Licensing across saved source records.

Matched: authorisation, crypto-asset service provider — …asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers. 2. In particular, this Regulation lays down the following: (a) transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading…

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Matched: authorisation, crypto-asset service provider — …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…

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Matched: authorisation, crypto-asset service provider — …intention to seek admission to trading of a crypto-asset other than an assetreferenced token or e-money token. 5. Authorisation as a crypto-asset service provider pursuant to Article 59 is not required for providing custody and administration of crypto-assets on behalf of clients or for providing transfer services for crypto-assets in relation…

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Matched: crypto-asset service provider — …or both of the following: (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. 4. When the offer to the public has no time limit, the offeror shall comply with paragraph 3 of this Article until the right…

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Matched: crypto-asset service provider — …purchase crypto-assets other than asset-referenced tokens and e-money tokens either directly from an offeror or from a crypto-asset service provider placing crypto-assets on behalf of that offeror shall have a right of withdrawal. Retail holders shall have a period of 14 calendar days within which to withdraw from their agreement to purchase cryptoassets…

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Matched: authorisation — …without prejudice to any other civil liability pursuant to national law. TITLE III ASSET-REFERENCED TOKENS CHAPTER 1 Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading

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Matched: authorisation — Article 16 Authorisation 1. A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is: (a) a legal…

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Matched: authorisation — …public or admission to trading. 7. The relevant competent authority shall, within two working days of withdrawing authorisation, communicate to ESMA the withdrawal of authorisation of a credit institution that issues asset-referenced tokens. ESMA shall make the information on such withdrawal available in the register, under Article 109(3)…

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Matched: authorisation, crypto-asset service provider — Article 18 Application for authorisation 1. Legal persons or other undertakings that intend to offer to the public or seek the admission to trading of asset-referenced tokens shall submit their application for an authorisation referred to in Article 16…

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Matched: authorisation — Article 20 Assessment of the application for authorisation 1. Competent authorities receiving an application for authorisation as referred to in Article 18 shall, within 25 working days of receipt of such application, assess whether that application, including the crypto-asset…

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Matched: authorisation — Article 21 Grant or refusal of the authorisation 1. Competent authorities shall, within 25 working days of receipt of the opinions referred to in Article 20(5), take a fully reasoned decision granting or refusing authorisation to the applicant issuer and, within…

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Matched: crypto-asset service provider — …another. Transactions that are associated with the exchange for funds or other crypto-assets with the issuer or with a crypto-asset service provider shall not be considered associated to uses of the asset-referenced token as a means of exchange, unless there is evidence that the asset-referenced token is used for the settlement of transactions…

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Matched: authorisation, crypto-asset service provider — Article 24 Withdrawal of the authorisation 1. Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced token in any of the following situations: (a) the issuer has ceased to engage in business for six consecutive months,…

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Matched: authorisation — …on the purchase decision of any holders or prospective holders of asset-referenced tokens, which occurs after the authorisation pursuant to Article 21 or after the approval of the crypto-asset white paper pursuant to Article 17, as well as in the context of Article 23. Such changes include, amongst others, any material modifications to: (a)…

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Matched: authorisation — …reserve of assets every six months, assessing compliance with the rules of this Chapter, as of the date of their authorisation pursuant to Article 21 or as of the date of approval of the crypto-asset white paper pursuant to Article 17. 10. The issuer shall notify the results of the audit referred to in paragraph 9 to the competent authority…

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Matched: crypto-asset service provider — …five working days after the date of issuance of the assetreferenced token by one or more of the following: (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)…

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Matched: crypto-asset service provider — …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 (42), or investment firms. For the…

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Matched: crypto-asset service provider — …interest 1. Issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens. 2. Crypto-asset service providers shall not grant interest when providing crypto-asset services related to asset-referenced tokens. 3. For the purposes of paragraphs 1 and 2, any remuneration or any other benefit related to the length…

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Matched: authorisation — …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…

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Matched: authorisation — …significant asset-referenced tokens 1. Applicant issuers of asset-referenced tokens may indicate in their application for authorisation pursuant to Article 18, or in their notification pursuant to Article 17, that they wish for their asset-referenced tokens to be classified as significant asset-referenced tokens. In that case, the competent authority…

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Matched: crypto-asset service provider — …providers authorised for providing custody and administration of crypto-assets on behalf of clients, including by crypto-asset service providers that do not belong to the same group, as defined in Article 2, point (11), of Directive 2013/34/EU, on a fair, reasonable and non-discriminatory basis. 3. Issuers of significant asset-referenced…

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Matched: authorisation — …asset-referenced token shall notify the recovery plan to the competent authority within six months of the date of authorisation pursuant to Article 21 or within six months of the date of approval of the crypto-asset white paper pursuant to Article 17. The competent authority shall require amendments to the recovery plan where necessary to…

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Matched: authorisation — …obligations, including in the case of insolvency or, where applicable, resolution or in the case of withdrawal of authorisation of the issuer, without prejudice to the commencement of a crisis prevention measure or crisis management measure as defined in Article 2(1), points (101) and (102), respectively, of Directive 2014/59/EU or a resolution…

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Matched: crypto-asset service provider — …12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to emoney tokens. 2. Crypto-asset service providers shall not grant interest when providing crypto-asset services related to e-money tokens. 3. For the purposes of paragraphs 1 and 2, any remuneration or any other benefit related to the length of…

