 37; (d) an issuer of a significant e-money token or a person controlling or being directly or indirectly controlled by an issuer of a significant e-money token; (e) a payment service provider that provides payment services in relation to significant e-money tokens; (f) a natural or legal person in charge of distributing significant e-money tokens on behalf of the issuer of significant e-money tokens; (g) a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, in relation to significant asset-referenced tokens or significant e-money tokens; (h) a trading platform for crypto-assets on which a significant asset-referenced token or a significant e-money token has been admitted to trading; (i) the management body of the persons referred to in points (a) to (h).
(a) complying with the request is likely to adversely affect its own investigation, enforcement activities or, where applicable, criminal investigation; (b) judicial proceedings have already been initiated in respect of the same actions and against the same natural or legal persons before the courts of the Member State addressed; (c) a final judgment has already been delivered in relation to such natural or legal person for the same actions in the Member State addressed.
(a) adopt a decision requiring the issuer of the significant asset-referenced token to cease the conduct constituting the infringement; (b) adopt a decision imposing fines or periodic penalty payments pursuant to Articles 131 and 132; (c) adopt a decision requiring the issuer of the significant asset-referenced token to transmit supplementary information, where necessary for the protection of holders of the asset-referenced token, in particular retail holders; (d) adopt a decision requiring the issuer of the significant asset-referenced token to suspend an offer to the public of crypto-assets for a maximum period of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed; (e) adopt a decision prohibiting an offer to the public of the significant asset-referenced token where it finds that this Regulation has been infringed or where it has reasonable grounds for suspecting that it will be infringed; (f) adopt a decision requiring the crypto-asset service provider operating a trading platform for crypto-assets that has admitted to trading the significant asset-referenced token to suspend trading of such crypto-asset for a maximum of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed; (g) adopt a decision prohibiting trading of the significant asset-referenced token on a trading platform for crypto-assets where it finds that this Regulation has been infringed; (h) adopt a decision requiring the issuer of the significant asset-referenced token to amend its marketing communications, where it finds that the marketing communications do not comply with Article 29; (i) adopt a decision to suspend or prohibit marketing communications where there are reasonable grounds for suspecting that this Regulation has been infringed; (j) adopt a decision requiring the issuer of the significant asset-referenced token to disclose all material information which might have an effect on the assessment of the significant asset-referenced token offered to the public or admitted to trading in order to ensure consumer protection or the smooth operation of the market; (k) issue warnings that the issuer of the significant asset-referenced token fails to fulfil its obligations under this Regulation; (l) withdraw the authorisation of the issuer of the significant asset-referenced token; (m) adopt a decision requiring the removal of a natural person from the management body of the issuer of the significant asset-referenced token; (n) require the issuer of the significant asset-referenced token under its supervision to introduce a minimum denomination amount in respect of that significant asset-referenced token or to limit the amount of the significant asset-referenced token issued, in accordance with Article 23(4) and Article 24(3).
(a) adopt a decision requiring the issuer of the significant e-money token to cease the conduct constituting the infringement; (b) adopt a decision imposing fines or periodic penalty payments pursuant to Articles 131 and 132; (c) adopt a decision requiring the issuer of the significant e-money token to transmit supplementary information where necessary for the protection of holders of the significant e-money token, in particular retail holders; (d) adopt a decision requiring the issuer of the significant e-money token to suspend an offer to the public of crypto-assets for a maximum period of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed; (e) adopt a decision prohibiting an offer to the public of the significant e-money token where it finds that this Regulation has been infringed or where it has reasonable grounds for suspecting that it will be infringed; (f) adopt a decision requiring the relevant crypto-asset service provider operating a trading platform for crypto-assets that has admitted to trading significant e-money tokens to suspend trading of such crypto-assets for a maximum of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed; (g) adopt a decision prohibiting trading of significant e-money tokens on a trading platform for crypto-assets where it finds that this Regulation has been infringed; (h) adopt a decision requiring the issuer of the significant e-money token to disclose all material information which might have an effect on the assessment of the significant e-money token offered to the public or admitted to trading in order to ensure consumer protection or the smooth operation of the market; (i) issue warnings that the issuer of the significant e-money token fails to fulfil its obligations under this Regulation; (j) require the issuer of the significant e-money token under its supervision to introduce a minimum denomination amount in respect of that significant e-money token or to limit the amount of the significant e-money token issued, as a result of the application of Article 58(3).
