Regolamento art
MICAR sulle crypto testo multilingue 2023/1114 EN
BG CS DA DE EL EN ES ET FI FR GA HR HU IT LV LT MT NL PL PT RO SK SL SV print pdf
Index & defs
- 1 Article 3 Definitions
- 15 Article 18 Application for authorisation
- 6 Article 20 Assessment of the application for authorisation
- 6 Article 21 Grant or refusal of the authorisation
- 4 Article 44 Voluntary classification of asset-referenced tokens as significant asset-referenced tokens
- 1 Article 109 Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers
- distributed ledger technology
- distributed ledger
- consensus mechanism
- DLT network node
- crypto-asset
- asset-referenced token
- electronic money token
- official currency
- utility token
- issuer
- applicant issuer
- offer to the public
- offeror
- funds
- crypto-asset service provider
- crypto-asset service
- providing custody and administration of crypto-assets on behalf of clients
- operation of a trading platform for crypto-assets
- exchange of crypto-assets for funds
- exchange of crypto-assets for other crypto-assets
- execution of orders for crypto-assets on behalf of clients
- placing of crypto-assets
- reception and transmission of orders for crypto-assets on behalf of clients
- providing advice on crypto-assets
- providing portfolio management of crypto-assets
- providing transfer services for crypto-assets on behalf of clients
- management body
- credit institution
- investment firm
- qualified investors
- close links
- reserve of assets
- home Member State
- host Member State
- competent authority
- qualifying holding
- retail holder
- online interface
- client
- matched principal trading
- payment services
- payment service provider
- electronic money institution
- electronic money
- personal data
- payment institution
- UCITS management company
- alternative investment fund manager
- financial instrument
- deposit
- structured deposit
- This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
- This crypto-asset marketing communication has not been reviewed or approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset marketing communication.
- This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The issuer of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
- means 104
- crypto-assets 104
- article 91
- crypto-asset 81
- issuer 60
- shall 56
- directive 43
- point 38
- asset-referenced_tokens 37
- service 36
- referred 36
- trading 34
- defined 32
- applicant 32
- person 30
- admission 29
- services 29
- member 29
- behalf 28
- state 26
- e-money 25
- tokens 25
- clients 25
- authorisation 24
- provider 24
- application 24
- which 22
- more 22
- offeror 22
- regulation 21
- white 21
- information 20
- legal 20
- applicable 20
- //eu 20
- accordance 19
- asset-referenced_token 19
- authorities 19
- paragraph 18
- management 16
- seeking 16
- under 16
- competent_authority 16
- decision 16
- from 14
- first 14
- issuers 14
- working 14
- days 14
- draft 14
Article 3
Definitions
1. For the purposes of this Regulation, the following definitions apply:
| (1) | ‘ distributed_ledger_technology’ or ‘DLT’ means a technology that enables the operation and use of distributed_ledgers; |
| (2) | ‘ distributed_ledger’ means an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT_network_nodes using a consensus_mechanism; |
| (3) | ‘ consensus_mechanism’ means the rules and procedures by which an agreement is reached, among DLT_network_nodes, that a transaction is validated; |
| (4) | ‘ DLT_network_node’ means a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed_ledger; |
| (5) | ‘ crypto-asset’ means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed_ledger_technology or similar technology; |
| (6) | ‘ asset-referenced_token’ means a type of crypto-asset that is not an electronic_money_token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; |
| (7) | ‘ electronic_money_token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official_currency; |
| (8) | ‘ official_currency’ means an official_currency of a country that is issued by a central bank or other monetary authority; |
| (9) | ‘ utility_token’ means a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer; |
| (10) | ‘ issuer’ means a natural or legal person, or other undertaking, who issues 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 terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; |
| (13) | ‘ offeror’ means a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; |
| (14) | ‘ funds’ means funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; |
| (15) | ‘ crypto-asset service provider’ means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; |
| (16) | ‘ crypto-asset service’ means any of the following services and activities relating to any crypto-asset:
|
| (17) | ‘providing custody and administration of crypto-assets on behalf of clients’ means the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; |