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Matched: authorisation — …competent authority shall also communicate to ESMA any modified crypto-asset white paper and any withdrawal of the authorisation of the issuer of the e-money token. ESMA shall make such information available in the register, under Article 109(4), by the starting date of the offer to the public or admission to trading or, in the case of a modified…

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Matched: authorisation — …an e-money token, authorised as a credit institution or as an electronic money institution, or applying for such authorisation, may indicate that it wishes for its e-money token to be classified as a significant e-money token. In that case, the competent authority shall immediately notify such request of the issuer to EBA, to the ECB and,…

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Matched: authorisation, crypto-asset service provider — …shall apply to e-money tokens denominated in a currency that is not an official currency of a Member State. TITLE V AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS CHAPTER 1 Authorisation of crypto-asset service providers

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Matched: authorisation, crypto-asset service provider — Article 59 Authorisation 1. A person shall not provide crypto-asset services, within the Union, unless that person is: (a) a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article…

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Matched: authorisation, crypto-asset service provider — …shall be notified: (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…

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Matched: authorisation — …exclusive initiative the provision of a crypto-asset service or activity by a third‐country firm, the requirement for authorisation under Article 59 shall not apply to the provision of that crypto-asset service or activity by the third‐country firm to that client, including a relationship specifically relating to the provision of that crypto-asset…

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Matched: authorisation, crypto-asset service provider — Article 62 Application for authorisation as a crypto-asset service provider 1. Legal persons or other undertakings that intend to provide crypto-asset services shall submit their application for an authorisation as a crypto-asset service provider to the…

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Matched: authorisation, crypto-asset service provider — Article 63 Assessment of the application for authorisation and grant or refusal of authorisation 1. Competent authorities shall promptly, and in any event within five working days of receipt of an application under Article 62(1), acknowledge receipt thereof in writing to…

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Matched: authorisation, crypto-asset service provider — Article 64 Withdrawal of authorisation of a crypto-asset service provider 1. Competent authorities shall withdraw the authorisation of a crypto-asset service provider if the crypto-asset service provider does any of the following: (a) has not used its…

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Matched: authorisation, crypto-asset service provider — Article 65 Cross-border provision of crypto-asset services 1. A crypto-asset service provider that intends to provide crypto-asset services in more than one Member State shall submit the following information to the competent authority of the home Member State: (a) a list of the Member States…

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Matched: crypto-asset service provider — Article 66 Obligation to act honestly, fairly and professionally in the best interests of clients 1. Crypto-asset service providers shall act honestly, fairly and professionally in accordance with the best interests of their clients and prospective clients. 2. Crypto-asset service providers shall provide their clients with information…

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Matched: authorisation, crypto-asset service provider — Article 67 Prudential requirements 1. Crypto-asset service providers shall, at all times, have in place prudential safeguards equal to an amount of at least the higher of the following: (a) the amount of permanent minimum capital requirements indicated in Annex IV,…

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Matched: crypto-asset service provider — Article 68 Governance arrangements 1. Members of the management body of crypto-asset service providers shall be of sufficiently good repute and possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties. In particular, members of the management…

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Matched: crypto-asset service provider — Article 69 Information to competent authorities Crypto-asset service providers shall notify their competent authority without delay of any changes to their management body, prior to the exercise of activities by any new members, and shall provide their competent authority with…

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Matched: crypto-asset service provider — Article 70 Safekeeping of clients’ crypto-assets and funds 1. Crypto-asset service providers that hold crypto-assets belonging to clients or the means of access to such crypto-assets shall make adequate arrangements to safeguard the ownership rights of clients, especially in the event of…

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Matched: crypto-asset service provider — Article 71 Complaints-handling procedures 1. Crypto-asset service providers shall establish and maintain effective and transparent procedures for the prompt, fair and consistent handling of complaints received from clients and shall publish descriptions of those procedures.…

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Matched: crypto-asset service provider — Article 72 Identification, prevention, management and disclosure of conflicts of interest 1. Crypto-asset service providers shall implement and maintain effective policies and procedures, taking into account the scale, the nature and range of crypto-asset services provided, to identify, prevent, manage and disclose conflicts…

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Matched: authorisation, crypto-asset service provider — Article 73 Outsourcing 1. Crypto-asset service providers that outsource services or activities to third parties for the performance of operational functions shall take all reasonable steps to avoid additional operational risk. They shall remain fully responsible…

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Matched: crypto-asset service provider — Article 74 Orderly wind-down of crypto-asset service providers Crypto-asset service providers that provide the services referred to in Articles 75 to 79 shall have in place a plan that is appropriate to support an orderly wind-down of their activities under…

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Matched: registration, crypto-asset service provider — Article 75 Providing custody and administration of crypto-assets on behalf of clients 1. Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall conclude an agreement with their clients to specify their duties and their responsibilities. Such an agreement shall…

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Matched: crypto-asset service provider — Article 76 Operation of a trading platform for crypto-assets 1. Crypto-asset service providers operating a trading platform for crypto-assets shall lay down, maintain and implement clear and transparent operating rules for the trading platform. Those operating rules shall at least: (a) set…

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Matched: crypto-asset service provider — Article 77 Exchange of crypto-assets for funds or other crypto-assets 1. Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall establish a nondiscriminatory commercial policy that indicates, in particular, the type of clients they agree to transact with and…

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Matched: crypto-asset service provider — Article 78 Execution of orders for crypto-assets on behalf of clients 1. Crypto-asset service providers executing orders for crypto-assets on behalf of clients shall take all necessary steps to obtain, while executing orders, the best possible result for their clients taking into account factors of…