(a) the duration and frequency of the infringement; (b) whether financial crime has been occasioned, facilitated or is otherwise attributable to the infringement; (c) whether the infringement has revealed serious or systemic weaknesses in the procedures, policies and risk management measures of the issuer of the significant asset-referenced token or the issuer of the significant e-money tokens; (d) whether the infringement has been committed intentionally or negligently; (e) the degree of responsibility of the issuer of the significant asset-referenced token or the issuer of the significant e-money token responsible for the infringement; (f) the financial strength of the issuer of the significant asset-referenced token, or of the issuer of the significant e-money token, responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person; (g) the impact of the infringement on the interests of holders of significant asset-referenced tokens or significant e-money tokens; (h) the importance of the profits gained, losses avoided by the issuer of the significant asset-referenced token or significant e-money token responsible for the infringement or the losses for third parties caused by the infringement, insofar as they can be determined; (i) the level of cooperation of the issuer of the significant asset-referenced token or of the issuer of the significant e-money token responsible for the infringement with EBA, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person; (j) previous infringements by the issuer of the significant asset-referenced token or by the issuer of the e-money token responsible for the infringement; (k) measures taken by the issuer of the significant asset-referenced token or by the issuer of the significant e-money token after the infringement to prevent the repetition of such an infringement.
(a) a statement affirming the right of the person responsible for the infringement to appeal the decision before the Court of Justice; (b) where relevant, a statement affirming that an appeal has been lodged and specifying that such an appeal does not have suspensive effect; (c) a statement asserting that it is possible for EBA’s Board of Appeal to suspend the application of the contested decision in accordance with Article 60(3) of Regulation (EU) No 1093/2010.
(a) an issuer of a significant asset-referenced token or a member of its management body has, intentionally or negligently, committed an infringement as listed in Annex V; (b) an issuer of a significant e-money token or a member of its management body has, intentionally or negligently, committed an infringement as listed in Annex VI.
(a) the duration and frequency of the infringement; (b) whether financial crime has been occasioned, facilitated or is otherwise attributable to the infringement; (c) whether the infringement has revealed serious or systemic weaknesses in the issuer of the significant asset-referenced token’s or in the issuer of the significant e-money token’s procedures, policies and risk management measures; (d) whether the infringement has been committed intentionally or negligently; (e) the degree of responsibility of the issuer of the significant asset-referenced token or the issuer of the significant e-money token responsible for the infringement; (f) the financial strength of the issuer of the significant asset-referenced token, or of the issuer of the significant e-money token, responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person; (g) the impact of the infringement on the interests of holders of significant asset-referenced tokens or significant e-money tokens; (h) the importance of the profits gained, losses avoided by the issuer of the significant asset-referenced token or the significant e-money token responsible for the infringement or the losses for third parties caused by the infringement, insofar as they can be determined; (i) the level of cooperation of the issuer of the significant asset-referenced token or of the issuer of the significant e-money token responsible for the infringement with EBA, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person; (j) previous infringements by the issuer of the significant asset-referenced token or by the issuer of the significant e-money token responsible for the infringement; (k) measures taken by the issuer of the significant asset-referenced token or by the issuer of the significant e-money token after the infringement to prevent the repetition of such an infringement.
(a) a person to cease the conduct constituting an infringement in accordance with a decision taken pursuant to Article 130; (b) a person referred to in Article 122(1): (i) to provide complete information which has been requested by a decision pursuant to Article 122; (ii) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision pursuant to Article 123; (iii) to submit to an on-site inspection ordered by a decision taken pursuant to Article 124.
(a) the scope of the task to be delegated; (b) the timetable for the performance of the task; and (c) the transmission of necessary information by and to EBA.
