Regolamento art MICAR sulle crypto testo multilingue 2023/1114 EN

1.   Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced_token in any of the following situations:

The issuer of the asset-referenced_token shall notify its competent_authority of any of the situations referred to in the first subparagraph, points (e) and (f).

2.   Competent authorities shall also withdraw the authorisation of an issuer of an asset-referenced_token when the ECB or, where applicable, the central bank referred to in Article 20(4), issues an opinion that the asset-referenced_token poses a serious threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.

3.   Competent authorities shall limit the amount of an asset-referenced_token to be issued or impose a minimum denomination amount in respect of the asset-referenced_token when the ECB or, where applicable, the central bank referred to in Article 20(4), issues an opinion that the asset-referenced_token poses a threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty, and specify the applicable limit or minimum denomination amount.

4.   The relevant competent authorities shall notify the competent_authority of an issuer of an asset-referenced_token, without delay, of the following situations:

5.   Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced_token where they are of the opinion that the situations referred to in paragraph 4 of this Article affect the good repute of the members of the management_body of that issuer or the good repute of any shareholders or members, whether direct or indirect, that have qualifying_holdings in the issuer, or if there is an indication of a failure of the governance arrangements or internal control mechanisms as referred to in Article 34.

When the authorisation is withdrawn, the issuer of the asset-referenced_token shall implement the procedure under Article 47.

6.   Competent authorities shall, within two working days of withdrawing authorisation, communicate to ESMA the withdrawal of the authorisation of the issuer of the asset-referenced_token. ESMA shall make the information on such withdrawal available in the register referred to in Article 109 without undue delay.

1.   Any marketing communications relating to an offer_to_the_public of an asset-referenced_token, or to the admission to trading of such asset-referenced_token, shall comply with all of the following requirements:

2.   Marketing communications shall contain a clear and unambiguous statement that the holders of the asset-referenced_token have a right of redemption against the issuer at any time.

3.   Marketing communications and any modifications thereto shall be published on the issuer’s website.

4.   Competent authorities shall not require prior approval of marketing communications before their publication.

5.   Marketing communications shall be notified to competent authorities upon request.

6.   No marketing communications shall be disseminated prior to the publication of the crypto-asset white paper. Such restriction does not affect the ability of the issuer of the asset-referenced_token to conduct market soundings.

1.   Issuers of asset-referenced_tokens shall have robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which they are or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.

2.   Members of the management_body of issuers of asset-referenced_tokens shall be of sufficiently good repute and possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties. In particular, they shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute. They shall also demonstrate that they are capable of committing sufficient time to effectively perform their duties.

3.   The management_body of issuers of asset-referenced_tokens shall assess and periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2, 3, 5 and 6 of this Title and take appropriate measures to address any deficiencies in that respect.

4.   Shareholders or members, whether direct or indirect, that have qualifying_holdings in issuers of asset-referenced_tokens shall be of sufficiently good repute and, in particular, shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute.

5.   Issuers of asset-referenced_tokens shall adopt policies and procedures that are sufficiently effective to ensure compliance with this Regulation. Issuers of asset-referenced_tokens shall establish, maintain and implement, in particular, policies and procedures on:

Where issuers of asset-referenced_tokens enter into arrangements as referred to in the first subparagraph, point (h), those arrangements shall be set out in a contract with the third-party entities. Those contractual arrangements shall set out the roles, responsibilities, rights and obligations both of the issuers of asset-referenced_tokens and of the third-party entities. Any contractual arrangement with cross-jurisdictional implications shall provide for an unambiguous choice of applicable law.

6.   Unless they have initiated a redemption plan referred to in Article 47, issuers of asset-referenced_tokens shall employ appropriate and proportionate systems, resources and procedures to ensure the continued and regular performance of their services and activities. To that end, issuers of asset-referenced_tokens shall maintain all of their systems and security access protocols in conformity with the appropriate Union standards.

7.   If the issuer of an asset-referenced_token decides to discontinue the provision of its services and activities, including by discontinuing the issue of that asset-referenced_token, it shall submit a plan to the competent_authority for approval of such discontinuation.