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Matched: crypto-asset service provider — Article 79 Placing of crypto-assets  1. Crypto-asset service providers placing crypto-assets shall communicate the following information to the offeror, to the person seeking admission to trading, or to any third party acting on their behalf, before entering into an…

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Matched: crypto-asset service provider — Article 80 Reception and transmission of orders for crypto-assets on behalf of clients 1. Crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall establish and implement procedures and arrangements that provide for the prompt and proper transmission of client orders…

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Matched: crypto-asset service provider — Article 81 Providing advice on crypto-assets and providing portfolio management of crypto-assets 1. Crypto-asset service providers providing advice on crypto-assets or providing portfolio management of crypto-assets shall assess whether the crypto-asset services or crypto-assets are suitable for their clients or prospective…

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Matched: crypto-asset service provider — Article 82 Providing transfer services for crypto-assets on behalf of clients 1. Crypto-asset service providers providing transfer services for crypto-assets on behalf of clients shall conclude an agreement with their clients to specify their duties and their responsibilities. Such agreement shall include…

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Matched: crypto-asset service provider — Article 83 Assessment of proposed acquisitions of crypto-asset service providers 1. Any natural or legal person or such persons acting in concert who have taken a decision either to acquire, directly or indirectly, (the ‘ proposed acquirer’) a qualifying holding in a crypto-asset…

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Matched: crypto-asset service provider — Article 84 Content of the assessment of proposed acquisitions of crypto-asset service providers 1. When performing the assessment referred to in Article 83(4), the competent authority shall appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition…

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Matched: authorisation, crypto-asset service provider — Article 85 Identification of significant crypto-asset service providers 1. A crypto-asset service provider shall be deemed significant if it has in the Union at least 15 million active users, on average, in one calendar year, where the average is calculated as the average…

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Matched: authorisation, crypto-asset service provider — …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…

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Matched: crypto-asset service provider — …person seeking admission to trading of crypto-assets, an issuer of an assetreferenced token or e-money token, or a crypto-asset service provider, it shall notify the competent authority of the home Member State and ESMA thereof. Where the irregularities referred to in the first subparagraph concern an issuer of an asset-referenced token or…

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Matched: crypto-asset service provider — …Regulation by offerors, persons seeking admission to trading, issuers of asset-referenced tokens or e-money tokens, or crypto-asset service providers. Complaints shall be accepted in writing, including electronically, and in an official language of the Member State in which the complaint is submitted, or in a language accepted by the competent…

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Matched: authorisation, crypto-asset service provider — Article 109 Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers 1. ESMA shall establish a register of: (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…

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Matched: authorisation, registration — …providing crypto-asset services, or any information on entities providing crypto-asset services without the necessary authorisation or registration submitted by the relevant supervisory authorities of third countries. 5. In the cases referred to in paragraph 4 of this Article, ESMA may apply the relevant supervisory and investigative powers of…

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Matched: authorisation, crypto-asset service provider — …in paragraph 1, first subparagraph, point (d), a temporary ban preventing 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 a crypto-asset service provider. 5. Member States shall, in accordance with their…

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Matched: crypto-asset service provider — …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. 2. In the exercise of their powers to impose administrative penalties and other administrative measures under Article 111, competent authorities shall cooperate closely…

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Matched: authorisation — …appeal before a court. The right of appeal before a court shall also apply where, in respect of an application for authorisation which provides all of the required information, no decision is taken within six months of its submission. 2. Member States shall provide that one or more of the following bodies, as determined by national law, may,…

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Matched: crypto-asset service provider — …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…

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Matched: authorisation, crypto-asset service provider — …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).…

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Matched: crypto-asset service provider — …subparagraph, point (h), with which an issuer of a significant assetreferenced 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…

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Matched: authorisation — …purposes of the investigation referred to in paragraph 1 shall exercise their powers upon the production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 132 where the required records, data, procedures or any…

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Matched: authorisation — …persons authorised by EBA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in Article 132 where the persons concerned do not submit to the inspection. 5. The issuer of the significant…

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Matched: crypto-asset service provider — …subparagraph, point (h), with which an issuer of a significant assetreferenced 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…

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Matched: authorisation, crypto-asset service provider — …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…

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Matched: crypto-asset service provider — …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…

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Matched: authorisation, crypto-asset service provider — …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…

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Matched: crypto-asset service provider — …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;…

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Matched: authorisation, crypto-asset service provider — …drawn up, notified and published in accordance with Articles 6, 8 and 9 and updated in accordance with Article 12. 3. Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024, may continue to do so until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article…

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Matched: crypto-asset service provider — …undertakings marketing their units or shares, issuers or offerors of cryptoassets, persons seeking admission to trading or crypto-asset service providers and the competent authorities that supervise them, within the relevant parts of, Directives 2002/87/EC and 2002/65/EC, including all directives, regulations, and decisions based on those acts, and…

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Matched: registration, crypto-asset service provider — ‘Article 8ad Scope and conditions of mandatory automatic exchange of information reported by Reporting Crypto-Asset Service Providers 1. Each Member State shall take the necessary measures to require Reporting Crypto-Asset Service Providers to fulfil the reporting requirements and carry out the due diligence procedures laid down…

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Matched: crypto-asset service provider — …Crypto-Asset other than a Central Bank Digital Currency, Electronic Money, or any Crypto-Asset for which the Reporting Crypto-Asset Service Provider has adequately determined that it cannot be used for payment or investment purposes. 14. The term “Exchange Transaction” means any: (a) exchange between Reportable Crypto-Assets and Fiat Currencies;…

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Matched: registration — …Section IV, subparagraph F(5), the introductory wording is replaced by the following: ‘5. The Member State of single registration shall remove a Reporting Platform Operator from the central register in the following cases:’.