(a) the number of issuances of crypto-assets in the Union, the number of crypto-asset white papers submitted or notified to the competent authorities, the type of crypto-assets issued and their market capitalisation and the number of crypto-assets admitted to trading; (b) a description of the experience with the classification of crypto-assets including possible divergences in approaches by competent authorities; (c) an assessment of the necessity of the introduction of an approval mechanism for crypto-asset white papers for crypto-assets other than asset-referenced tokens and e-money tokens; (d) an estimate of the number of Union residents using or investing in crypto-assets issued in the Union; (e) where possible, an estimate of the number of Union residents using or investing in crypto-assets issued outside the Union and an explanation of the availability of data in that respect; (f) the number and value of fraud, scams, hacks, the use of crypto-assets for payments related to ransomware attacks, cyber-attacks, thefts or losses of crypto-assets reported in the Union, types of fraudulent behaviour, the number of complaints received by crypto-asset service providers and issuers of asset-referenced tokens, the number of complaints received by competent authorities and the subjects of the complaints received; (g) the number of issuers of asset-referenced tokens and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of payments made in asset-referenced tokens; (h) the number of issuers of significant asset-referenced tokens and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of payments made in significant asset-referenced tokens; (i) the number of issuers of e-money tokens and an analysis of the official currencies referenced by the e-money tokens, the composition and the size of the funds deposited or invested in accordance with Article 54 and the volume of payments made in e-money tokens; (j) the number of issuers of significant e-money tokens and an analysis of the official currencies referenced by the significant e-money tokens and, for electronic money institutions issuing significant e-money tokens, an analysis of the categories of reserve assets, the size of the reserves of assets, and the volume of payments made in significant e-money tokens; (k) the number of significant crypto-asset service providers; (l) an assessment of the functioning of the markets in crypto-assets in the Union, including of market development and trends, taking into account the experience of the supervisory authorities, the number of authorised crypto-asset service providers and their respective average market share; (m) an assessment of the level of protection of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders; (n) an assessment of fraudulent marketing communications and scams involving crypto-assets occurring through social media networks; (o) an assessment of the requirements applicable to issuers of crypto-assets and crypto-asset service providers and their impact on operational resilience, market integrity, financial stability, and the protection of clients and holders of crypto-assets; (p) an evaluation of the application of Article 81 and of the possibility of introducing appropriateness tests in Articles 78, 79 and 80 in order to better protect clients of crypto-asset service providers, especially retail holders; (q) an assessment of whether the scope of crypto-asset services covered by this Regulation is appropriate and whether any adjustment to the definitions set out in this Regulation is needed, as well as whether any additional innovative crypto-asset forms need to be included in the scope of this Regulation; (r) an assessment of whether the prudential requirements for crypto-asset service providers are appropriate and whether they should be aligned with the requirements for initial capital and own funds applicable to investment firms under Regulation (EU) 2019/2033 of the European Parliament and of the Council Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1 ).Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64 ).(s) an assessment of the appropriateness of the thresholds to classify asset-referenced tokens and e-money tokens as significant as set out in Article 43(1), points (a), (b) and (c), and an assessment of whether the thresholds should be evaluated periodically; (t) an assessment of the development of decentralised finance in markets in crypto-assets and of the appropriate regulatory treatment of decentralised crypto-asset systems; (u) an assessment of the appropriateness of the thresholds to consider crypto-asset service providers as significant pursuant to Article 85, and an assessment of whether the thresholds should be evaluated periodically; (v) an assessment of whether an equivalence regime should be established under this Regulation for entities providing crypto-asset services, issuers of asset-referenced tokens or issuers of e-money tokens from third countries; (w) an assessment of whether the exemptions under Articles 4 and 16 are appropriate; (x) an assessment of the impact of this Regulation on the proper functioning of the internal market with regard to crypto-assets, including any impact on the access to finance for SMEs and on the development of new means of payment, including payment instruments; (y) a description of developments in business models and technologies in markets in crypto-assets with a particular focus on the environmental and climate-related impact of new technologies, as well as an assessment of policy options and where necessary any additional measures that might be warranted to mitigate the adverse impacts on the climate and other environment-related adverse impacts of the technologies used in markets in crypto-assets and, in particular, of the consensus mechanisms used to validate crypto-asset transactions; (z) an appraisal of whether any changes are needed to the measures set out in this Regulation to ensure the protection of clients and holders of crypto-assets, market integrity and financial stability; (aa) the application of administrative penalties and other administrative measures; (ab) an evaluation of the cooperation between the competent authorities, EBA, ESMA, central banks, as well as other relevant authorities, including with regards to the interaction between their responsibilities or tasks, and an assessment of the advantages and disadvantages of the competent authorities of the Member States and EBA, respectively, being responsible for supervision under this Regulation; (ac) an evaluation of the cooperation between the competent authorities and ESMA regarding the supervision of significant crypto-asset service providers, and an assessment of the advantages and disadvantages of the competent authorities of the Member States and ESMA, respectively, being responsible for the supervision of significant crypto-asset service providers under this Regulation; (ad) the costs for issuers of crypto-assets other than asset-referenced tokens and e-money tokens, to comply with this Regulation as a percentage of the amount raised through crypto-asset issuances; (ae) the costs for issuers of asset-referenced tokens and issuers of e-money tokens to comply with this Regulation as a percentage of their operational costs; (af) the costs for crypto-asset service providers to comply with this Regulation as a percentage of their operational costs; (ag) the number and amount of administrative fines and criminal penalties imposed for infringements of this Regulation by competent authorities and EBA.