| (18) | ‘operation of a trading platform for crypto-assets’ means the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets; |
| (19) | ‘exchange of crypto-assets for funds’ means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital; |
| (20) | ‘exchange of crypto-assets for other crypto-assets’ means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital; |
| (21) | ‘execution of orders for crypto-assets on behalf of clients’ means the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer_to_the_public or admission to trading; |
| (22) | ‘placing of crypto-assets’ means the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers; |
| (23) | ‘reception and transmission of orders for crypto-assets on behalf of clients’ means the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution; |
| (24) | ‘providing advice on crypto-assets’ means offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto-asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services; |
| (25) | ‘providing portfolio management of crypto-assets’ means managing portfolios in accordance with mandates given by clients on a discretionary client-by- client basis where such portfolios include one or more crypto-assets; |
| (26) | ‘providing transfer services for crypto-assets on behalf of clients’ means providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed_ledger address or account to another; |
| (27) | ‘ management_body’ means the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; |
| (28) | ‘ credit_institution’ means a credit_institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; |
| (29) | ‘ investment_firm’ means an investment_firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; |
| (30) | ‘ qualified_investors’ means persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU; |
| (31) | ‘ close_links’ means close_links as defined in Article 4(1), point (35), of Directive 2014/65/EU; |
| (32) | ‘ reserve_of_assets’ means the basket of reserve assets securing the claim against the issuer; |
| (33) | ‘ home_Member_State’ means:
|
| (34) | ‘ host_Member_State’ means the Member State where an offeror or person seeking admission to trading has made an offer_to_the_public of crypto-assets or is seeking admission to trading, or where a crypto-asset service provider provides crypto-asset services, where different from the home_Member_State; |
| (35) | ‘ competent_authority’ means one or more authorities:
|
| (36) | ‘ qualifying_holding’ means any direct or indirect holding in an issuer of asset-referenced_tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council (32), respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuer of asset-referenced_tokens or the management of the crypto-asset service provider in which that holding subsists; |
| (37) | ‘ retail_holder’ means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession; |
| (38) | ‘ online_interface’ means any software, including a website, part of a website or an application, that is operated by or on behalf of an offeror or crypto-asset service provider, and which serves to give holders of crypto-assets access to their crypto-assets and to give clients access to crypto-asset services; |
| (39) | ‘ client’ means any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; |
| (40) | ‘ matched_principal_trading’ means matched_principal_trading as defined in Article 4(1), point (38), of Directive 2014/65/EU; |
| (41) | ‘ payment_services’ means payment_services as defined in Article 4, point (3), of Directive (EU) 2015/2366; |
| (42) | ‘ payment_service_provider’ means a payment_service_provider as defined in Article 4, point (11), of Directive (EU) 2015/2366; |
| (43) | ‘ electronic_money_institution’ means an electronic_money_institution as defined in Article 2, point (1), of Directive 2009/110/EC; |
| (44) | ‘ electronic_money’ means electronic_money as defined in Article 2, point (2), of Directive 2009/110/EC; |
| (45) | ‘ personal_data’ means personal_data as defined in Article 4, point (1), of Regulation (EU) 2016/679; |
| (46) | ‘ payment_institution’ means a payment_institution as defined in Article 4, point (4), of Directive (EU) 2015/2366; |
| (47) | ‘ UCITS_management_company’ means a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council (33); |
| (48) | ‘ alternative_investment_fund_manager’ means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council (34); |
| (49) | ‘ financial_instrument’ means financial_instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; |
| (50) | ‘ deposit’ means a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; |
| (51) | ‘structured deposit’ means a structured deposit as defined in Article 4(1), point (43), of Directive 2014/65/EU. |
2. The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by further specifying technical elements of the definitions laid down in paragraph 1 of this Article, and to adjust those definitions to market developments and technological developments.