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Matched: authorisation, registration, crypto-asset service provider — ‘ANNEX VI REPORTING REQUIREMENTS, DUE DILIGENCE PROCEDURES AND OTHER RULES APPLICABLE TO REPORTING CRYPTO-ASSET SERVICE PROVIDERS This Annex lays down the reporting requirements, due diligence procedures and other rules to be applied by the Reporting Crypto-Asset Service Providers in order to enable Member States to communicate,…

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Matched: registration, crypto-asset service provider — …admission to trading 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…

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Matched: authorisation, registration, crypto-asset service provider — …asset-referenced token 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…

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Matched: authorisation, registration, crypto-asset service provider — …the e-money token 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…

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Matched: crypto-asset service provider — ANNEX IV MINIMUM CAPITAL REQUIREMENTS FOR CRYPTO-ASSET SERVICE PROVIDERS Crypto-asset service providers Type of crypto-asset services Minimum capital requirements under Article 67(1), point (a)  Class 1 Crypto-asset service provider authorised for the following crypto-asset…

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Matched: authorisation, crypto-asset service provider — …Article 36(9) by not mandating an independent audit of the reserve of assets every six months, as of the date of its authorisation or as of the date of approval of the crypto-asset white paper pursuant to Article 17. 54. The issuer infringes Article 36(10) by not notifying to EBA the result of the audit in accordance with that paragraph or by…

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Matched: crypto-asset service provider — …of assets. 20. The issuer infringes Article 37(3) by not ensuring that the reserve assets are held in custody by a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, a credit institution or an investment firm by no later than five working days after the date of issuance of the significant…

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Matched: crypto-asset service provider — …lead to regulatory fragmentation, which would distort competition in the internal market, make it more difficult for crypto-asset service providers to scale up their activities on a cross-border basis and would give rise to regulatory arbitrage. Markets in crypto-assets are still modest in size and do not at present pose a threat to financial…

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Matched: crypto-asset service provider — …level of protection of retail holders and the integrity of markets in crypto-assets. A clear framework should enable crypto-asset service providers to scale up their businesses on a cross-border basis and facilitate their access to banking services to enable them to run their activities smoothly. A Union framework for markets in crypto-assets…

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Matched: crypto-asset service provider — …other environment-related adverse impact, are adequately identified and disclosed by issuers of crypto-assets and crypto-asset service providers. When determining whether adverse impacts are principal, account should be taken of the principle of proportionality and the size and volume of the crypto-asset issued. The European Supervisory Authority…

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Matched: crypto-asset service provider — …provides crypto-asset services on a professional basis in accordance with this Regulation should be deemed to be a ‘crypto-asset service provider’.

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Matched: crypto-asset service provider — …and obligations of issuers of crypto-assets, offerors, persons seeking admission to trading of crypto-assets and crypto-asset service providers. Where crypto-assets have no identifiable issuer, they should not fall within the scope of Title II, III or IV of this Regulation. Crypto-asset service providers providing services in respect of…

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Matched: crypto-asset service provider — …that acquire crypto-assets other than asset-referenced tokens or e-money tokens directly from the offeror, or from a crypto-asset service provider placing the crypto-assets on behalf of the offeror, should be provided with a right of withdrawal during a period of 14 days after their acquisition. In order to ensure the smooth completion of a…

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Matched: authorisation — …authorised the issuer of such crypto-assets to do so and has approved the relevant crypto-asset white paper. The authorisation requirement should however not apply where the asset-referenced tokens are addressed solely to qualified investors or where the offer to the public of the assetreferenced tokens is below EUR 5 000 000. In those cases,…

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Matched: authorisation — (44) Credit institutions authorised under Directive 2013/36/EU should not need another authorisation under this Regulation in order to offer or seek the admission to trading of asset-referenced tokens. National procedures established under that Directive should apply but should be complemented by a requirement to…

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Matched: authorisation — (45) A competent authority should refuse authorisation on objective and demonstrable grounds, including where the business model of the applicant issuer of asset-referenced tokens might pose a serious threat to market integrity, financial stability or the smooth operation…

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Matched: authorisation — …Regulation, its opinion should be binding insofar as it obliges a competent authority to refuse, withdraw or limit an authorisation of the issuer of asset-referenced tokens or to impose specific measures on the issuer of asset-referenced tokens. Article 263, first paragraph, TFEU provides that the Court of Justice of the European Union (the ‘Court…

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Matched: crypto-asset service provider — …prompt access to those reserve assets. The reserve assets should, depending on their nature, be held in custody by a crypto-asset service provider, by a credit institution authorised under Directive 2013/36/EU or by an investment firm authorised under Directive 2014/65/EU. That should not exclude the possibility of delegating the holding of…

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Matched: crypto-asset service provider — …reduce the risk that asset-referenced tokens are used as a store of value, issuers of asset-referenced tokens and crypto-asset service providers, when providing crypto-asset services related to asset-referenced tokens, should not grant interest to holders of asset-referenced tokens related to the length of time during which such holders are…

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Matched: crypto-asset service provider — …(‘on-chain’) or outside the distributed ledger (‘off-chain’), and including transactions between clients of the same crypto-asset service provider.