(a) the number of issuances of crypto-assets in the Union, the number of crypto-asset white papers submitted or notified to the competent authorities, the type of crypto-asset issued and their market capitalisation, and the number of crypto-assets admitted to trading; (b) the number of issuers of asset-referenced tokens, and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of transactions in asset-referenced tokens; (c) the number of issuers of significant asset-referenced tokens, and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of transactions in significant asset-referenced tokens; (d) the number of issuers of e-money tokens, and an analysis of the official currencies referenced by the e-money tokens, the composition and the size of the funds deposited or invested in accordance with Article 54, and the volume of payments made in e-money tokens; (e) the number of issuers of significant e-money tokens, and an analysis of the official currencies referenced by the significant e-money tokens, and, for electronic money institutions issuing significant e-money tokens, an analysis of the categories of reserve assets, the size of the reserves of assets, and the volume of payments made in significant e-money tokens; (f) the number of crypto-asset service providers, and the number of significant crypto-asset service providers; (g) an estimate of the number of Union residents using or investing in crypto-assets issued in the Union; (h) where possible, an estimate of the number of Union residents using or investing in crypto-assets issued outside the Union and an explanation of the availability of data in that respect; (i) a mapping of the geographical location and level of know-your-customer and customer due diligence procedures of unauthorised exchanges providing services in crypto-assets to Union residents, including the number of exchanges without a clear domiciliation and the number of exchanges located in jurisdictions included in the list of high-risk third countries for the purposes of Union rules on anti-money laundering and counter-terrorist financing or in the list of non-cooperative jurisdictions for tax purposes, classified by the level of compliance with adequate know-your-customer procedures; (j) the proportion of transactions in crypto-assets that occur through a crypto-asset service provider or unauthorised service provider or peer-to-peer, and their transaction volume; (k) the number and value of fraud, scams, hacks, the use of crypto-assets for payments related to ransomware attacks, cyber-attacks, thefts or losses of crypto-assets reported in the Union, types of fraudulent behaviour, the number of complaints received by crypto-asset service providers and issuers of asset-referenced tokens, the number of complaints received by competent authorities and the subjects of the complaints received; (l) the number of complaints received by crypto-asset service providers, issuers and competent authorities in relation to false and misleading information contained in crypto-asset white papers or in marketing communications, including via social media platforms; (m) possible approaches and options, based on best practices and reports by relevant international organisations, to reduce the risk of circumvention of this Regulation, including in relation to the provision of crypto-asset services by third-country actors in the Union without authorisation.
(a) an assessment of the development of decentralised-finance in markets in crypto-assets and of the appropriate regulatory treatment of decentralised crypto-asset systems without an issuer or crypto-asset service provider, including an assessment of the necessity and feasibility of regulating decentralised finance; (b) an assessment of the necessity and feasibility of regulating lending and borrowing of crypto-assets; (c) an assessment of the treatment of services associated to the transfer of e-money tokens, where not addressed in the context of the review of Directive (EU) 2015/2366; (d) an assessment of the development of markets in unique and non-fungible crypto-assets and of the appropriate regulatory treatment of such crypto-assets, including an assessment of the necessity and feasibility of regulating offerors of unique and non-fungible crypto-assets as well as providers of services related to such crypto-assets.
(a) Articles 7 and 9 shall apply to marketing communications published after 30 December 2024 ;(b) operators of trading platforms shall ensure by 31 December 2027 that a crypto-asset white paper, in the cases required by this Regulation, is drawn up, notified and published in accordance with Articles 6, 8 and 9 and updated in accordance with Article 12.
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"15. Issuing electronic money including electronic-money tokens as defined in Article 3(1), point (7), of Regulation (EU) 2023/1114 of the European Parliament and of the Council Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40 ).".16. Issuance of asset-referenced tokens as defined in Article 3(1), point (6), of Regulation (EU) 2023/1114. 17. Crypto-asset services as defined in Article 3(1), point (16), of Regulation (EU) 2023/1114.
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"(xxii) Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40 ).".