8.   Issuers of asset-referenced_tokens shall identify sources of operational risk and minimise those risks through the development of appropriate systems, controls and procedures.

9.   Issuers of asset-referenced_tokens shall establish a business continuity policy and plans to ensure, in the case of an interruption of their ICT systems and procedures, the preservation of essential data and functions and the maintenance of their activities or, where that is not possible, the timely recovery of such data and functions and the timely resumption of their activities.

10.   Issuers of asset-referenced_tokens shall have in place internal control mechanisms and effective procedures for risk management, including effective control and safeguard arrangements for managing ICT systems as required by Regulation (EU) 2022/2554 of the European Parliament and of the Council (37). The procedures shall provide for a comprehensive assessment relating to the reliance on third-party entities as referred to in paragraph 5, first subparagraph, point (h), of this Article. Issuers of asset-referenced_tokens shall monitor and evaluate on a regular basis the adequacy and effectiveness of the internal control mechanisms and procedures for risk assessment and take appropriate measures to address any deficiencies in that respect.

11.   Issuers of asset-referenced_tokens shall have systems and procedures in place that are adequate to safeguard the availability, authenticity, integrity and confidentiality of data as required by Regulation (EU) 2022/2554 and in line with Regulation (EU) 2016/679. Those systems shall record and safeguard relevant data and information collected and produced in the course of the issuers’ activities.

12.   Issuers of asset-referenced_tokens shall ensure that they are regularly audited by independent auditors. The results of those audits shall be communicated to the management_body of the issuer concerned and made available to the competent_authority.

13.   By 30 June 2024, EBA, in close cooperation with ESMA and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 specifying the minimum content of the governance arrangements on:

When issuing the guidelines referred to in the first subparagraph, EBA shall take into account the provisions on governance requirements in other Union legislative acts on financial services, including Directive 2014/65/EU.

1.   Issuers of asset-referenced_tokens shall constitute and at all times maintain a reserve_of_assets.

The reserve_of_assets shall be composed and managed in such a way that:

2.   The reserve_of_assets shall be legally segregated from the issuers’ estate, as well as from the reserve_of_assets of other asset-referenced_tokens, in the interests of the holders of asset-referenced_tokens in accordance with applicable law, so that creditors of the issuers have no recourse to the reserve_of_assets, in particular in the event of insolvency.

3.   Issuers of asset-referenced_tokens shall ensure that the reserve_of_assets is operationally segregated from their estate, as well as from the reserve_of_assets of other tokens.

4.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards further specifying the liquidity requirements, taking into account the size, complexity and nature of the reserve_of_assets and of the asset-referenced_token itself.

The regulatory technical standards shall establish in particular:

For the purposes of points (a), (b) and (c) of the second subparagraph, EBA shall take into account, amongst others, the relevant thresholds laid down in Article 52 of Directive 2009/65/EC.

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.

5.   Issuers that offer two or more asset-referenced_tokens to the public shall operate and maintain segregated pools of reserves of assets for each asset-referenced_token. Each of those pools of reserves of assets shall be managed separately.

Where different issuers of asset-referenced_tokens offer the same asset-referenced_token to the public, those issuers shall operate and maintain only one reserve_of_assets for that asset-referenced_token.

6.   The management bodies of issuers of asset-referenced_tokens shall ensure the effective and prudent management of the reserve_of_assets. The issuers shall ensure that the issuance and redemption of asset-referenced_tokens is always matched by a corresponding increase or decrease in the reserve_of_assets.

7.   The issuer of an asset-referenced_token shall determine the aggregate value of the reserve_of_assets by using market prices. Its aggregate value shall be at least equal to the aggregate value of the claims against the issuer from the holders of the asset-referenced_token in circulation.

8.   Issuers of asset-referenced_tokens shall have a clear and detailed policy describing the stabilisation mechanism of such tokens. That policy shall in particular:

9.   Without prejudice to Article 34(12), issuers of asset-referenced_tokens shall mandate an independent audit of the 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 without delay, and at the latest within six weeks of the reference date of the valuation. The issuer shall publish the result of the audit within two weeks of the date of notification to the competent_authority. The competent_authority may instruct an issuer to delay the publication of the results of the audit in the event that:

11.   The valuation at market prices referred to in paragraph 7 of this Article shall be made by using mark-to-market, as defined in Article 2, point (8), of Regulation (EU) 2017/1131 of the European Parliament and of the Council (38) whenever possible.

