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

Kripto varlık piyasaları hakkında ve (AB) 1093/2010 ve (AB) 1095/2010 sayılı Tüzükler ile 2013/36/EU ve (AB) 2019/1937 sayılı Direktifleri değiştiren 31 Mayıs 2023 tarihli ve (AB) 2023/1114 sayılı Avrupa Parlamentosu ve Konsey Tüzüğü

Eur-Lex

AB Kripto Varlık Piyasaları Tüzüğü (MiCA veya MiCAR), kripto varlık ve tokenların halka arzı ve ticarete kabulü için yeknesak gereklilikler öngörmekte ve kripto varlık hizmet sağlayıcılara (KVHS veya CASP) yönelik kurallar içermektedir. Bu kapsamda özellikle tüzükte belirlenen bazı aktörler, şeffaflığı sağlama yükümlülüğüne tabi tutulmuş, kripto varlık hizmet sağlayıcıların, müşterilerinin korunmasına yönelik tedbirler getirilmiştir.

AB Kripto Varlık Piyasaları Tüzüğü (MiCA), Avrupa Birliği içerisinde kripto varlıkların ihracı, halka arzı ve ticarete kabulü ile uğraşan veya kripto varlıklarla ilgili hizmetler sağlayan gerçek ve tüzel kişiler ile diğer bazı teşebbüsleri kapsar. Fakat münhasıran ana şirketleri, kendi iştirakleri veya ana şirketlerinin diğer iştirakleri için kripto varlık hizmetleri sağlayan kişiler ile AB’nin çeşitli kamu kuruluşları bu düzenlemenin kapsamı dışında tutulmuştur.

Tüzük’ten bazı tanımlar

• AB Kripto Varlık Piyasaları Tüzüğüne göre “kripto varlık” (crypto-asset), dağıtık defter veya benzer bir teknoloji kullanılarak elektronik olarak saklanıp aktarılabilen bir değer veya hakkın dijital temsilidir.
• AB Kripto Varlık Piyasaları Tüzüğüne göre “dağıtık defter teknolojisi” (distributed ledger technology), ağda gerçekleşen işlemlerin kayıtlarını tutan ve bunları bir mutabakat mekanizması aracılığıyla ağ düğümleri arasında paylaşan ve senkronize eden bilgi deposunun işletilmesi ve kullanılmasını sağlayan teknolojidir.
• AB Kripto Varlık Piyasaları Tüzüğüne göre “kripto varlık hizmeti” (crypto-asset service), müşteriler adına kripto varlıkların saklanması, yönetilmesi, takası, tahsisli satışı; kripto varlıklar için bir ticaret platformunun işletilmesi, müşteriler adına kripto varlıklara ilişkin emirlerin alınması, iletilmesi ve yerine getirilmesi; kripto varlıklar hakkında tavsiye sunulması ve kripto varlıklar için portföy yönetimi sağlanması gibi hizmetleri kapsar.
• AB Kripto Varlık Piyasaları Tüzüğüne göre “kripto varlık hizmet sağlayıcı” (crypto-asset service provider – CASP veya KVHS), mesleği veya işi, müşterilere profesyonel bir temelde kripto varlık hizmeti sunmak olan ve bu konuda yetkilendirilen tüzel kişi veya diğer teşebbüslerdir.

Ayrıca bkz. Kripto Varlık Hizmet Sağlayıcıların Tehlike Sorumluluğu

Sistematik

Articles

RECITALS (119)
TITLE I – SUBJECT MATTER, SCOPE AND DEFINITIONS
Art. 1 – Subject matter
Art. 2 – Scope
Art. 3 – Definitions

TITLE II- CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
Art. 4 – Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens
Art. 5 – Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
Art. 6 – Content and form of the crypto-asset white paper
Art. 7 – Marketing communications
Art. 8 – Notification of the crypto-asset white paper and of the marketing communications
Art. 9 – Publication of the crypto-asset white paper and of the marketing communications
Art. 10 – Result of the offer to the public and safeguarding arrangements
Art. 11 – Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
Art. 12 – Modification of published crypto-asset white papers and of published marketing communications
Art. 13 – Right of withdrawal
Art. 14 – Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
Art. 15 – Liability for the information given in a crypto-asset white paper