1. Name; 2. Legal form; 3. Registered address and head office, where different; 4. Date of the registration; 5. Legal entity identifier or another identifier required pursuant to applicable national law; 6. A contact telephone number and an email address of the offeror or the person seeking admission to trading, and the period of days within which an investor contacting the offeror or the person seeking admission to trading via that telephone number or email address will receive an answer; 7. Where applicable, the name of the parent company; 8. Identity, business addresses and functions of persons that are members of the management body of the offeror or person seeking admission to trading; 9. Business or professional activity of the offeror or person seeking admission to trading and, where applicable, of its parent company; 10. The financial condition of the offeror or person seeking admission to trading over the past three years or where the offeror or person seeking admission to trading has not been established for the past three years, its financial condition since the date of its registration. The financial condition shall be assessed based on a fair review of the development and performance of the business of the offeror or person seeking admission to trading and of its position for each year and interim period for which historical financial information is required, including the causes of material changes. The review shall be a balanced and comprehensive analysis of the development and performance of the business of the offeror or person seeking admission to trading and of its position, consistent with the size and complexity of the business.
1. Name; 2. Legal form; 3. Registered address and head office, where different; 4. Date of the registration; 5. Legal entity identifier or another identifier required pursuant to applicable national law; 6. Where applicable, the name of the parent company; 7. Identity, business addresses and functions of persons that are members of the management body of the issuer; 8. Business or professional activity of the issuer and, where applicable, of its parent company.
1. Name; 2. Legal form; 3. Registered address and head office, where different; 4. Date of the registration; 5. Legal entity identifier or another identifier required pursuant to applicable national law; 6. Where applicable, the name of the parent company; 7. The reason why that operator drew up the crypto-asset white paper; 8. Identity, business addresses and functions of persons that are members of the management body of the operator; 9. Business or professional activity of the operator and, where applicable, of its parent company.
1. Name of the crypto-asset project and of the crypto-assets, if different from the name of the offeror or person seeking admission to trading, and abbreviation or ticker handler; 2. A brief description of the crypto-asset project; 3. Details of all natural or legal persons (including business addresses or domicile of the company) involved in the implementation of the crypto-asset project, such as advisors, development team and crypto-asset service providers; 4. Where the crypto-asset project concerns utility tokens, key features of the goods or services to be developed; 5. Information about the crypto-asset project, especially past and future milestones of the project and, where applicable, resources already allocated to the project; 6. Where applicable, planned use of any funds or other crypto-assets collected.
1. Indication as to whether the crypto-asset white paper concerns an offer to the public of crypto-assets or their admission to trading; 2. The reasons for the offer to the public or for seeking admission to trading; 3. Where applicable, the amount that the offer to the public intends to raise in funds or in any other crypto-asset, including, where applicable, any minimum and maximum target subscription goals set for the offer to the public of crypto-assets, and whether oversubscriptions are accepted and how they are allocated; 4. The issue price of the crypto-asset being offered to the public (in an official currency or any other crypto-assets), any applicable subscription fee or the method in accordance with which the offer price will be determined; 5. Where applicable, the total number of crypto-assets to be offered to the public or admitted to trading; 6. Indication of the prospective holders targeted by the offer to the public of crypto-assets or admission of such crypto-assets to trading, including any restriction as regards the type of holders for such crypto-assets; 7. Specific notice that purchasers participating in the offer to the public of crypto-assets will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, if they exercise the right to withdrawal foreseen in Article 13 or if the offer is cancelled and detailed description of the refund mechanism, including the expected timeline of when such refunds will be completed; 8. Information about the various phases of the offer to the public of crypto-assets, including information on discounted purchase price for early purchasers of crypto-assets (pre-public sales); in the case of discounted purchase prices for some purchasers, an explanation why purchase prices may be different, and a description of the impact on the other investors; 9. For time-limited offers, the subscription period during which the offer to the public is open; 10. The arrangements to safeguard funds or other crypto-assets as referred to in Article 10 during the time-limited offer to the public or during the withdrawal period; 11. Methods of payment to purchase the crypto-assets offered and methods of transfer of the value to the purchasers when they are entitled to be reimbursed; 12. In the case of offers to the public, information on the right of withdrawal as referred to in Article 13; 13. Information on the manner and time schedule of transferring the purchased crypto-assets to the holders; 14. Information about technical requirements that the purchaser is required to fulfil to hold the crypto-assets; 15. Where applicable, the name of the crypto-asset service provider in charge of the placing of crypto-assets and the form of such placement (with or without a firm commitment basis); 16. Where applicable, the name of the trading platform for crypto-assets where admission to trading is sought, and information about how investors can access such trading platforms and the costs involved; 17. Expenses related to the offer to the public of crypto-assets; 18. Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading; 19. The law applicable to the offer to the public of crypto-assets, as well as the competent court.