TITLE II
CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
Article 3
Definitions
1. For the purposes of this Regulation, the following definitions apply:
| (1) | ‘ distributed_ledger_technology’ or ‘DLT’ means a technology that enables the operation and use of distributed_ledgers; |
| (2) | ‘ distributed_ledger’ means an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT_network_nodes using a consensus_mechanism; |
| (3) | ‘ consensus_mechanism’ means the rules and procedures by which an agreement is reached, among DLT_network_nodes, that a transaction is validated; |
| (4) | ‘ DLT_network_node’ means a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed_ledger; |
| (5) | ‘ crypto-asset’ means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed_ledger_technology or similar technology; |
| (6) | ‘ asset-referenced_token’ means a type of crypto-asset that is not an electronic_money_token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; |
| (7) | ‘ electronic_money_token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official_currency; |
| (8) | ‘ official_currency’ means an official_currency of a country that is issued by a central bank or other monetary authority; |
| (9) | ‘ utility_token’ means a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer; |
| (10) | ‘ issuer’ means a natural or legal person, or other undertaking, who issues 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 terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; |
| (13) | ‘ offeror’ means a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; |
| (14) | ‘ funds’ means funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; |
| (15) | ‘ crypto-asset service provider’ means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; |
| (16) | ‘ crypto-asset service’ means any of the following services and activities relating to any crypto-asset:
|
| (17) | ‘providing custody and administration of crypto-assets on behalf of clients’ means the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; |
| (18) | ‘operation of a trading platform for crypto-assets’ means the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets; |
| (19) | ‘exchange of crypto-assets for funds’ means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital; |
| (20) | ‘exchange of crypto-assets for other crypto-assets’ means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital; |
| (21) | ‘execution of orders for crypto-assets on behalf of clients’ means the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer_to_the_public or admission to trading; |
| (22) | ‘placing of crypto-assets’ means the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers; |
| (23) | ‘reception and transmission of orders for crypto-assets on behalf of clients’ means the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution; |
| (24) | ‘providing advice on crypto-assets’ means offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto-asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services; |
| (25) | ‘providing portfolio management of crypto-assets’ means managing portfolios in accordance with mandates given by clients on a discretionary client-by- client basis where such portfolios include one or more crypto-assets; |
| (26) | ‘providing transfer services for crypto-assets on behalf of clients’ means providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed_ledger address or account to another; |
| (27) | ‘ management_body’ means the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; |
| (28) | ‘ credit_institution’ means a credit_institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; |
| (29) | ‘ investment_firm’ means an investment_firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; |
| (30) | ‘ qualified_investors’ means persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU; |
| (31) | ‘ close_links’ means close_links as defined in Article 4(1), point (35), of Directive 2014/65/EU; |
| (32) | ‘ reserve_of_assets’ means the basket of reserve assets securing the claim against the issuer; |
| (33) | ‘ home_Member_State’ means:
|
| (34) | ‘ host_Member_State’ means the Member State where an offeror or person seeking admission to trading has made an offer_to_the_public of crypto-assets or is seeking admission to trading, or where a crypto-asset service provider provides crypto-asset services, where different from the home_Member_State; |
| (35) | ‘ competent_authority’ means one or more authorities:
|
| (36) | ‘ qualifying_holding’ means any direct or indirect holding in an issuer of asset-referenced_tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council (32), respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuer of asset-referenced_tokens or the management of the crypto-asset service provider in which that holding subsists; |
| (37) | ‘ retail_holder’ means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession; |
| (38) | ‘ online_interface’ means any software, including a website, part of a website or an application, that is operated by or on behalf of an offeror or crypto-asset service provider, and which serves to give holders of crypto-assets access to their crypto-assets and to give clients access to crypto-asset services; |
| (39) | ‘ client’ means any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; |
| (40) | ‘ matched_principal_trading’ means matched_principal_trading as defined in Article 4(1), point (38), of Directive 2014/65/EU; |
| (41) | ‘ payment_services’ means payment_services as defined in Article 4, point (3), of Directive (EU) 2015/2366; |
| (42) | ‘ payment_service_provider’ means a payment_service_provider as defined in Article 4, point (11), of Directive (EU) 2015/2366; |
| (43) | ‘ electronic_money_institution’ means an electronic_money_institution as defined in Article 2, point (1), of Directive 2009/110/EC; |
| (44) | ‘ electronic_money’ means electronic_money as defined in Article 2, point (2), of Directive 2009/110/EC; |
| (45) | ‘ personal_data’ means personal_data as defined in Article 4, point (1), of Regulation (EU) 2016/679; |
| (46) | ‘ payment_institution’ means a payment_institution as defined in Article 4, point (4), of Directive (EU) 2015/2366; |
| (47) | ‘ UCITS_management_company’ means a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council (33); |
| (48) | ‘ alternative_investment_fund_manager’ means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council (34); |
| (49) | ‘ financial_instrument’ means financial_instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; |
| (50) | ‘ deposit’ means a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; |
| (51) | ‘structured deposit’ means a structured deposit as defined in Article 4(1), point (43), of Directive 2014/65/EU. |
2. The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by further specifying technical elements of the definitions laid down in paragraph 1 of this Article, and to adjust those definitions to market developments and technological developments.
TITLE II
CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
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 to the competent_authority of their home_Member_State.