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Matched: authorisation — …transmission or monetary sovereignty, central banks should be able to request the competent authority to withdraw the authorisation of the issuer of those asset-referenced tokens. Where asset-referenced tokens pose a threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty, central banks should be…

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Matched: crypto-asset service provider — (68) To reduce the risk that e-money tokens are used as store of value, issuers of e-money tokens and crypto-asset service providers when they provide crypto-asset services related to e-money tokens, should not grant interest to holders of emoney tokens, including interest not related to the length of time that such holders hold…

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Matched: crypto-asset service provider — …risks, this Regulation provides operational, organisational and prudential requirements at Union level applicable to crypto-asset service providers.

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Matched: crypto-asset service provider — …integrity and financial stability. Regular close direct contact between supervisors and the responsible management of crypto-asset service providers should be an essential element of such supervision. Crypto-asset service providers should therefore have their place of effective management in the Union, and at least one of the directors should…

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Matched: crypto-asset service provider — …services provided on the own initiative of the client. In such a case, the third-country firm should be authorised as a crypto-asset service provider.

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Matched: authorisation, crypto-asset service provider — (76) Given the relatively small scale to date of crypto-asset service providers, the power to authorise and supervise such service providers should be conferred upon national competent authorities. Authorisation as a crypto-asset service provider should be granted, refused or…

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Matched: crypto-asset service provider — …system of the Union against the risks of money laundering and terrorist financing, it is necessary to ensure that crypto-asset service providers carry out increased checks on financial operations involving customers and financial institutions from third countries listed as high-risk third countries because they are jurisdictions which have…

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Matched: authorisation, crypto-asset service provider — …financial services should be allowed to provide all or some cryptoasset services without being required to obtain an authorisation as a crypto-asset service provider under this Regulation if they notify their competent authorities with certain information before providing those services for the first time. In such cases, those firms should be…

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Matched: crypto-asset service provider — (79) In order to ensure consumer protection, market integrity and financial stability, crypto-asset service providers should always act honestly, fairly and professionally and in the best interests of their clients. Crypto-asset services should be deemed ‘financial services’ as defined in Directive 2002/65/EC in…

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Matched: crypto-asset service provider — (80) To ensure consumer protection, crypto-asset service providers authorised under this Regulation should comply with certain prudential requirements. Those prudential requirements should be set as a fixed amount or in proportion to the fixed overheads of crypto-asset…

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Matched: crypto-asset service provider — (81) Crypto-asset service providers should be subject to strong organisational requirements. The members of the management body of crypto-asset service providers should be fit and proper and should, in particular, not have been convicted…

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Matched: crypto-asset service provider — (82) In order to ensure protection of their clients, crypto-asset service providers should have adequate arrangements to safeguard the clients’ ownership rights with respect to the crypto-assets they hold. Where their business model requires them to hold funds as defined in Directive…

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Matched: crypto-asset service provider — (83) Depending on the services they provide and due to the specific risks raised by each type of services, crypto-asset service providers should be subject to requirements specific to those services. Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients should conclude an agreement…

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Matched: crypto-asset service provider — (84) To ensure the orderly functioning of markets in crypto-assets, crypto-asset service providers operating a trading platform for crypto-assets should have detailed operating rules, should ensure that their systems and procedures are sufficiently resilient, should be subject to pre-trade and…

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Matched: crypto-asset service provider — (85) To ensure consumer protection, crypto-asset service providers that exchange crypto-assets for funds or other cryptoassets by using their own capital should draw up a non-discriminatory commercial policy. They should publish either firm quotes or the methodology…

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Matched: crypto-asset service provider — (86) Crypto-asset service providers that execute orders for crypto-assets on behalf of clients should draw up an execution policy and should always aim to obtain the best possible result for their clients, including when they act as…

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Matched: crypto-asset service provider — (87) When a crypto-asset service provider executing orders for crypto-assets on behalf of clients is the client’s counterparty, there might be similarities with the services of exchanging crypto-assets for funds or other crypto-assets. However,…

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Matched: crypto-asset service provider — (88) Crypto-asset service providers that place crypto-assets for potential holders should, before the conclusion of a contract, communicate to those persons information on how they intend to perform their service. To ensure the protection…

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Matched: crypto-asset service provider — (89) To ensure consumer protection, crypto-asset service providers that provide advice on crypto-assets, either at the request of a client or on their own initiative, or that provide portfolio management of crypto-assets, should make an assessment whether those…

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Matched: authorisation — …this Regulation. Electronic money institutions should therefore be able to provide custody services, without prior authorisation under this Regulation to provide crypto-asset services, only in relation to the e-money tokens issued by them.