1. The type of crypto-asset that will be offered to the public or for which admission to trading is sought; 2. A description of the characteristics, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article, and functionality of the crypto-assets being offered or admitted to trading, including information about when the functionalities are planned to apply.
1. A description of the rights and obligations, if any, of the purchaser, and the procedure and conditions for the exercise of those rights; 2. A description of the conditions under which the rights and obligations may be modified; 3. Where applicable, information on the future offers to the public of crypto-assets by the issuer and the number of crypto-assets retained by the issuer itself; 4. Where the offer to the public of crypto-assets or their admission to trading concerns utility tokens, information about the quality and quantity of goods or services to which the utility tokens give access; 5. Where the offers to the public of crypto-assets or their admission to trading concerns utility tokens, information on how utility tokens can be redeemed for goods or services to which they relate; 6. Where an admission to trading is not sought, information on how and where the crypto-assets can be purchased or sold after the offer to the public; 7. Restrictions on the transferability of the crypto-assets that are being offered or admitted to trading; 8. Where the crypto-assets have protocols for the increase or decrease of their supply in response to changes in demand, a description of the functioning of such protocols; 9. Where applicable, a description of protection schemes protecting the value of the crypto-assets and of compensation schemes; 10. The law applicable to the crypto-assets, as well as the competent court.
1. Information on the technology used, including distributed ledger technology, protocols and technical standards used; 2. The consensus mechanism, where applicable; 3. Incentive mechanisms to secure transactions and any fees applicable; 4. Where the crypto-assets are issued, transferred and stored using distributed ledger technology that is operated by the issuer, the offeror or a third-party acting on their behalf, a detailed description of the functioning of such distributed ledger technology; 5. Information on the audit outcome of the technology used, if such an audit was conducted.
1. A description of the risks associated with the offer to the public of crypto-assets or their admission to trading; 2. A description of the risks associated with the issuer, if different from the offeror, or person seeking admission to trading; 3. A description of the risks associated with the crypto-assets; 4. A description of the risks associated with project implementation; 5. A description of the risks associated with the technology used as well as mitigation measures, if any.
1. Name; 2. Legal form; 3. Registered address and head office, where different; 4. Date of the registration; 5. Legal entity identifier or another identifier required pursuant to applicable national law; 6. Where applicable, the identity of the parent company; 7. Identity, business addresses and functions of persons that are members of the management body of the issuer; 8. Business or professional activity of the issuer and, where applicable, of its parent company; 9. The financial condition of the issuer over the past three years or, where the issuer has not been established for the past three years, its financial condition since the date of its registration. The financial condition shall be assessed based on a fair review of the development and performance of the business of the issuer and of its position for each year and interim period for which historical financial information is required, including the causes of material changes. The review shall be a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business. 10. A detailed description of the issuer’s governance arrangements; 11. Except for issuers of asset-referenced tokens that are exempted from authorisation in accordance with Article 17, details about the authorisation as an issuer of an asset-referenced token and name of the competent authority which granted such authorisation. For credit institutions, the name of the competent authority of the home Member State. 12. Where the issuer of the asset-referenced token also issues other crypto-assets, or also has activities related to other crypto-assets, that should be clearly stated; the issuer should also state whether there is any connection between the issuer and the entity running the distributed ledger technology used to issue the crypto-asset, including if the protocols are run or controlled by a person closely connected to the project participants.
1. Name and abbreviation or ticker handler of the asset-referenced token; 2. A description of the characteristics of the asset-referenced token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article; 3. Details of all natural or legal persons (including business addresses or domicile of the company) involved in the operationalisation of the asset-referenced token, such as advisors, development team and crypto-asset service providers; 4. A description of the role, responsibilities and accountability of any third-party entities referred to in Article 34(5), first subparagraph, point (h); 5. Information about the plans for the asset-referenced tokens, including the description of the past and future milestones and, where applicable, resources already allocated.