When using mark-to-market valuation the reserve asset shall be valued at the more prudent side of the bid and offer unless the reserve asset can be closed out at mid-market. Only market data of good quality shall be used, and such data shall be assessed based on all of the following factors:

12.   Where use of mark-to-market as referred to in paragraph 11 of this Article is not possible or the market data is not of sufficiently good quality, the reserve asset shall be valued conservatively by using mark-to-model, as defined in Article 2, point (9), of Regulation (EU) 2017/1131.

The model shall accurately estimate the intrinsic value of the reserve asset, based on all of the following up-to-date key factors:

When using mark-to-model, the amortised cost method, as defined in Article 2, point (10), of Regulation (EU) 2017/1131, shall not be used.

1.   Issuers of asset-referenced_tokens shall establish, maintain and implement custody policies, procedures and contractual arrangements that ensure at all times that:

2.   Issuers of asset-referenced_tokens that issue two or more asset-referenced_tokens in the Union shall have a custody policy in place for each pool of reserve_of_assets. Different issuers of asset-referenced_tokens that have issued the same asset-referenced_token shall operate and maintain a single custody policy.

3.   The reserve assets shall be held in custody by no later than five working days after the date of issuance of the asset-referenced_token by one or more of the following:

4.   Issuers of asset-referenced_tokens shall exercise all due skill, care and diligence in the selection, appointment and review of crypto-asset service providers, credit_institutions and investment_firms appointed as custodians of the reserve assets as referred to in paragraph 3. The custodian shall be a legal person different from the issuer.

Issuers of asset-referenced_tokens shall ensure that the crypto-asset service providers, credit_institutions and investment_firms appointed as custodians of the reserve assets as referred to in paragraph 3 have the necessary expertise and market reputation to act as custodians of such reserve assets, taking into account the accounting practices, safekeeping procedures and internal control mechanisms of those crypto-asset service providers, credit_institutions and investment_firms. The contractual arrangements between the issuers of asset-referenced_tokens and the custodians shall ensure that the reserve assets held in custody are protected against claims of the custodians’ creditors.

5.   The custody policies and procedures referred to in paragraph 1 shall set out the selection criteria for the appointment of crypto-asset service providers, credit_institutions or investment_firms as custodians of the reserve assets and the procedure for reviewing such appointment.

Issuers of asset-referenced_tokens shall review the appointment of crypto-asset service providers, credit_institutions or investment_firms as custodians of the reserve assets on a regular basis. For the purpose of that review, issuers of asset-referenced_tokens shall evaluate their exposures to such custodians, taking into account the full scope of their relationship with them, and monitor the financial conditions of such custodians on an ongoing basis.

6.   Custodians of the reserve assets as referred to in paragraph 4 shall ensure that the custody of those reserve assets is carried out in the following manner:

For the purposes of point (a) of the first subparagraph, credit_institutions shall ensure that funds are registered in the credit_institutions’ books on a segregated account in accordance with the provisions of national law transposing Article 16 of Commission Directive 2006/73/EC (40). That account shall be opened in the name of the issuer of the asset-referenced_tokens for the purposes of managing the reserve assets of each asset-referenced_token, so that the funds held in custody can be clearly identified as belonging to each reserve_of_assets.

For the purposes of point (b) of the first subparagraph, credit_institutions and investment_firms shall ensure that all financial_instruments that can be registered in a financial_instruments account opened in the credit_institutions’ books and investment_firms’ books are registered in the credit_institutions’ and investment_firms’ books on segregated accounts in accordance with the provisions of national law transposing Article 16 of Directive 2006/73/EC. The financial_instruments account shall be opened in the name of the issuers of the asset-referenced_tokens for the purposes of managing the reserve assets of each asset-referenced_token, so that the financial_instruments held in custody can be clearly identified as belonging to each reserve_of_assets.