TITLE III- ASSET-REFERENCED TOKENS

Ch. 1 – Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading
Art. 16 – Authorisation
Art. 17 – Requirements for credit institutions
Art. 18 – Application for authorisation
Art. 19 – Content and form of the crypto-asset white paper for asset-referenced tokens
Art. 20 – Assessment of the application for authorisation
Art. 21 – Grant or refusal of the authorisation
Art. 22 – Reporting on asset-referenced tokens
Art. 23 – Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange
Art. 24 – Withdrawal of the authorisation
Art. 25 – Modification of published crypto-asset white papers for asset-referenced tokens
Art. 26 – Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper

Ch. 2 – Obligations of issuers of asset-referenced tokens
Art. 27 – Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens
Art. 28 – Publication of the crypto-asset white paper
Art. 29 – Marketing communications
Art. 30 – Ongoing information to holders of asset-referenced tokens
Art. 31 – Complaints-handling procedures
Art. 32 – Identification, prevention, management and disclosure of conflicts of interest
Art. 33 – Notification of changes to management body
Art. 34 – Governance arrangements
Art. 35 – Own funds requirements

Ch. 3 – Reserve of assets
Art. 36 – Obligation to have a reserve of assets, and composition and management of such reserve of assets
Art. 37 – Custody of reserve assets
Art. 38 – Investment of the reserve of assets
Art. 39 – Right of redemption
Art. 40 – Prohibition of granting interest

Ch. 4 – Acquisitions of issuers of asset-referenced tokens
Art. 41 – Assessment of proposed acquisitions of issuers of asset-referenced tokens
Art. 42 – Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens

Ch. 5 – Significant asset-referenced tokens
Art. 43 – Classification of asset-referenced tokens as significant asset-referenced tokens
Art. 44 – Voluntary classification of asset-referenced tokens as significant asset-referenced tokens
Art. 45 – Specific additional obligations for issuers of significant asset-referenced tokens

Ch. 6 – Recovery and redemption plans
Art. 46 – Recovery plan
Art. 47 – Redemption plan

TITLE IV- E-MONEY TOKENS

Ch. 1 – Requirements to be fulfilled by all issuers of e-money tokens
Art. 48 – Requirements for the offer to the public or admission to trading of e-money tokens
Art. 49 – Issuance and redeemability of e-money tokens
Art. 50 – Prohibition of granting interest
Art. 51 – Content and form of the crypto-asset white paper for e-money tokens
Art. 52 – Liability of issuers of e-money tokens for the information given in a crypto-asset white paper
Art. 53 – Marketing communications
Art. 54 – Investment of funds received in exchange for e-money tokens
Art. 55 – Recovery and redemption plans

Ch. 2 – Significant e-money tokens
Art. 56 – Classification of e-money tokens as significant e-money tokens
Art. 57 – Voluntary classification of e-money tokens as significant e-money tokens
Art. 58 – Specific additional obligations for issuers of e-money tokens

TITLE V- AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS

Ch. 1 – Authorisation of crypto-asset service providers
Art. 59 – Authorisation
Art. 60 – Provision of crypto-asset services by certain financial entities
Art. 61 – Provision of crypto-asset services at the exclusive initiative of the client
Art. 62 – Application for authorisation as a crypto-asset service provider
Art. 63 – Assessment of the application for authorisation and grant or refusal of authorisation
Art. 64 – Withdrawal of authorisation of a crypto-asset service provider
Art. 65 – Cross-border provision of crypto-asset services

