Updated 24/04/2024
In force since 29/06/2023

Version from: 09/01/2024
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Markets in Crypto-Assets Regulation (MiCAR)

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance)

Recitals
Article 4 - Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokensArticle 5 - Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens RTSArticle 6 - Content and form of the crypto-asset white paper ITSRTSQ&AArticle 7 - Marketing communications Q&AArticle 8 - Notification of the crypto-asset white paper and of the marketing communications Q&AArticle 9 - Publication of the crypto-asset white paper and of the marketing communicationsArticle 10 - Result of the offer to the public and safeguarding arrangementsArticle 11 - Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 12 - Modification of published crypto-asset white papers and of published marketing communicationsArticle 13 - Right of withdrawalArticle 14 - Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens Q&AGLArticle 15 - Liability for the information given in a crypto-asset white paper Q&A
Article 16 - Authorisation Q&AGLArticle 17 - Requirements for credit institutions RTSQ&AArticle 18 - Application for authorisation ITSRTSQ&AGLArticle 19 - Content and form of the crypto-asset white paper for asset-referenced tokens ITSRTSQ&AArticle 20 - Assessment of the application for authorisation Q&AArticle 21 - Grant or refusal of the authorisation Q&AGLArticle 22 - Reporting on asset-referenced tokens ITSRTSArticle 23 - Restrictions on the issuance of asset-referenced tokens used widely as a means of exchangeArticle 24 - Withdrawal of the authorisation GLArticle 25 - Modification of published crypto-asset white papers for asset-referenced tokensArticle 26 - Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper
Article 27 - Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokensArticle 28 - Publication of the crypto-asset white paperArticle 29 - Marketing communicationsArticle 30 - Ongoing information to holders of asset-referenced tokensArticle 31 - Complaints-handling procedures RTSArticle 32 - Identification, prevention, management and disclosure of conflicts of interest RTSArticle 33 - Notification of changes to management bodyArticle 34 - Governance arrangements RTSGLArticle 35 - Own funds requirements RTS
Article 48 - Requirements for the offer to the public or admission to trading of e-money tokens RTSQ&AArticle 49 - Issuance and redeemability of e-money tokens Q&AArticle 50 - Prohibition of granting interest Q&AArticle 51 - Content and form of the crypto-asset white paper for e-money tokens ITSRTSQ&AArticle 52 - Liability of issuers of e-money tokens for the information given in a crypto-asset white paperArticle 53 - Marketing communicationsArticle 54 - Investment of funds received in exchange for e-money tokensArticle 55 - Recovery and redemption plans GL
Article 59 - Authorisation Q&AArticle 60 - Provision of crypto-asset services by certain financial entities ITSRTSQ&AGLArticle 61 - Provision of crypto-asset services at the exclusive initiative of the client GLArticle 62 - Application for authorisation as a crypto-asset service provider ITSRTSGLArticle 63 - Assessment of the application for authorisation and grant or refusal of authorisation Q&AGLArticle 64 - Withdrawal of authorisation of a crypto-asset service provider GLArticle 65 - Cross-border provision of crypto-asset services
Article 66 - Obligation to act honestly, fairly and professionally in the best interests of clients RTSGLArticle 67 - Prudential requirements Q&AArticle 68 - Governance arrangements RTSGLArticle 69 - Information to competent authoritiesArticle 70 - Safekeeping of clients’ crypto-assets and fundsArticle 71 - Complaints-handling procedures RTSArticle 72 - Identification, prevention, management and disclosure of conflicts of interest RTSArticle 73 - Outsourcing Q&AArticle 74 - Orderly wind-down of crypto-asset service providers
Article 75 - Providing custody and administration of crypto-assets on behalf of clientsArticle 76 - Operation of a trading platform for crypto-assets RTSArticle 77 - Exchange of crypto-assets for funds or other crypto-assetsArticle 78 - Execution of orders for crypto-assets on behalf of clientsArticle 79 - Placing of crypto-assetsArticle 80 - Reception and transmission of orders for crypto-assets on behalf of clients Q&AArticle 81 - Providing advice on crypto-assets and providing portfolio management of crypto-assets GLArticle 82 - Providing transfer services for crypto-assets on behalf of clients Q&AGL
Article 93 - Competent authoritiesArticle 94 - Powers of competent authoritiesArticle 95 - Cooperation between competent authorities ITSRTSArticle 96 - Cooperation with EBA and ESMA ITSArticle 97 - Promotion of convergence on the classification of crypto-assetsArticle 98 - Cooperation with other authoritiesArticle 99 - Duty of notificationArticle 100 - Professional secrecyArticle 101 - Data protectionArticle 102 - Precautionary measuresArticle 103 - ESMA temporary intervention powersArticle 104 - EBA temporary intervention powersArticle 105 - Product intervention by competent authoritiesArticle 106 - Coordination with ESMA or EBAArticle 107 - Cooperation with third countries ITSArticle 108 - Complaints-handling by competent authorities
Article 111 - Administrative penalties and other administrative measuresArticle 112 - Exercise of supervisory powers and powers to impose penaltiesArticle 113 - Right of appealArticle 114 - Publication of decisionsArticle 115 - Reporting of administrative penalties and other administrative measures to ESMA and EBAArticle 116 - Reporting of infringements and protection of reporting persons
Article 117 - Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokensArticle 118 - EBA crypto-asset committeeArticle 119 - Colleges for issuers of significant asset-referenced tokens and significant e-money tokens RTSArticle 120 - Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens
Article 121 - Legal privilege Article 122 - Request for informationArticle 123 - General investigative powersArticle 124 - On-site inspectionsArticle 125 - Exchange of informationArticle 126 - Administrative agreements on the exchange of information between EBA and third countriesArticle 127 - Disclosure of information from third countriesArticle 128 - Cooperation with other authoritiesArticle 129 - Professional secrecyArticle 130 - Supervisory measures by EBAArticle 131 - FinesArticle 132 - Periodic penalty paymentsArticle 133 - Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 134 - Procedural rules for taking supervisory measures and imposing finesArticle 135 - Hearing of the persons concernedArticle 136 - Review by the Court of JusticeArticle 137 - Supervisory fees Article 138 - Delegation of tasks by EBA to competent authorities
Article 140 - Reports on the application of this RegulationArticle 141 - ESMA annual report on market developmentsArticle 142 - Report on latest developments in crypto-assetsArticle 143 - Transitional measures Q&AArticle 144 - Amendment to Regulation (EU) No 1093/2010Article 145 - Amendment to Regulation (EU) No 1095/2010Article 146 - Amendment to Directive 2013/36/EUArticle 147 - Amendment to Directive (EU) 2019/1937Article 148 - Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937Article 149 - Entry into force and application
ANNEX IANNEX IIANNEX IIIANNEX IVANNEX VANNEX VI