2. The application referred to in paragraph 1 shall contain all of the following information:
| (a) | the address of the applicant issuer; |
| (b) | the legal entity identifier of the applicant issuer; |
| (c) | the articles of association of the applicant issuer, where applicable; |
| (d) | a programme of operations, setting out the business model that the applicant issuer intends to follow; |
| (e) | a legal opinion that the asset-referenced_token does not qualify as either of the following:
|
| (f) | a detailed description of the applicant issuer’s governance arrangements as referred to in Article 34(1); |
| (g) | where cooperation arrangements with specific crypto-asset service providers exist, a description of their internal control mechanisms and procedures to ensure compliance with the obligations in relation to the prevention of money laundering and terrorist financing under Directive (EU) 2015/849; |
| (h) | the identity of the members of the management_body of the applicant issuer; |
| (i) | proof that the persons referred to in point (h) are of sufficiently good repute and possess the appropriate knowledge, skills and experience to manage the applicant issuer; |
| (j) | proof that any shareholder or member, whether direct or indirect, that has a qualifying_holding in the applicant issuer is of sufficiently good repute; |
| (k) | a crypto-asset white paper as referred to in Article 19; |
| (l) | the policies and procedures referred to in Article 34(5), first subparagraph; |
| (m) | a description of the contractual arrangements with the third-party entities as referred to in Article 34(5), second subparagraph; |
| (n) | a description of the applicant issuer’s business continuity policy referred to in Article 34(9); |
| (o) | a description of the internal control mechanisms and risk management procedures referred to in Article 34(10); |
| (p) | a description of the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality of data as referred to in Article 34(11); |
| (q) | a description of the applicant issuer’s complaints-handling procedures as referred to in Article 31; |
| (r) | where applicable, a list of host_Member_States where the applicant issuer intends to offer the asset-referenced_token to the public or intends to seek admission to trading of the asset-referenced_token. |
3. Issuers that have already been authorised in respect of one asset-referenced_token shall not be required to submit, for the purposes of authorisation in respect of another asset-referenced_token, any information that was previously submitted by them to the competent_authority where such information would be identical. When submitting the information listed in paragraph 2, the issuer shall expressly confirm that any information not resubmitted is still up-to-date.
4. The competent_authority shall promptly, and in any event within two working days of receipt of an application pursuant to paragraph 1, acknowledge receipt thereof in writing to the applicant issuer.
5. For the purposes of paragraph 2, points (i) and (j), the applicant issuer of the asset-referenced_token shall provide proof of all of the following:
| (a) | for all members of the management_body, the absence of a criminal record in respect of convictions or the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability; |
| (b) | that the members of the management_body of the applicant issuer of the asset-referenced_token collectively possess the appropriate knowledge, skills and experience to manage the issuer of the asset-referenced_token and that those persons are required to commit sufficient time to perform their duties; |
| (c) | for all shareholders and members, whether direct or indirect, that have qualifying_holdings in the applicant issuer, the absence of a criminal record in respect of convictions and the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability. |
6. EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards to further specify the information referred to in paragraph 2.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
7. EBA, in close cooperation with ESMA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the information to be included in the application in order to ensure uniformity across the Union.
EBA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
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 white paper referred to in Article 19, comprises all of the required information. They shall immediately notify the applicant issuer whether the application, including the crypto-asset white paper, is missing required information. Where the application, including the crypto-asset white paper, is not complete, competent authorities shall set a deadline by which the applicant issuer is to provide any missing information.
2. Competent authorities shall, within 60 working days of receipt of a complete application, assess whether the applicant issuer complies with the requirements of this Title and take a fully reasoned draft decision granting or refusing authorisation. Within those 60 working days, competent authorities may request from the applicant issuer any information on the application, including on the crypto-asset white paper referred in Article 19.
During the assessment process, competent authorities may cooperate with competent authorities for anti-money laundering and counter-terrorist financing, financial intelligence units or other public bodies.
3. The assessment period under paragraphs 1 and 2 shall be suspended for the period between the date of request for missing information by the competent authorities and the receipt by them of a response thereto from the applicant issuer. The suspension shall not exceed 20 working days. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but shall not result in a suspension of the assessment period under paragraphs 1 and 2.
4. Competent authorities shall, after the period of 60 working days referred to in paragraph 2, transmit their draft decision and the application to EBA, ESMA and the ECB. Where the applicant issuer is established in a Member State whose official_currency is not the euro, or where an official_currency of a Member State that is not the euro is referenced by the asset-referenced_token, the competent authorities shall transmit their draft decision and the application also to the central bank of that Member State.