Ch. 2 – Obligations for all crypto-asset service providers
Art. 66 – Obligation to act honestly, fairly and professionally in the best interests of clients
Art. 67 – Prudential requirements
Art. 68 – Governance arrangements
Art. 69 – Information to competent authorities
Art. 70 – Safekeeping of clients’ crypto-assets and funds
Art. 71 – Complaints-handling procedures
Art. 72 – Identification, prevention, management and disclosure of conflicts of interest
Art. 73 – Outsourcing
Art. 74 – Orderly wind-down of crypto-asset service providers

Ch. 3 – Obligations in respect of specific crypto-asset services
Art. 75 – Providing custody and administration of crypto-assets on behalf of clients
Art. 76 – Operation of a trading platform for crypto-assets
Art. 77 – Exchange of crypto-assets for funds or other crypto-assets
Art. 78 – Execution of orders for crypto-assets on behalf of clients
Art. 79 – Placing of crypto-assets
Art. 80 – Reception and transmission of orders for crypto-assets on behalf of clients
Art. 81 – Providing advice on crypto-assets and providing portfolio management of crypto-assets
Art. 82 – Providing transfer services for crypto-assets on behalf of clients

Ch. 4 – Acquisition of crypto-asset service providers
Art. 83 – Assessment of proposed acquisitions of crypto-asset service providers
Art. 84 – Content of the assessment of proposed acquisitions of crypto-asset service providers

Ch. 5 – Significant crypto-asset service providers
Art. 85 – Identification of significant crypto-asset service providers

TITLE VI- PREVENTION AND PROHIBITION OF MARKET ABUSE INVOLVING CRYPTO-ASSETS
Art. 86 – Scope of the rules on market abuse
Art. 87 – Inside information
Art. 88 – Public disclosure of inside information
Art. 89 – Prohibition of insider dealing
Art. 90 – Prohibition of unlawful disclosure of inside information
Art. 91 – Prohibition of market manipulation
Art. 92 – Prevention and detection of market abuse

TITLE VII- COMPETENT AUTHORITIES, EBA AND ESMA

Ch. 1 – Powers of competent authorities and cooperation between competent authorities, EBA and ESMA
Art. 93 – Competent authorities
Art. 94 – Powers of competent authorities
Art. 95 – Cooperation between competent authorities
Art. 96 – Cooperation with EBA and ESMA
Art. 97 – Promotion of convergence on the classification of crypto-assets
Art. 98 – Cooperation with other authorities
Art. 99 – Duty of notification
Art. 100 – Professional secrecy
Art. 101 – Data protection
Art. 102 – Precautionary measures
Art. 103 – ESMA temporary intervention powers
Art. 104 – EBA temporary intervention powers
Art. 105 – Product intervention by competent authorities
Art. 106 – Coordination with ESMA or EBA
Art. 107 – Cooperation with third countries
Art. 108 – Complaints-handling by competent authorities

Ch. 2 – ESMA register
Art. 109 – Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers
Art. 110 – Register of non-compliant entities providing crypto-asset services

Ch. 3 – Administrative penalties and other administrative measures by competent authorities
Art. 111 – Administrative penalties and other administrative measures
Art. 112 – Exercise of supervisory powers and powers to impose penalties
Art. 113 – Right of appeal
Art. 114 – Publication of decisions
Art. 115 – Reporting of administrative penalties and other administrative measures to ESMA and EBA
Art. 116 – Reporting of infringements and protection of reporting persons

Ch. 4 – Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors
Art. 117 – Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
Art. 118 – EBA crypto-asset committee
Art. 119 – Colleges for issuers of significant asset-referenced tokens and significant e-money tokens
Art. 120 – Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens

Ch. 5 – EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
Art. 121 – Legal privilege
Art. 122 – Request for information
Art. 123 – General investigative powers
Art. 124 – On-site inspections
Art. 125 – Exchange of information
Art. 126 – Administrative agreements on the exchange of information between EBA and third countries
Art. 127 – Disclosure of information from third countries
Art. 128 – Cooperation with other authorities
Art. 129 – Professional secrecy
Art. 130 – Supervisory measures by EBA
Art. 131 – Fines
Art. 132 – Periodic penalty payments
Art. 133 – Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Art. 134 – Procedural rules for taking supervisory measures and imposing fines
Art. 135 – Hearing of the persons concerned
Art. 136 – Review by the Court of Justice
Art. 137 – Supervisory fees
Art. 138 – Delegation of tasks by EBA to competent authorities

