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MiCA

Regulation (EU) 2023/1114 on markets in crypto-assets
CELEX 32023R1114 · 274 held provisions

Articles (149)

• Article 1 Subject matter
• Article 2 Scope
• Article 3 Definitions
• Article 4 Offers to the public of crypto-assets other than…
• Article 5 Admission to trading of crypto-assets other than…
• Article 6 Content and form of the crypto-asset white paper
• Article 7 Marketing communications
• Article 8 Notification of the crypto-asset white paper and of the…
• Article 9 Publication of the crypto-asset white paper and of the…
• Article 10 Result of the offer to the public and safeguarding arrangements
• Article 11  Rights of offerors and persons seeking admission to trading…
• Article 12 Modification of published crypto-asset white papers and of…
• Article 13 Right of withdrawal
• Article 14 Obligations of offerors and persons seeking admission to…
• Article 15 Liability for the information given in a crypto-asset white…
• Article 16 Authorisation
• Article 17 Requirements for credit institutions
• Article 18 Application for authorisation
• Article 19 Content and form of the crypto-asset white paper for…
• Article 20 Assessment of the application for authorisation
• Article 21 Grant or refusal of the authorisation
• Article 22 Reporting on asset-referenced tokens
• Article 23 Restrictions on the issuance of asset-referenced tokens used…
• Article 24 Withdrawal of the authorisation
• Article 25 Modification of published crypto-asset white papers for…
• Article 26 Liability of issuers of asset-referenced tokens for the…
• Article 27 Obligation to act honestly, fairly and professionally in the…
• Article 28 Publication of the crypto-asset white paper An issuer of an…
• Article 29 Marketing communications
• Article 30 Ongoing information to holders of asset-referenced tokens
• Article 31 Complaints-handling procedures
• Article 32 Identification, prevention, management and disclosure of…
• Article 33 Notification of changes to management body Issuers of…
• Article 34 Governance arrangements 
• Article 35 Own funds requirements
• Article 36 Obligation to have a reserve of assets, and composition and…
• Article 37 Custody of reserve assets
• Article 38 Investment of the reserve of assets
• Article 39 Right of redemption
• Article 40 Prohibition of granting interest
• Article 41 Assessment of proposed acquisitions of issuers of…
• Article 42 Content of the assessment of proposed acquisitions of issuers…
• Article 43 Classification of asset-referenced tokens as significant…
• Article 44 Voluntary classification of asset-referenced tokens as…
• Article 45 Specific additional obligations for issuers of significant…
• Article 46 Recovery plan
• Article 47 Redemption plan 
• Article 48 Requirements for the offer to the public or admission to…
• Article 49 Issuance and redeemability of e-money tokens
• Article 50 Prohibition of granting interest
• Article 51 Content and form of the crypto-asset white paper for e-money…
• Article 52 Liability of issuers of e-money tokens for the information…
• Article 53 Marketing communications 
• Article 54 Investment of funds received in exchange for e-money tokens…
• Article 55 Recovery and redemption plans Title III, Chapter 6 shall apply…
• Article 56 Classification of e-money tokens as significant e-money tokens
• Article 57 Voluntary classification of e-money tokens as significant…
• Article 58 Specific additional obligations for issuers of e-money tokens
• Article 59 Authorisation
• Article 60 Provision of crypto-asset services by certain financial entities
• Article 61 Provision of crypto-asset services at the exclusive initiative…
• Article 62 Application for authorisation as a crypto-asset service provider
• Article 63 Assessment of the application for authorisation and grant or…
• Article 64 Withdrawal of authorisation of a crypto-asset service provider
• Article 65 Cross-border provision of crypto-asset services
• Article 66 Obligation to act honestly, fairly and professionally in the…
• Article 67 Prudential requirements
• Article 68 Governance arrangements
• Article 69 Information to competent authorities Crypto-asset service…
• Article 70 Safekeeping of clients’ crypto-assets and funds
• Article 71 Complaints-handling procedures
• Article 72 Identification, prevention, management and disclosure of…
• Article 73 Outsourcing
• Article 74 Orderly wind-down of crypto-asset service providers…