1. Indication as to whether the crypto-asset white paper concerns an offer to the public of the asset-referenced token or its admission to trading; 2. Where applicable, the amount that the offer to the public of the asset-referenced token intends to raise in funds or in any other crypto-asset, including, where applicable, any minimum and maximum target subscription goals set for the offer to the public of the asset-referenced token, and whether oversubscriptions are accepted and how they are allocated; 3. Where applicable, the total number of units of the asset-referenced token to be offered or admitted to trading; 4. Indication of the prospective holders targeted by the offer to the public of the asset-referenced token or admission of such asset-referenced token to trading, including any restriction as regards the type of holders for such asset-referenced token; 5. A specific notice that purchasers participating in the offer to the public of the asset-referenced token will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, including the expected timeline of when such refunds will be completed; the consequences of exceeding a maximum target subscription goal should be made explicit; 6. Information about the various phases of the offer to the public of the asset-referenced token, including information on discounted purchase price for early purchasers of the asset-referenced token (pre-public sales) and, in the case of discounted purchase price for some purchasers, an explanation as to why the purchase prices may be different, and a description of the impact on the other investors; 7. For time-limited offers, the subscription period during which the offer to the public is open; 8. Methods of payment to purchase and to redeem the asset-referenced token offered; 9. Information on the method and time schedule of transferring the purchased asset-referenced token to the holders; 10. Information about technical requirements that the purchaser is required to fulfil to hold the asset-referenced token; 11. Where applicable, the name of the crypto-asset service provider in charge of the placing of asset-referenced tokens and the form of such placement (with or without a firm commitment basis); 12. Where applicable, the name of the trading platform for crypto-assets where admission to trading is sought, and information about how investors can access such trading platforms and the costs involved; 13. Expenses related to the offer to the public of the asset-referenced token; 14. Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading; 15. The law applicable to the offer to the public of the asset-referenced token, as well as the competent court.
1. A description of the characteristics and functionality of the asset-referenced token being offered or admitted to trading, including information about when the functionalities are planned to apply; 2. A description of the rights and obligations, if any, of the purchaser, and the procedure and conditions for the exercise of those rights; 3. A description of the conditions under which the rights and obligations may be modified; 4. Where applicable, information on the future offers to the public of the asset-referenced token by the issuer and the number of units of the asset-referenced token retained by the issuer itself; 5. Where an admission to trading is not sought, information on how and where the asset-referenced token can be purchased or sold after the offer to the public; 6. Any restrictions on the transferability of the asset-referenced token that is being offered or admitted to trading; 7. Where the asset-referenced token has protocols for the increase or decrease of its supply in response to changes in demand, a description of the functioning of such protocols; 8. Where applicable, a description of protection schemes protecting the value of the asset-referenced token and compensation schemes; 9. Information on the nature and enforceability of rights, including permanent rights of redemption and any claims that holders and any legal or natural person as referred to in Article 39(2), may have against the issuer, including information on how such rights will be treated in the case of insolvency procedures, information on whether different rights are allocated to different holders and the non-discriminatory reasons for such different treatment; 10. A detailed description of the claim that the asset-referenced token represents for holders, including: (a) the description of each referenced asset and specified proportions of each of those assets; (b) the relation between the value of the referenced assets and the amount of the claim and the reserve of assets; and (c) a description how a fair and transparent valuation of components of the claim is undertaken, which identifies, where relevant, independent parties;
11. Where applicable, information on the arrangements put in place by the issuer to ensure the liquidity of the asset-referenced token, including the name of the entities in charge of ensuring such liquidity; 12. The contact details for submitting complaints and description of the complaints-handling procedures and any dispute resolution mechanism or redress procedure established by the issuer of the asset-referenced token; 13. A description of the rights of the holders when the issuer is not able to fulfil its obligations, including in insolvency; 14. A description of the rights in the context of the implementation of the recovery plan; 15. A description of the rights in the context of the implementation of the redemption plan; 16. Detailed information on how the asset-referenced token is redeemed, including whether the holder will be able to choose the form of redemption, the form of transference or the official currency of redemption; 17. The law applicable to the asset-referenced token, as well as the competent court.
1. Information on the technology used, including distributed ledger technology, as well as protocols and technical standards used, allowing for the holding, storing and transfer of asset-referenced tokens; 2. The consensus mechanism, where applicable; 3. Incentive mechanisms to secure transactions and any fees applicable; 4. Where the asset-referenced tokens are issued, transferred and stored using distributed ledger technology that is operated by the issuer or a third-party acting on the issuer’s behalf, a detailed description of the functioning of such distributed ledger technology; 5. Information on the audit outcome of the technology used, if such an audit was conducted.