TITLE VIII- DELEGATED ACTS
Art. 139 – Exercise of the delegation

TITLE IX- TRANSITIONAL AND FINAL PROVISIONS
Art. 140 – Reports on the application of this Regulation
Art. 141 – ESMA annual report on market developments
Art. 142 – Report on latest developments in crypto-assets
Art. 143 – Transitional measures
Art. 144 – Amendment to Regulation (EU) No 1093/2010
Art. 145 – Amendment to Regulation (EU) No 1095/2010
Art. 146 – Amendment to Directive 2013/36/EU
Art. 147 – Amendment to Directive (EU) 2019/1937
Art. 148 – Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937
Art. 149 – Entry into force and application

ANNEXES
ANNEX I – DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
Part A: Information about the offeror or the person seeking admission to trading
Part B: Information about the issuer, if different from the offeror or person seeking admission to trading
Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper
Part D: Information about the crypto-asset project
Part E: Information about the offer to the public of crypto-assets or their admission to trading
Part F: Information about the crypto-assets
Part G: Information on the rights and obligations attached to the crypto-assets
Part H: Information on the underlying technology
Part I: Information on the risks

ANNEX II – DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN ASSET-REFERENCED TOKEN
Part A: Information about the issuer of the asset-referenced token
Part B: Information about the asset-referenced token
Part C: Information about the offer to the public of the asset-referenced token or its admission to trading
Part D: Information on the rights and obligations attached to the asset-referenced token
Part E: Information on the underlying technology
Part F: Information on the risks
Part G: Information on the reserve of assets

ANNEX III – DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN E-MONEY TOKEN
Part A: Information about the issuer of the e-money token
Part B: Information about the e-money token
Part C: Information about the offer to the public of the e-money token or its admission to trading
Part D: Information on the rights and obligations attached to e-money tokens
Part E: Information on the underlying technology
Part F: Information on the risks

ANNEX IV – MINIMUM CAPITAL REQUIREMENTS FOR CRYPTO-ASSET SERVICE PROVIDERS

ANNEX V – LIST OF INFRINGEMENTS REFERRED TO IN TITLES III AND VI FOR ISSUERS OF SIGNIFICANT ASSET-REFERENCED TOKENS

ANNEX VI – LIST OF INFRINGEMENTS OF PROVISIONS REFERRED TO IN TITLE IV IN CONJUNCTION WITH TITLE III FOR ISSUERS OF SIGNIFICANT E-MONEY TOKENS