• Article 75 Providing custody and administration of crypto-assets on behalf…
• Article 76 Operation of a trading platform for crypto-assets
• Article 77 Exchange of crypto-assets for funds or other crypto-assets
• Article 78 Execution of orders for crypto-assets on behalf of clients
• Article 79 Placing of crypto-assets 
• Article 80 Reception and transmission of orders for crypto-assets on…
• Article 81 Providing advice on crypto-assets and providing portfolio…
• Article 82 Providing transfer services for crypto-assets on behalf of…
• Article 83 Assessment of proposed acquisitions of crypto-asset service…
• Article 84 Content of the assessment of proposed acquisitions of…
• Article 85 Identification of significant crypto-asset service providers
• Article 86 Scope of the rules on market abuse
• Article 87 Inside information
• Article 88 Public disclosure of inside information
• Article 89 Prohibition of insider dealing
• Article 90 Prohibition of unlawful disclosure of inside information
• Article 91 Prohibition of market manipulation
• Article 92 Prevention and detection of market abuse
• Article 93 Competent authorities
• Article 94 Powers of competent authorities
• Article 95 Cooperation between competent authorities
• Article 96 Cooperation with EBA and ESMA
• Article 97 Promotion of convergence on the classification of crypto-assets
• Article 98 Cooperation with other authorities Where an offeror, person…
• Article 99  Duty of notification Member States shall notify the laws,…
• Article 100 Professional secrecy
• Article 101 Data protection With regard to the processing of personal data…
• Article 102 Precautionary measures
• Article 103 ESMA temporary intervention powers
• Article 104 EBA temporary intervention powers
• Article 105 Product intervention by competent authorities
• Article 106 Coordination with ESMA or EBA
• Article 107 Cooperation with third countries
• Article 108 Complaints-handling by competent authorities
• Article 109 Register of crypto-asset white papers, of issuers of…
• Article 110 Register of non-compliant entities providing crypto-asset…
• Article 111 Administrative penalties and other administrative measures
• Article 112 Exercise of supervisory powers and powers to impose penalties
• Article 113 Right of appeal
• Article 114 Publication of decisions
• Article 115 Reporting of administrative penalties and other administrative…
• Article 116 Reporting of infringements and protection of reporting persons…
• Article 117 Supervisory responsibilities of EBA with respect to issuers of…
• Article 118 EBA crypto-asset committee
• Article 119 Colleges for issuers of significant asset-referenced tokens and…
• Article 120 Non-binding opinions of the colleges for issuers of significant…
• Article 121 Legal privilege The powers conferred on EBA by Articles 122 to…
• Article 122 Request for information
• Article 123 General investigative powers
• Article 124 On-site inspections
• Article 125 Exchange of information
• Article 126 Administrative agreements on the exchange of information…
• Article 127 Disclosure of information from third countries
• Article 128 Cooperation with other authorities Where an issuer of a…
• Article 129 Professional secrecy The obligation of professional secrecy…
• Article 130 Supervisory measures by EBA
• Article 131 Fines
• Article 132 Periodic penalty payments
• Article 133 Disclosure, nature, enforcement and allocation of fines and…
• Article 134 Procedural rules for taking supervisory measures and imposing…
• Article 135 Hearing of the persons concerned
• Article 136 Review by the Court of Justice The Court of Justice shall have…
• Article 137 Supervisory fees 
• Article 138 Delegation of tasks by EBA to competent authorities
• Article 139 Exercise of the delegation
• Article 140 Reports on the application of this Regulation
• Article 141 ESMA annual report on market developments By 31 December 2025…
• Article 142  Report on latest developments in crypto-assets
• Article 143 Transitional measures
• Article 144 Amendment to Regulation (EU) No 1093/2010 In Article 1(2) of…
• Article 145 Amendment to Regulation (EU) No 1095/2010 In Article 1(2) of…
• Article 146 Amendment to Directive 2013/36/EU In Annex I to Directive…
• Article 147 Amendment to Directive (EU) 2019/1937 In Part I.B of the Annex…
• Article 148 Transposition of amendments to Directives 2013/36/EU and (EU)…
• Article 149 Entry into force and application