5. EBA and ESMA shall, at the request of the competent_authority, and within 20 working days of receipt of the draft decision and the application, issue an opinion as regards their evaluation of the legal opinion referred to in Article 18(2), point (e), and transmit their respective opinions to the competent_authority concerned.
The ECB or, where applicable, the central bank referred to in paragraph 4 shall, within 20 working days of receipt of the draft decision and the application, issue an opinion as regards its evaluation of the risks that issuing that asset-referenced_token might pose to financial stability, the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, and transmit its opinion to the competent_authority concerned.
Without prejudice to Article 21(4), the opinions referred to in the first and second subparagraphs of this paragraph shall be non-binding.
The competent_authority shall, however, duly consider the opinions referred in the first and second subparagraphs of this paragraph.
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 five working days of taking that decision, notify it to the applicant issuer. Where an applicant issuer is authorised, its crypto-asset white paper shall be deemed to be approved.
2. Competent authorities shall refuse authorisation where there are objective and demonstrable grounds that:
| (a) | the management_body of the applicant issuer might pose a threat to its effective, sound and prudent management and business continuity and to the adequate consideration of the interest of its clients and the integrity of the market; |
| (b) | members of the management_body do not meet the criteria set out in Article 34(2); |
| (c) | shareholders and members, whether direct or indirect, that have qualifying_holdings do not meet the criteria of sufficiently good repute set out in Article 34(4); |
| (d) | the applicant issuer fails to meet or is likely to fail to meet any of the requirements of this Title; |
| (e) | the applicant issuer’s business model might pose a serious threat to market integrity, financial stability, the smooth operation of payment systems, or exposes the issuer or the sector to serious risks of money laundering and terrorist financing. |
3. EBA and ESMA shall, by 30 June 2024, jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 and Article 16 of Regulation (EU) No 1095/2010, respectively, on the assessment of the suitability of the members of the management_body of issuers of asset-referenced_tokens and of the shareholders and members, whether direct or indirect, that have qualifying_holdings in issuers of asset-referenced_tokens.
4. Competent authorities shall also refuse authorisation if the ECB or, where applicable, the central bank gives a negative opinion under Article 20(5) on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty.
5. Competent authorities shall, within two working days of granting authorisation, communicate to the single point of contact of the host_Member_States, to ESMA, to EBA, to the ECB and, where applicable, to the central bank referred to in Article 20(4), the information specified in Article 109(3).
ESMA shall make such information available in the register, under Article 109(3), by the starting date of the offer_to_the_public or admission to trading.
6. Competent authorities shall inform EBA, ESMA, the ECB and, where applicable, the central bank referred to in Article 20(4), of all requests for authorisations refused, and provide the underlying reasoning for the decision and, where applicable, an explanation for any deviation from the opinions referred to in Article 20(5).
Article 44
Voluntary classification of asset-referenced_tokens as 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 shall immediately notify such request of the applicant issuer to EBA, to the ECB and, in the cases referred to in Article 43(4), to the central bank of the Member State concerned.
In order for an asset-referenced_token to be classified as significant under this Article, the applicant issuer of the asset-referenced_token shall demonstrate, through a detailed programme of operations referred to in Article 17(1), point (b)(i), and Article 18(2), point (d), that it is likely to fulfil at least three of the criteria set out in Article 43(1).
2. EBA shall, within 20 working days of the notification referred to in paragraph 1 of this Article, prepare a draft decision containing its opinion based on the programme of operations whether the asset-referenced_token fulfils or is likely to fulfil at least three of the criteria set out in Article 43(1) and notify that draft decision to the competent_authority of the applicant issuer’s home_Member_State, to the ECB and, in the cases referred to in Article 43(4), second subparagraph, to the central bank of the Member State concerned.
Competent authorities of issuers of such asset-referenced_tokens, the ECB and, where applicable, the central bank of the Member State concerned, shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
3. EBA shall take its final decision on whether to classify an asset-referenced_token as a significant asset-referenced_token within 60 working days of the notification referred to in paragraph 1 and immediately notify that decision to the applicant issuer of such asset-referenced_token and its competent_authority.
4. Where asset-referenced_tokens have been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 3 of this Article, the supervisory responsibilities with respect to issuers of those asset-referenced_tokens shall be transferred from the competent_authority to EBA on the date of the decision of the competent_authority to grant the authorisation referred to in Article 21(1) or on the date of approval of the crypto-asset white paper pursuant to Article 17.