Recitals

Unofficial index of MICA recitals

1. Adapt EU Financial Laws: Ensure EU financial laws adapt to the digital age, embrace innovative technologies, and promote the uptake of distributed ledger technology (DLT).
2. Benefits of Crypto-Assets: Crypto-assets offer innovative financing, efficient cross-border payments, and significant benefits to market participants.
3. Existing Regulation: Certain crypto-assets are regulated under existing EU financial instruments laws.
4. Unregulated Crypto-Assets Risks: Other crypto-assets fall outside EU laws, exposing holders to risks; need for rules on unregulated crypto-assets to protect users and market integrity; some Member States are legislating.
5. Need for EU Framework: Lack of an EU crypto-asset framework could lead to fragmentation, hinder market growth, and pose future risks.
6. Harmonized Regulations: Establish a harmonized EU framework to support innovation, protect consumers and holders, and ensure the proper functioning of crypto-asset markets.
7. Environmental Impact Disclosure: Issuers should disclose climate and environmental impacts of consensus mechanisms used for crypto-assets.
8. International Cooperation: EU should support global efforts for regulatory convergence in crypto-assets.
9. Financial Instruments Exclusion: Apply “same activities, same risks, same rules”; crypto-assets qualifying as financial instruments remain under existing laws; ensure technology neutrality.
10. Exclusion of NFTs: Unique, non-fungible crypto-assets like NFTs are excluded from this Regulation.
11. Fungibility of NFTs: Fractional NFTs and mass-issued NFTs may be considered fungible and regulated.
12. Exclusions for Public Entities: Certain intra-group transactions and public entities are excluded from scope.
13. Central Bank Digital Assets: Digital assets issued by central banks are excluded from this Regulation.
14. Classification Guidelines: ESMA to issue guidelines on classifying crypto-assets as financial instruments.
15. ECB Oversight: Regulation respects ECB’s role in ensuring efficient payment systems; cooperation with EBA and ESMA emphasized.
16. Broad Definitions: Definitions of ‘crypto-assets’ and ‘DLT’ should be broad to capture all unregulated assets not covered by existing laws.
17. Non-Transferable Assets Exclusion: Exclusion of non-transferable digital assets from the crypto-asset definition (e.g., loyalty points).
18. Crypto-Asset Classification: Classify crypto-assets into e-money tokens, asset-referenced tokens, and other crypto-assets.
19. E-Money Tokens: E-money tokens resemble electronic money; issuers should comply with e-money directives.
20. Wide Definition of E-Money Tokens: Definitions should be broad to prevent regulatory circumvention; include all single currency-referencing tokens.
21. Rules for Issuers and Service Providers: Establish rules for crypto-asset issuers and offerors, including control over creation, and entities providing services related to crypto-assets.
22. Scope of Regulation: Regulation applies to entities performing crypto-asset services, even if decentralized; fully decentralized services without intermediaries are excluded.
23. Legal Person Requirement: Offerors and persons seeking admission to trading must be legal entities.
24. Crypto-Asset White Paper: Offerors must publish a crypto-asset white paper with key mandatory disclosures.
25. Language of White Papers: White papers and rules to be drawn up in at least one of the official languages or in a customary language in the sphere of international finance.
26. Exemptions for Certain Offers: Exemptions for free offers, rewards for maintaining DLT, or utility tokens for existing goods/services; limited network tokens.
27. Small and Private Offers Exemption: Exemptions for offers to fewer than 150 persons per Member State or offers below EUR 1 million over 12 months.
28. Definition of Public Offer: Admission to trading or price publication alone does not constitute an offer to the public.
29. Consumer Protection Applicability: Consumer protection laws remain applicable to exempted offers.
30. Utility Tokens Time Limit: Offers of utility tokens for future goods/services limited to 12 months.
31. Notification to Authorities: Offerors must notify crypto-asset white papers to competent authorities before offering.
32. Responsibility of Trading Platforms: Trading platform operators are responsible when admitting crypto-assets without existing white papers.
33. Authority’s Amendment Requests: Competent authorities can request amendments to white papers but prior approval before publication is not required.
34. Enforcement Powers: Authorities can suspend or prohibit non-compliant offers or admissions to trading.
35. Publication and Cross-Border Offers: White papers and marketing communications must be published; cross-border offers throughout the Union are allowed.
36. Safeguarding Raised Funds: Offerors must safeguard funds raised during an offer and return them if the offer is cancelled.
37. Right of Withdrawal: Retail holders have a 14-day right of withdrawal after acquisition when purchasing directly from the offeror.