Annexes (6)

• Annex I DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR…
• Annex II DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN…
• Annex III DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN…
• Annex IV MINIMUM CAPITAL REQUIREMENTS FOR CRYPTO-ASSET SERVICE PROVIDERS…
• Annex V LIST OF INFRINGEMENTS REFERRED TO IN TITLES III AND VI FOR…
• Annex VI LIST OF INFRINGEMENTS OF PROVISIONS REFERRED TO IN TITLE IV IN…

Recitals (119)

• Recital 1 (1) It is important to ensure that Union legislative acts on…
• Recital 2 (2) Crypto-assets are one of the main applications of…
• Recital 3 (3) Some crypto-assets, in particular those that qualify as…
• Recital 4 (4) Other crypto-assets, however, fall outside of the scope of…
• Recital 5 (5) The absence of an overall Union framework for markets in…
• Recital 6 (6) A dedicated and harmonised framework for markets in…
• Recital 7 (7) The consensus mechanisms used for the validation of…
• Recital 8 (8) Markets in crypto-assets are global and thus inherently…
• Recital 9 (9) Union legislative acts on financial services should be…
• Recital 10 (10) This Regulation should not apply to crypto-assets that are…
• Recital 11 (11) The fractional parts of a unique and non-fungible…
• Recital 12 (12) It is appropriate to exclude certain intragroup…
• Recital 13 (13) Digital assets issued by central banks acting in their…
• Recital 14 (14) For the purposes of ensuring a clear delineation between,…
• Recital 15 (15) Pursuant to Article 127(2), fourth indent, of the Treaty…
• Recital 16 (16) Any legislative act adopted in the field of crypto-assets…
• Recital 17 (17) Digital assets that cannot be transferred to other holders…
• Recital 18 (18) This Regulation classifies crypto-assets into three types,…
• Recital 19 (19) At present, despite their similarities, electronic money…
• Recital 20 (20) Given the different risks and opportunities raised by…
• Recital 21 (21) It is necessary to lay down specific rules for entities…
• Recital 22 (22) This Regulation should apply to natural and legal persons…
• Recital 23 (23) To ensure that all offers to the public of crypto-assets…
• Recital 24 (24) In order to ensure their protection, prospective retail…
• Recital 25 (25) Crypto-asset white papers, including their summaries, and…
• Recital 26 (26) In order to ensure a proportionate approach, no…
• Recital 27 (27) In order to ensure a proportionate approach, the…
• Recital 28 (28) The mere admission to trading or the publication of bid…
• Recital 29 (29) Even though some offers of crypto-assets other than…
• Recital 30 (30) Where an offer to the public concerns utility tokens for…
• Recital 31 (31) In order to enable supervision, offerors and persons…
• Recital 32 (32) The operator of a trading platform should be responsible…
• Recital 33 (33) In order to avoid undue administrative burden, competent…
• Recital 34 (34) Competent authorities should be able to suspend or…
• Recital 35 (35) Crypto-asset white papers that have been duly notified to…
• Recital 36 (36) Offerors of crypto-assets other than asset-referenced…
• Recital 37 (37) In order to further ensure protection of retail holders of…
• Recital 38 (38) Offerors and persons seeking admission to trading of…
• Recital 39 (39) To further protect holders of crypto-assets, civil…
• Recital 40 (40) Asset-referenced tokens could be widely adopted by holders…
• Recital 41 (41) Where a crypto-asset falls within the definition of an…
• Recital 42 (42) To ensure the proper supervision and monitoring of offers…
• Recital 43 (43) Offers to the public of asset-referenced tokens in the…
• Recital 44 (44) Credit institutions authorised under Directive 2013/36/EU…
• Recital 45 (45) A competent authority should refuse authorisation on…
• Recital 46 (46) In several cases where the ECB is consulted under this…
• Recital 47 (47) To ensure protection of retail holders, issuers of…
• Recital 48 (48) In addition to the information provided in the…
• Recital 49 (49) To ensure protection of retail holders, issuers of…
• Recital 50 (50) Issuers of asset-referenced tokens should put in place a…
• Recital 51 (51) Issuers of asset-referenced tokens should have robust…
• Recital 52 (52) Issuers of asset-referenced tokens are usually at the…
• Recital 53 (53) To address the risks to the financial stability of the…
• Recital 54 (54) In order to cover their liability against holders of…
• Recital 55 (55) To prevent the risk of loss for asset-referenced tokens…
• Recital 56 (56) To protect holders of asset-referenced tokens against a…
• Recital 57 (57) Holders of asset-referenced tokens should have a permanent…