1. The risks related to the reserve of assets, when the issuer is not able to fulfil its obligations; 2. A description of the risks associated with the issuer of the asset-referenced token; 3. A description of the risks associated with the offer to the public of the asset-referenced token or its admission to trading; 4. A description of the risks associated with the asset-referenced token, in particular with regard to the assets referenced; 5. A description of the risks associated with the operationalisation of the asset-referenced token project; 6. A description of the risks associated with the technology used as well as mitigation measures, if any.
1. A detailed description of the mechanism aimed at aligning the value of the reserve of assets with the claim associated with the asset-referenced token, including legal and technical aspects; 2. A detailed description of the reserve of assets and their composition; 3. A description of the mechanisms through which asset-referenced tokens are issued and redeemed; 4. Information on whether a part of the reserve assets are invested and, where applicable, a description of the investment policy for those reserve assets; 5. A description of the custody arrangements for the reserve assets, including their segregation, and the name of crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients, credit institutions or investment firms appointed as custodians of the reserve assets.
1. Name; 2. Legal form; 3. Registered address and head office, where different; 4. Date of the registration; 5. Legal entity identifier or another identifier required pursuant to applicable national law; 6. A contact telephone number and an email address of the issuer, and the period of days within which an investor contacting the issuer via that telephone number or email address will receive an answer; 7. Where applicable, the identity of the parent company; 8. Identity, business address and functions of persons that are members of the management body of the issuer; 9. Business or professional activity of the issuer and, where applicable, of its parent company; 10. Potential conflicts of interest; 11. Where the issuer of the e-money token also issues other crypto-assets, or also has other activities related to crypto-assets, that should be clearly stated; the issuer should also state whether there is any connection between the issuer and the entity running the distributed ledger technology used to issue the crypto-asset, including if the protocols are run or controlled by a person closely connected to project participants; 12. The issuer’s financial condition over the past three years or, where the issuer has not been established for the past three years, the issuer’s financial condition record since the date of its registration. The financial condition shall be assessed based on a fair review of the development and performance of the business of the issuer and of its position for each year and interim period for which historical financial information is required, including the causes of material changes. The review shall be a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business; 13. Except for issuers of e-money tokens who are exempted from authorisation in accordance with Article 48(4) and (5), details about the authorisation as an issuer of an e-money token and the name of the competent authority which granted authorisation.
1. Name and abbreviation; 2. A description of the characteristics of the e-money token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article; 3. Details of all natural or legal persons (including business addresses and/or domicile of the company) involved in the design and development, such as advisors, development team and crypto-asset service providers.
1. Indication as to whether the crypto-asset white paper concerns an offer to the public of the e-money token or its admission to trading; 2. Where applicable, the total number of units of the e-money token to be offered to the public or admitted to trading; 3. Where applicable, name of the trading platforms for crypto-assets where the admission to trading of the e-money token is sought; 4. The law applicable to the offer to the public of the e-money token, as well as the competent court.
1. A detailed description of the rights and obligations, if any, that the holder of the e-money token has, including the right of redemption at par value as well as the procedure and conditions for the exercise of those rights; 2. A description of the conditions under which the rights and obligations may be modified; 3. A description of the rights of the holders when the issuer is not able to fulfil its obligations, including in insolvency; 4. A description of rights in the context of the implementation of the recovery plan; 5. A description of rights in the context of the implementation of the redemption plan; 6. The contact details for submitting complaints and description of the complaints-handling procedures and any dispute resolution mechanism or redress procedure established by the issuer of the e-money token; 7. Where applicable, a description of protection schemes protecting the value of the crypto-asset and of compensation schemes; 8. The law applicable to the e-money token as well as the competent court.
1. Information on the technology used, including distributed ledger technology, as well as the protocols and technical standards used, allowing for the holding, storing and transfer of e-money tokens; 2. Information about the technical requirements that the purchaser has to fulfil to gain control over the e-money token; 3. The consensus mechanism, where applicable; 4. Incentive mechanisms to secure transactions and any fees applicable; 5. Where the e-money token is issued, transferred and stored using distributed ledger technology that is operated by the issuer or a third-party acting on its behalf, a detailed description of the functioning of such distributed ledger technology; 6. Information on the audit outcome of the technology used, if such an audit was conducted.
1. Description of the risks associated with the issuer of the e-money token; 2. Description of the risks associated with the e-money token; 3. Description of the risks associated with the technology used as well as mitigation measures, if any.
| Crypto-asset service providers | Type of crypto-asset services | Minimum capital requirements under Article 67(1), point (a) |
|---|---|---|
| Class 1 |
| EUR |
| Class 2 |
| EUR |
| Class 3 |
| EUR |