38. Professional Conduct: Offerors must act honestly, fairly, and professionally; have effective systems and security protocols; guidelines to be issued.
39. Civil Liability: Offerors are liable for information provided in crypto-asset white papers.
40. Stricter Rules for Asset-Referenced Tokens: Asset-referenced tokens could be widely adopted; stricter issuer requirements apply due to increased risks.
41. Algorithmic Stablecoins Inclusion: Algorithmic stablecoins aiming to stabilize value are included in the scope of regulation.
42. EU Presence Required: Issuers of asset-referenced tokens must have a registered office in the EU.
43. Authorization Needed: Offers of asset-referenced tokens require authorization from competent authorities and an approved white paper.
44. Credit Institutions’ Exemption: Credit institutions can issue asset-referenced tokens without additional authorization; national procedures apply.
45. Authority Consultations: Competent authorities can refuse authorization based on objective grounds; must consult other authorities.
46. ECB’s Binding Opinions: ECB’s negative opinions on risks are binding on competent authorities in certain authorization cases.
47. Transparent Information: Issuers must provide complete, fair, and clear information to holders.
48. Ongoing Disclosure: Issuers must provide ongoing disclosures about tokens in circulation and reserve assets.
49. Fair Treatment of Holders: Issuers must act honestly, fairly, and professionally toward holders; have complaint-handling procedures.
50. Conflict of Interest Policies: Issuers must identify, prevent, manage, and disclose conflicts of interest.
51. Governance Requirements: Issuers must have robust governance arrangements; management must be fit and proper.
52. Third-Party Arrangements: Issuers must have appropriate contractual arrangements with third parties involved in the issuance and management of tokens.
53. Own Funds Requirements: Issuers must meet own funds requirements proportionate to the size of their issuance.
54. Reserve Assets Maintenance: Issuers must maintain reserve assets to cover liabilities to holders; reserve assets must be prudently managed.
55. Custody Policies: Issuers must have adequate custody policies; reserve assets should be segregated, unencumbered, and accessible.
56. Investment of Reserve Assets: Reserve assets invested in secure, low-risk instruments; issuer bears profits and losses.
57. Redemption Rights: Holders have a permanent right of redemption in funds or referenced assets at any time.
58. Prohibition of Interest: Issuers and service providers must not grant interest to holders of asset-referenced tokens.
59. Significant Tokens’ Additional Requirements: Significant asset-referenced tokens face stricter requirements due to higher risks to financial stability and monetary policy.
60. Monitoring Significant Tokens: Comprehensive monitoring of issuers of significant tokens is crucial.
61. Usage Thresholds: Define thresholds for widespread use as a means of exchange within a currency area, including on-chain and off-chain transactions.
62. Central Bank Intervention: Central banks can request withdrawal of authorization if tokens pose threats to financial stability, payment systems, or monetary sovereignty.
63. Respect for National Laws: Regulation respects national laws on monetary sovereignty in non-euro Member States.
64. Recovery Plans: Issuers must prepare recovery plans; competent authorities can suspend redemptions to protect holders and financial stability.
65. Orderly Redemption Plans: Issuers need to have plans for orderly redemption if obligations cannot be met; consult resolution authorities where applicable.
66. Authorization of E-Money Token Issuers: Issuers of e-money tokens must be authorized as credit or electronic money institutions.
67. Redemption at Par Value: Holders of e-money tokens have a claim against the issuer and a right of redemption at par value at any time.
68. No Interest on E-Money Tokens: Issuers and service providers must not grant interest to e-money token holders.
69. E-Money Token White Paper: Issuers must draft a white paper for e-money tokens, including necessary information and redemption rights.
70. Investment in Same Currency: Funds received should be invested in assets denominated in the same currency to avoid currency risks.
71. Additional Requirements for Significant E-Money Tokens: Issuers of significant e-money tokens face additional requirements, including higher capital and liquidity requirements.
72. Recovery and Redemption Plans: Issuers must have recovery and redemption plans to protect holders if obligations cannot be met.
73. Service Providers’ Requirements: Regulation sets operational, organizational, and prudential requirements for crypto-asset service providers due to potential risks.
74. Legal Entity Requirement: Crypto-asset services must be provided by legal persons with a registered office and place of effective management in a Member State.
75. Third-Country Firms: Third-country firms can provide services to EU clients only on their own initiative; solicitation requires authorization.