• Recital 58 (58) To reduce the risk that asset-referenced tokens are used…
• Recital 59 (59) Asset-referenced tokens and e-money tokens should be…
• Recital 60 (60) A comprehensive monitoring of the entire ecosystem of…
• Recital 61 (61) It is particularly important to estimate transactions…
• Recital 62 (62) Where asset-referenced tokens pose a serious threat to the…
• Recital 63 (63) This Regulation is without prejudice to national law…
• Recital 64 (64) Issuers of asset-referenced tokens should prepare a…
• Recital 65 (65) Issuers of asset-referenced tokens should have a plan for…
• Recital 66 (66) Issuers of e-money tokens should be authorised either as a…
• Recital 67 (67) Holders of e-money tokens should be provided with a claim…
• Recital 68 (68) To reduce the risk that e-money tokens are used as store…
• Recital 69 (69) The crypto-asset white paper drawn up by an issuer of…
• Recital 70 (70) Where an issuer of e-money tokens invests the funds…
• Recital 71 (71) Significant e-money tokens could pose greater risks to…
• Recital 72 (72) Issuers of e-money tokens should have in place recovery…
• Recital 73 (73) In most Member States, the provision of crypto-asset…
• Recital 74 (74) In order to enable effective supervision and to eliminate…
• Recital 75 (75) This Regulation should not affect the possibility for…
• Recital 76 (76) Given the relatively small scale to date of crypto-asset…
• Recital 77 (77) In order to ensure the continued protection of the…
• Recital 78 (78) Certain firms subject to Union legislative acts on…
• Recital 79 (79) In order to ensure consumer protection, market integrity…
• Recital 80 (80) To ensure consumer protection, crypto-asset service…
• Recital 81 (81) Crypto-asset service providers should be subject to strong…
• Recital 82 (82) In order to ensure protection of their clients,…
• Recital 83 (83) Depending on the services they provide and due to the…
• Recital 84 (84) To ensure the orderly functioning of markets in…
• Recital 85 (85) To ensure consumer protection, crypto-asset service…
• Recital 86 (86) Crypto-asset service providers that execute orders for…
• Recital 87 (87) When a crypto-asset service provider executing orders for…
• Recital 88 (88) Crypto-asset service providers that place crypto-assets…
• Recital 89 (89) To ensure consumer protection, crypto-asset service…
• Recital 90 (90) Some crypto-asset services, in particular providing…
• Recital 91 (91) The tools provided by issuers of electronic money to their…
• Recital 92 (92) The activity of traditional electronic money distributors,…
• Recital 93 (93) A provider of transfer services for crypto-assets should…
• Recital 94 (94) This Regulation should not address the lending and…
• Recital 95 (95) It is important to ensure confidence in markets in…
• Recital 96 (96) Legal certainty for participants in markets in…
• Recital 97 (97) Derivatives that qualify as financial instruments as…
• Recital 98 (98) Competent authorities should be conferred with sufficient…
• Recital 99 (99) Competent authorities should also have the power to impose…
• Recital 100 (100)Given the cross-border nature of markets in crypto-assets,…
• Recital 101 (101)To facilitate transparency regarding crypto-assets and…
• Recital 102 (102)Significant asset-referenced tokens can be used as a means…
• Recital 103 (103)Competent authorities in charge of supervision under…
• Recital 104 (104)Significant e-money tokens denominated in an official…
• Recital 105 (105)EBA should establish a college of supervisors for each…
• Recital 106 (106)To supervise issuers of significant asset-referenced…
• Recital 107 (107)EBA should charge fees to issuers of significant…
• Recital 108 (108)In order to ensure the effectiveness of this Regulation,…
• Recital 109 (109)In order to promote the consistent application of this…
• Recital 110 (110)The Commission should be empowered to adopt regulatory…
• Recital 111 (111)The Commission should be empowered to adopt implementing…
• Recital 112 (112)Since the objectives of this Regulation, namely addressing…
• Recital 113 (113)In order to avoid disrupting market participants that…
• Recital 114 (114)Since the national regulatory frameworks applicable to…
• Recital 115 (115)Whistleblowers should be able to bring new information to…
• Recital 116 (116)Given that EBA should be mandated with the direct…
• Recital 117 (117)The issuance, offer or seeking of admission to trading of…
• Recital 118 (118)The European Data Protection Supervisor was consulted in…
• Recital 119 (119)The date of application of this Regulation should be…

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