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Matched: authorisation, crypto-asset service provider — …be able to distribute emoney tokens on behalf of issuers of e-money tokens without being required to obtain prior authorisation under this Regulation to provide crypto-asset services. Such distributors should, therefore, be exempt from the requirement to seek authorisation as a crypto-asset service provider for the activity of the placing…

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Matched: crypto-asset service provider — …that might be part of confirming a transaction and updating the state of the underlying distributed ledger. Many crypto-asset service providers also offer some kind of transfer service for crypto-assets as part of, for example, the service of providing custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets…

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Matched: crypto-asset service provider — …rules to deter market abuse for crypto-assets that are admitted to trading. However, as issuers of crypto-assets and crypto-asset service providers are very often SMEs, it would be disproportionate to apply all of the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council (21) to them. It is therefore necessary…

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Matched: crypto-asset service provider — …admission to trading of crypto-assets, including asset-referenced tokens or e-money tokens, as well as to supervise crypto-asset service providers. Those powers should include the power to suspend or prohibit an offer to the public or an admission to trading of crypto-assets or the provision of a crypto-asset service, and to investigate infringements…

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Matched: crypto-asset service provider — …persons seeking admission to trading of crypto-assets, including asset-referenced tokens or e-money tokens, and on crypto-asset service providers. When determining the type and level of an administrative penalty or other administrative measure, competent authorities should take into account all relevant circumstances, including the gravity…

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Matched: crypto-asset service provider — (101)To facilitate transparency regarding crypto-assets and crypto-asset service providers, ESMA should establish a register of crypto-asset white papers, issuers of asset-referenced tokens, issuers of e-money tokens and crypto-asset service providers.

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Matched: authorisation, crypto-asset service provider — …significant e-money tokens are admitted to trading, and the competent authorities of the most relevant entities and crypto-asset service providers ensuring the custody and administration of the significant asset-referenced tokens and of significant e-money tokens on behalf of holders. The college of supervisors for issuers of significant asset-referenced…

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Matched: crypto-asset service provider — …of this Regulation across the Union, including the adequate protection of holders of crypto-assets and clients of crypto-asset service providers, in particular when they are consumers, technical standards should be developed. It is efficient and appropriate to entrust EBA and ESMA, as bodies with highly specialised expertise, with the development…

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Matched: authorisation, crypto-asset service provider — …papers submitted by credit institutions when issuing asset-referenced tokens; the information that an application for authorisation as an issuer of asset-referenced tokens should contain; the methodology to estimate the quarterly average number and average aggregate value of transactions per day associated to uses of asset-referenced tokens and…

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Matched: authorisation, crypto-asset service provider — …establishing standard forms, templates and procedures to transmit information for the purposes of the application for authorisation as an issuer of asset-referenced tokens; establishing standard forms, formats and templates for the purposes of reporting on asset-referenced tokens and e-money tokens denominated in a currency which is not an official…

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Matched: crypto-asset service provider — …than asset-referenced tokens and e-money tokens, to issuers of asset-referenced tokens and e-money tokens and to crypto-asset service providers, and ensuring the proper functioning of markets in crypto-assets while ensuring the protection of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders,…

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Matched: crypto-asset service provider — (114)Since the national regulatory frameworks applicable to crypto-asset service providers before the entry into application of this Regulation differ among Member States, it is essential that those Member States that do not, at present, have in place strong prudential requirements for…

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Matched: crypto-asset service provider — …financial system for the Union economy, its citizens and businesses and to ensure that issuers of crypto-assets and crypto-asset service providers are covered by Regulations (EU) No 1093/2010 and (EU) No 1095/2010. Those Regulations should therefore be amended accordingly.

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Matched: crypto-asset service provider — …apply to transfers of cryptoassets, including transfers of crypto-assets executed by means of crypto-ATMs, where the crypto-asset service provider, or the intermediary crypto-asset service provider, of either the originator or the beneficiary has its registered office in the Union. 2. This Regulation shall not apply to the services listed in…

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Matched: crypto-asset service provider — …crypto-asset account or other device allowing the storage of crypto-assets to another, carried out by at least one crypto-asset service provider acting on behalf of either an originator or a beneficiary, irrespective of whether the originator and the beneficiary are the same person and irrespective of whether the crypto-asset service provider…

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Matched: crypto-asset service provider — …and whether it is to be reported to the FIU in accordance with Directive (EU) 2015/849. CHAPTER III Obligations on crypto-asset service providers Section 1 Obligations on the crypto-asset service provider of the originator

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Matched: crypto-asset service provider — Article 14 Information accompanying transfers of crypto-assets 1. The crypto-asset service provider of the originator shall ensure that transfers of crypto-assets are accompanied by the following information on the originator: (a) the name of the originator; (b) the originator's distributed ledger…

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Matched: crypto-asset service provider — …point (c), applies, or the unique transaction identifier, where Article 14(3) applies. Section 2 Obligations on the crypto-asset service provider of the beneficiary

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Matched: crypto-asset service provider — Article 16 Detection of missing information on the originator or the beneficiary 1. The crypto-asset service provider of the beneficiary shall implement effective procedures, including, where appro priate, monitoring after or during the transfers, in order to detect whether the information referred to in Article…

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Matched: crypto-asset service provider — …17 Transfers of crypto-assets with missing or incomplete information on the originator or the beneficiary 1. The crypto-asset service provider of the beneficiary shall implement effective risk-based procedures, including procedures based on the risk-sensitive basis referred to in Article 13 of Directive (EU) 2015/849, for determining whether…

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Matched: crypto-asset service provider — Article 18 Assessment and reporting The crypto-asset service provider of the beneficiary shall take into account missing or incomplete information on the originator or the beneficiary as a factor when assessing whether a transfer of crypto-assets, or any related transaction,…

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Matched: crypto-asset service provider — Article 19 Retention of information on the originator and the beneficiary accompanying the transfer Intermediary crypto-asset service providers shall ensure that all the information received on the originator and the beneficiary that accompanies a transfer of crypto-assets is transmitted with the transfer and that records of such information…

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Matched: crypto-asset service provider — Article 20 Detection of missing information on the originator or the beneficiary The intermediary crypto-asset service provider shall implement effective procedures, including, where appropriate, monitoring after or during the transfers, in order to detect whether the information on the originator or the beneficiary referred…