76. National Supervision: National authorities authorize and supervise crypto-asset service providers.
77. AML Compliance: Providers must conduct increased checks on transactions involving high-risk third countries.
78. Notification for Certain Firms: Certain regulated firms can provide crypto-asset services without new authorization if they notify authorities.
79. Best Interests of Clients: Providers must act honestly, fairly, and professionally in the best interests of their clients.
80. Prudential Requirements: Providers must meet prudential requirements proportionate to their activities.
81. Organizational Standards: Providers must have strong organizational requirements; management must be fit and proper.
82. Safeguarding Client Assets: Providers must safeguard clients’ assets; client funds placed with credit institutions.
83. Custody Service Agreements: Custody service providers must have agreements with clients and establish custody policies.
84. Trading Platform Standards: Trading platform operators must have detailed rules and resilient systems; ensure transparency and non-discriminatory access.
85. Transparency in Exchanges: Providers exchanging crypto-assets must publish firm quotes or pricing methodologies.
86. Best Execution Policies: Providers executing orders must have execution policies aiming for best client outcomes.
87. Differentiating Services: Clarify distinction between order execution and exchange services; best execution applies even when counterparty.
88. Conflict Management in Placement: Providers placing crypto-assets must manage conflicts of interest and communicate service methods.
89. Suitability Assessments: Providers advising or managing portfolios must assess suitability for clients.
90. Overlap with Payment Services: Some crypto-asset services may overlap with existing payment service directives.
91. Custody by E-Money Issuers: E-money issuers may provide custody services for their own tokens without extra authorization.
92. Distribution of E-Money Tokens: Electronic money distributors can distribute e-money tokens without extra authorization.
93. Transfer Services Defined: Transfer services involve transferring crypto-assets on behalf of clients; validators and miners are excluded.
94. Lending and Borrowing: Lending and borrowing of crypto-assets are not addressed; further assessment is needed.
95. Market Abuse Prevention: Tailored rules are needed to deter market abuse for crypto-assets admitted to trading.
96. Clarifying Inside Information: Enhance legal certainty through clear definitions of inside information.
97. Derivatives Regulation: Crypto-assets as underlying assets of derivatives are subject to existing market abuse laws.
98. Supervisory Powers: Authorities should have powers to supervise issuance, offers, and services; investigate market abuse.
99. Penalties for Non-Compliance: Authorities can impose penalties on issuers and service providers.
100. Inter-Authority Cooperation: Authorities should cooperate to detect and deter infringements.
101. Establishment of Registers: ESMA should establish a register of white papers, issuers, and service providers.
102. Supervision of Significant Tokens: EBA should supervise issuers of significant asset-referenced tokens.
103. Dual Supervision for E-Money Tokens: Significant e-money tokens require dual supervision by national authorities and EBA.
104. National Supervision in Specific Cases: If significant e-money tokens are concentrated in one Member State, supervision remains national.
105. Colleges of Supervisors: EBA should establish a college of supervisors for significant issuers.
106. EBA’s Supervisory Powers: EBA should have supervisory powers, including inspections and fines.
107. Funding Supervision: EBA should charge fees to significant issuers to cover supervision costs.
108. Commission’s Delegated Powers: Commission empowered to adopt delegated acts for technical specifications.
109. Development of Technical Standards: Technical standards should be developed by EBA and ESMA.
110. Adoption of Regulatory Standards: Commission to adopt regulatory technical standards developed by EBA and ESMA via delegated acts.
111. Implementing Technical Standards: Commission to adopt implementing technical standards via acts.
112. Subsidiarity and Proportionality: Objectives better achieved at Union level; subsidiarity and proportionality principles apply.
113. Transitional Provisions: Transitional provisions necessary to avoid disrupting existing market participants.
114. Member States’ Discretion: Member States can apply stricter requirements during the transition period.
115. Whistleblower Protection: Whistleblowers should be protected; relevant directives to be amended.
116. Empowering EBA and ESMA: Regulations empowering EBA and ESMA should be amended accordingly.
117. Data Protection Compliance: Personal data processing under this Regulation must comply with data protection laws.
118. Data Protection Opinion: European Data Protection Supervisor provided an opinion.
119. Deferred Application Date: Application date deferred to allow adoption of necessary standards.