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 e-money tokens; and |
| (d) | crypto-asset service providers. |
ESMA’s register shall be publicly available on its website and shall be updated on a regular basis. In order to facilitate such updating, the competent authorities shall communicate to ESMA any changes notified to them regarding the information specified in paragraphs 2 to 5.
The competent authorities shall provide ESMA with the data necessary for the classification of crypto-asset white papers in the register, as specified in accordance with paragraph 8.
2. As regards crypto-asset white papers for crypto-assets other than asset-referenced_tokens or e-money tokens, the register shall contain the crypto-asset white papers and any modified crypto-asset white papers. Any out-of-date versions of the crypto-asset white papers shall be kept in a separate archive and be clearly marked as out-of-date versions.
3. As regards issuers of asset-referenced_tokens, the register shall contain the following information:
| (a) | the name, legal form and legal entity identifier of the issuer; |
| (b) | the commercial name, physical address, telephone number, email and website of the issuer; |
| (c) | the crypto-asset white papers and any modified crypto-asset white papers, with the out-of-date versions of the crypto-asset white paper kept in a separate archive and clearly marked as out-of-date; |
| (d) | the list of host_Member_States where the applicant issuer intends to offer an asset-referenced_token to the public or intends to seek admission to trading of the asset-referenced_tokens; |
| (e) | the starting date, or, if not available at the time of the notification by the competent_authority, the intended starting date, of the offer_to_the_public or the admission to trading; |
| (f) | any other services provided by the issuer not covered by this Regulation, with a reference to the applicable Union or national law; |
| (g) | the date of authorisation to offer_to_the_public or seek the admission to trading of an asset-referenced_token or of authorisation as a credit_institution and, where applicable, of withdrawal of either authorisation. |
4. As regards issuers of e-money tokens, the register shall contain the following information:
| (a) | the name, legal form and legal entity identifier of the issuer; |
| (b) | the commercial name, physical address, telephone number, email and website of the issuer; |
| (c) | the crypto-asset white papers and any modified crypto-asset white papers, with the out-of-date versions of the crypto-asset white paper kept in a separate archive and clearly marked as out-of-date; |
| (d) | the starting date, or, if not available at the time of the notification by the competent_authority, the intended starting date, of the offer_to_the_public or the admission to trading; |
| (e) | any other services provided by the issuer not covered by this Regulation, with a reference to the applicable Union or national law; |
| (f) | the date of authorisation as a credit_institution or as an electronic_money_institution and, where applicable, of withdrawal of that authorisation. |
5. As regards crypto-asset service providers, the register shall contain the following information:
| (a) | the name, legal form and legal entity identifier of the crypto-asset service provider and, where applicable, of the branches of the crypto-asset service provider; |
| (b) | the commercial name, physical address, telephone number, email and website of the crypto-asset service provider and, where applicable, of the trading platform for crypto-assets operated by the crypto-asset service provider; |
| (c) | the name and address of the competent_authority that granted authorisation and its contact details; |
| (d) | the list of crypto-asset services provided by the crypto-asset service provider; |
| (e) | the list of host_Member_States in which the crypto-asset service provider intends to provide crypto-asset services; |
| (f) | the starting date, or, if not available at the time of the notification by the competent_authority, the intended starting date, of the provision of crypto-asset services; |
| (g) | any other services provided by the crypto-asset service provider not covered by this Regulation with a reference to the applicable Union or national law; |
| (h) | the date of authorisation and, where applicable, of the withdrawal of an authorisation. |
6. Competent authorities shall notify ESMA without delay of the measures listed in Article 94(1), first subparagraph, point (b), (c), (f), (l), (m), (n), (o) or (t), and of any public precautionary measures taken pursuant to Article 102 affecting the provision of crypto-asset services or the issuance, offer_to_the_public or use of crypto-assets. ESMA shall include such information in the register.
7. Any withdrawal of an authorisation of an issuer of an asset-referenced_token, of an issuer of an e-money token, or of a crypto-asset service provider, and any measure notified in accordance with paragraph 6, shall remain published in the register for five years.
8. ESMA shall develop draft regulatory technical standards to further specify the data necessary for the classification, by type of crypto-asset, of crypto-asset white papers, including the legal entity identifiers, in the register and specify the practical arrangements to ensure that such data is machine-readable.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
whereas