English EN

All Tools

Updated 27/07/2024

Metadata

In force since 29/06/2023

Version from: 09/01/2024

Level 2 legal acts in relation to MiCAR

Search for legal acts

Legislative procedure

Procedure 2020/0265/COD

Search within this legal act

Synchronised with EUR-Lex on 27/07/2024

MiCAR Tool Markets in Crypto-Assets Regulation (MiCAR)

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)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-3)Article 1 - Subject matter Q&A Article 2 - Scope Q&AGL Article 3 - Definitions Q&A

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

TITLE III - ASSET-REFERENCED TOKENS (Article 16-47)

CHAPTER 1 - Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading (Article 16-26)Article 16 - Authorisation Q&AGL Article 17 - Requirements for credit institutions RTSQ&AGL Article 18 - Application for authorisation ITSRTSQ&AGL Article 19 - Content and form of the crypto-asset white paper for asset-referenced tokens ITSRTSQ&A Article 20 - Assessment of the application for authorisation Q&A Article 21 - Grant or refusal of the authorisation Q&AGL Article 22 - Reporting on asset-referenced tokens ITSRTS Article 23 - Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange Article 24 - Withdrawal of the authorisation GL Article 25 - Modification of published crypto-asset white papers for asset-referenced tokens Article 26 - Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper

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

CHAPTER 3 - Reserve of assets (Article 36-40)Article 36 - Obligation to have a reserve of assets, and composition and management of such reserve of assets RTS Article 37 - Custody of reserve assets Article 38 - Investment of the reserve of assets RTS Article 39 - Right of redemption Article 40 - Prohibition of granting interest

CHAPTER 4 - Acquisitions of issuers of asset-referenced tokens (Article 41-42)Article 41 - Assessment of proposed acquisitions of issuers of asset-referenced tokens RTSGL Article 42 - Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens RTSQ&AGL

CHAPTER 5 - Significant asset-referenced tokens (Article 43-45)Article 43 - Classification of asset-referenced tokens as significant asset-referenced tokens DAQ&A Article 44 - Voluntary classification of asset-referenced tokens as significant asset-referenced tokens Article 45 - Specific additional obligations for issuers of significant asset-referenced tokens RTSQ&AGL

CHAPTER 6 - Recovery and redemption plans (Article 46-47)Article 46 - Recovery plan GL Article 47 - Redemption plan GL

TITLE IV - E-MONEY TOKENS (Article 48-58)

CHAPTER 1 - Requirements to be fulfilled by all issuers of e-money tokens (Article 48-55)Article 48 - Requirements for the offer to the public or admission to trading of e-money tokens RTSQ&A Article 49 - Issuance and redeemability of e-money tokens Q&A Article 50 - Prohibition of granting interest Q&A Article 51 - Content and form of the crypto-asset white paper for e-money tokens ITSRTSQ&A Article 52 - Liability of issuers of e-money tokens for the information given in a crypto-asset white paper Article 53 - Marketing communications Article 54 - Investment of funds received in exchange for e-money tokens Article 55 - Recovery and redemption plans GL

CHAPTER 2 - Significant e-money tokens (Article 56-58)Article 56 - Classification of e-money tokens as significant e-money tokens DAQ&A Article 57 - Voluntary classification of e-money tokens as significant e-money tokens Article 58 - Specific additional obligations for issuers of e-money tokens ITSRTSQ&A

TITLE V - AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS (Article 59-85)

CHAPTER 1 - Authorisation of crypto-asset service providers (Article 59-65)Article 59 - Authorisation Q&A Article 60 - Provision of crypto-asset services by certain financial entities ITSRTSQ&AGL Article 61 - Provision of crypto-asset services at the exclusive initiative of the client GL Article 62 - Application for authorisation as a crypto-asset service provider ITSRTSGL Article 63 - Assessment of the application for authorisation and grant or refusal of authorisation Q&AGL Article 64 - Withdrawal of authorisation of a crypto-asset service provider GL Article 65 - Cross-border provision of crypto-asset services

CHAPTER 2 - Obligations for all crypto-asset service providers (Article 66-74)Article 66 - Obligation to act honestly, fairly and professionally in the best interests of clients RTSGL Article 67 - Prudential requirements Q&A Article 68 - Governance arrangements RTSQ&AGL Article 69 - Information to competent authorities Article 70 - Safekeeping of clients’ crypto-assets and funds Article 71 - Complaints-handling procedures RTS Article 72 - Identification, prevention, management and disclosure of conflicts of interest RTS Article 73 - Outsourcing Q&A Article 74 - Orderly wind-down of crypto-asset service providers

CHAPTER 3 - Obligations in respect of specific crypto-asset services (Article 75-82)Article 75 - Providing custody and administration of crypto-assets on behalf of clients Article 76 - Operation of a trading platform for crypto-assets RTS Article 77 - Exchange of crypto-assets for funds or other crypto-assets Q&A 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 behalf of clients Q&A Article 81 - Providing advice on crypto-assets and providing portfolio management of crypto-assets GL Article 82 - Providing transfer services for crypto-assets on behalf of clients Q&AGL

CHAPTER 4 - Acquisition of crypto-asset service providers (Article 83-84)Article 83 - Assessment of proposed acquisitions of crypto-asset service providers RTSGL Article 84 - Content of the assessment of proposed acquisitions of crypto-asset service providers RTSQ&AGL

CHAPTER 5 - Significant crypto-asset service providers (Article 85)Article 85 - Identification of significant crypto-asset service providers

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

TITLE VII - COMPETENT AUTHORITIES, EBA AND ESMA (Article 93-138)

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

CHAPTER 2 - ESMA register (Article 109-110a)Article 109 - Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers RTS Article 110 - Register of non-compliant entities providing crypto-asset services Article 110a - Accessibility of information on the European single access point

CHAPTER 3 - Administrative penalties and other administrative measures by competent authorities (Article 111-116)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 measures to ESMA and EBA Article 116 - Reporting of infringements and protection of reporting persons

CHAPTER 4 - Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors (Article 117-120)Article 117 - Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens Article 118 - EBA crypto-asset committee Article 119 - Colleges for issuers of significant asset-referenced tokens and significant e-money tokens RTS Article 120 - Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens

CHAPTER 5 - EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens (Article 121-138)Article 121 - Legal privilege 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 between EBA and third countries Article 127 - Disclosure of information from third countries Article 128 - Cooperation with other authorities Article 129 - 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 periodic penalty payments Article 134 - Procedural rules for taking supervisory measures and imposing fines DA Article 135 - Hearing of the persons concerned Article 136 - Review by the Court of Justice Article 137 - Supervisory fees DA Article 138 - Delegation of tasks by EBA to competent authorities

TITLE VIII - DELEGATED ACTS (Article 139)Article 139 - Exercise of the delegation

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

ANNEX I ANNEX II ANNEX III ANNEX IV ANNEX V ANNEX VI

contact@judict.eu

© All rights reserved. Made with

❤️

in Berlin.

About FAQ Give Feedback Privacy Notice Legal Notice

Subscribe to our newsletter

*Subscribe to our newsletter to receive updates,
offers, product information and custom content.