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Matched: crypto-asset service provider — Article 21 Transfers of crypto-assets with missing information on the originator or the beneficiary 1. The intermediary crypto-asset service provider shall establish effective risk-based procedures, including procedures based on the risk-sensitive basis referred to in Article 13 of Directive (EU) 2015/849, for determining whether to execute, reject,…

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Matched: crypto-asset service provider — Article 22 Assessment and reporting The intermediary crypto-asset service provider shall take into account missing information on the originator or the beneficiary as a factor when assessing whether a transfer of crypto-assets, or any related transaction, is suspicious, and whether…

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Matched: crypto-asset service provider — …policies, procedures and controls to ensure implementation of restrictive measures Payment service providers and crypto-asset service providers shall have in place internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures when performing transfers of funds and crypto-assets under this…

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Matched: crypto-asset service provider — Article 24 Provision of information Payment service providers and crypto-asset service providers shall respond fully and without delay, including by means of a central contact point in accordance with Article 45(9) of Directive (EU) 2015/849, where such a contact point has been appointed, and…

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Matched: crypto-asset service provider — …EBA is subject to Regulation (EU) 2018/1725. 2. Personal data shall be processed by payment service providers and crypto-asset service providers on the basis of this Regulation only for the purposes of the prevention of money laundering and terrorist financing and shall not be further processed in a way that is incompatible with those purposes.…

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Matched: crypto-asset service provider — …providers of the payer and of the payee shall retain records of the information referred to in Articles 4 to 7, and crypto-asset service providers of the originator and beneficiary shall retain records of the information referred to in Articles 14 to 16, for a period of five years. 2. Upon expiry of the retention period referred to in paragraph…

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Matched: crypto-asset service provider — …criminal law provisions. 2. Member States shall ensure that, where obligations apply to payment service providers and crypto-asset service providers, in the event of a breach of provisions of this Regulation sanctions or measures can, subject to national law, be applied to the members of the management body of the relevant service provider and…

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Matched: crypto-asset service provider — …transfer of funds with the required information on the payer or the payee, in breach of Article 4, 5 or 6, or by a crypto-asset service provider to accompany the transfer of crypto-assets with the required information on the originator and beneficiary, in breach of Article 14 or 15; (b) repeated, systematic or serious failure by a payment…

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Matched: crypto-asset service provider — …include at least those referred to in Article 61(2) of Directive (EU) 2015/849. 2. Payment service providers and crypto-asset service providers, in cooperation with the competent authorities, shall establish appropriate internal procedures for their employees, or persons in a comparable position, to report breaches internally through a secure,…

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Matched: crypto-asset service provider — …of this Regulation. By 30 June 2024, EBA shall issue guidelines addressed to the competent authorities and to the crypto-asset service providers on measures to be taken as regards the implementation of Articles 14 to 17 and Articles 19 to 22 of this Regulation. EBA shall issue guidelines specifying technical aspects of the application of…

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Matched: crypto-asset service provider — …measures provided for in this Regulation and of compliance with this Regulation by payment service providers and crypto-asset service providers; (b) an assessment of the technological solutions for complying with the obligations imposed on crypto-asset service providers under this Regulation, including of the latest development of technologically…

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Matched: crypto-asset service provider — …(g) and (h) are deleted; (2) Article 3 is amended as follows: (a) in point (2), the following point is added: `(g) crypto-asset service providers;'; (b) point (8) is replaced by the following: `(8) `correspondent relationship' means: (a) the provision of banking services by one bank as the correspondent to another bank as the respondent, including…

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Matched: crypto-asset service provider — …States shall, in addition to the customer due diligence measures laid down in Article 13 of this Directive, require crypto-asset service providers, when entering into a business relationship with such an entity, to: (a) determine if the respondent entity is licensed or registered; (b) gather sufficient information about the respondent entity…

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Matched: crypto-asset service provider — …institutions, including electronic money institutions exempted pursuant to Directive 2009/110/EC; (e) investment firms; (f) crypto-asset service providers as authorised under a Regulation of the European Parliament and of the Council on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU…

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Matched: authorisation, crypto-asset service provider — …would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law; (23) `critical ICT third-party service provider' means an ICT third-party service provider designated as critical in accordance with Article…

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Matched: authorisation — …purposes of the investigation referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 35(6) where the production of the required records, data,…

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Matched: authorisation — …officials and other persons authorised by the Lead Overseer shall exercise their powers upon production of a written authorisation specifying the subject matter and the purpose of the inspection, and the periodic penalty payments provided for in Article 35(6) where the representatives of the critical ICT third-party service providers concerned…

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Matched: crypto-asset service provider — …accordance with Article 4 of Directive (EU) 2019/2034 of the European Parliament and of the Council (38); (d) for crypto-asset service providers as authorised under the Regulation on markets in crypto-assets and issuers of assetreferenced tokens, the competent authority designated in accordance with the relevant provision of that Regulation;…

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Matched: registration — …standards specifying the details, other than for requirements related to ICT risk management, of the application for registration referred to in paragraph 1.'; (4) in Article 79, paragraphs 1 and 2 are replaced by the following: `1. A trade repository shall identify sources of operational risk and minimise them also through the development of…

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Matched: authorisation, registration — …to Article 49. However, in duly justified cases of urgency, the use of such systems may be commenced without the registration in the EU database, provided that such registration is completed without undue delay. 3. For the purposes of paragraph 1, first subparagraph, point (h) and paragraph 2, each use for the purposes of law enforcement…

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Matched: registration — …assessment before that system is placed on the market or put into service. Such provider shall be subject to the registration obligation set out in Article 49(2). Upon request of national competent authorities, the provider shall provide the documentation of the assessment. 5. The Commission shall, after consulting the European Artificial…

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Matched: registration — …accompanying documentation, to indicate conformity with this Regulation, in accordance with Article 48; (i) comply with the registration obligations referred to in Article 49(1); (j) take the necessary corrective actions and provide information as required in Article 20; (k) upon a reasoned request of a national competent authority, demonstrate the…

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Matched: registration — …particular to reduce and mitigate the risks posed by the high-risk AI system; (e) where applicable, comply with the registration obligations referred to in Article 49(1), or, if the registration is carried out by the provider itself, ensure that the information referred to in point 3 of Section A of Annex VIII is correct. The mandate shall…

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Matched: authorisation, registration — …AI systems that are public authorities, or Union institutions, bodies, offices or agencies shall comply with the registration obligations referred to in Article 49. When such deployers find that the high-risk AI system that they envisage using has not been registered in the EU database referred to in Article 71, they shall not use that system…

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Matched: authorisation — …relevant Member States and the conformity assessment body. In view thereof, the Commission shall decide whether the authorisation is justified. The Commission shall address its decision to the Member State concerned and to the relevant conformity assessment body.

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Matched: registration — …Article 31 or they ensure an equivalent level of compliance. SECTION 5 Standards, conformity assessment, certificates, registration

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Matched: authorisation — …health of persons, environmental protection or the protection of key industrial and infrastructural assets. That authorisation shall be for a limited period while the necessary conformity assessment procedures are being carried out, taking into account the exceptional reasons justifying the derogation. The completion of those procedures…

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Matched: registration — Article 49 Registration 1. Before placing on the market or putting into service a high-risk AI system listed in Annex III, with the exception of high-risk AI systems referred to in point 2 of Annex III, the provider or, where applicable,…

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Matched: authorisation — …national law does not provide for a tacit approval, the testing in real world conditions shall remain subject to an authorisation; (c) the provider or prospective provider, with the exception of providers or prospective providers of high-risk AI systems referred to in points 1, 6 and 7 of Annex III in the areas of law enforcement, migration,…

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Matched: registration — …drawn up; (d) the EU declaration of conformity referred to in Article 47 has not been drawn up correctly; (e) the registration in the EU database referred to in Article 71 has not been carried out; (f) where applicable, no authorised representative has been appointed; (g) technical documentation is not available. 2. Where the non-compliance…

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Matched: registration — ANNEX VIII Information to be submitted upon the registration of high-risk AI systems in accordance with Article 49 Section A -- Information to be submitted by providers of high-risk AI systems in accordance with Article 49(1) The following information shall be provided and…

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Matched: authorisation, registration — ANNEX IX Information to be submitted upon the registration of high-risk AI systems listed in Annex III in relation to testing in real world conditions in accordance with Article 60 The following information shall be provided and thereafter kept up to date with regard to testing…

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Matched: casp — …2 Q&A ESMA Possibility of natural persons and trusts / trustees to be ESMA_QA_2342 12 December 2024 authorised as CASPs 2. 2, 143 Q&A ESMA Crypto-asset services of a DLT MI ESMA_QA_2005 7 November 2023 3. 2(5) GL ESMA ESMA to issue guidelines on the conditions and criteria Final Guidelines Published 19 March for the qualification of crypto-assets…

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Matched: authorisation, crypto-asset service provider, casp — …............................................................................................. 4 3 Information to be included in the application for authorisation as a crypto-asset service provider .............................................................................................................................. 7 3.1 Background and legal basis .................…

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Matched: casp — …Assessment........................................................................................................ 30 5 Record keeping obligations for CASPs ...................................................................... 42 5.1 Background and legal basis ............................................................................... 42 5.2 Assessment..................…

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Matched: crypto-asset service provider, casp — …respond to this consultation paper. In particular, ESMA invites investors and their associations, crypto-asset issuers, crypto-asset service providers, offerors and persons seeking admission to trading of crypto-assets, financial entities dealing with crypto-assets and any other stakeholders that have an interest in the market for crypto-assets.…

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Matched: crypto-asset service provider, casp — …non-EU currency to comply with their reporting obligations. They also provide templates and related instructions that crypto-asset service providers (CASPs) must provide to issuers of ARTs and of EMTs denominated in a non-EU currency. Summary of document history Previous versions Current version Ongoing versions Draft Implementing Technical Standards…

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Matched: crypto-asset service provider, casp — …laundering directive (Directive (EU) 2015/849) AML Anti-money laundering ART Asset-referenced token CA Competent authority CASP Crypto-asset service provider CP Consultation paper CFT Countering financing of terrorism EBA European Banking Authority ECB European Central Bank EU European Union EMT E-money token FTR Funds Transfer Regulation (Regulation…

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Matched: crypto-asset service provider, casp — …EMTS DENOMINATED IN A NON-EU CURRENCY AS A MEANS OF EXCHANGE UNDER MICAR 1. Abbreviations ART Asset-referenced token CASP Crypto-asset service provider CP Consultation paper EBA European Banking Authority ECB European Central Bank EU European Union EMT E-money token FTR Funds Transfer Regulation (Regulation (EU) 2023/1113) ITS Implementing technical…

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