For the purposes of point (c) of the first subparagraph, crypto-asset service providers shall open a register of positions in the name of the issuers of the asset-referenced_tokens for the purposes of managing the reserve assets of each asset-referenced_token, so that the crypto-assets held in custody can be clearly identified as belonging to each reserve_of_assets.

For the purposes of point (d) of the first subparagraph, the assessment whether issuers of asset-referenced_tokens own the reserve assets shall be based on information or documents provided by the issuers of the asset-referenced_tokens and, where available, on external evidence.

7.   The appointment of crypto-asset service providers, credit_institutions or investment_firms as custodians of the reserve assets as referred to in paragraph 4 of this Article shall be evidenced by a contractual arrangement as referred to in Article 34(5), second subparagraph. Those contractual arrangements shall, amongst others, regulate the flow of information necessary to enable the issuers of the asset-referenced_tokens and the crypto-asset service providers, credit_institutions and investment_firms to perform their functions as custodians.

8.   The crypto-asset service providers, credit_institutions and investment_firms appointed as custodians in accordance with paragraph 4 shall act honestly, fairly, professionally, independently and in the interest of the issuers of the asset-referenced_tokens and the holders of such tokens.

9.   The crypto-asset service providers, credit_institutions and investment_firms appointed as custodians in accordance with paragraph 4 shall not carry out activities with regard to the issuers of the asset-referenced_tokens that might create conflicts of interest between those issuers, the holders of the asset-referenced_tokens and themselves unless all of the following conditions are met:

10.   In the case of a loss of a financial_instrument or a crypto-asset held in custody pursuant to paragraph 6, the crypto-asset service provider, credit_institution or investment_firm that lost that financial_instrument or crypto-asset shall compensate, or make restitution, to the issuer of the asset-referenced_token with a financial_instrument or a crypto-asset of an identical type or the corresponding value without undue delay. The crypto-asset service provider, credit_institution or investment_firm concerned shall not be liable for compensation or restitution where it can prove that the loss has occurred as a result of an external event beyond its reasonable control, the consequences of which were unavoidable despite all reasonable efforts to the contrary.

1.   Holders of asset-referenced_tokens shall have a right of redemption at all times against the issuers of the asset-referenced_tokens, and in respect of the reserve assets when issuers are not able to meet their obligations as referred to in Chapter 6 of this Title. Issuers shall establish, maintain and implement clear and detailed policies and procedures in respect of such permanent right of redemption.

2.   Upon request by a holder of an asset-referenced_token, an issuer of such token shall redeem either by paying an amount in funds, other than electronic_money, equivalent to the market value of the assets referenced by the asset-referenced_token held or by delivering the assets referenced by the token. Issuers shall establish a policy on such permanent right of redemption setting out:

Where issuers, when selling an asset-referenced_token, accept a payment in funds other than electronic_money, denominated in an official_currency, they shall always provide an option to redeem the token in funds other than electronic_money, denominated in the same official_currency.

3.   Without prejudice to Article 46, the redemption of asset-referenced_tokens shall not be subject to a fee.

1.   Issuers of significant asset-referenced_tokens shall adopt, implement and maintain a remuneration policy that promotes the sound and effective risk management of such issuers and that does not create incentives to relax risk standards.

2.   Issuers of significant asset-referenced_tokens shall ensure that such tokens can be held in custody by different crypto-asset service 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_tokens shall assess and monitor the liquidity needs to meet requests for redemption of asset-referenced_tokens by their holders. For that purpose, issuers of significant asset-referenced_tokens shall establish, maintain and implement a liquidity management policy and procedures. That policy and those procedures shall ensure that the reserve assets have a resilient liquidity profile that enables issuers of significant asset-referenced_tokens to continue operating normally, including under scenarios of liquidity stress.

4.   Issuers of significant asset-referenced_tokens shall, on a regular basis, conduct liquidity stress testing. Depending on the outcome of such tests, EBA may decide to strengthen the liquidity requirements referred to in paragraph 7, first subparagraph, point (b), of this Article and in Article 36(6).

Where issuers of significant asset-referenced_tokens offer two or more asset-referenced_tokens or provide crypto-asset services, those stress tests shall cover all of those activities in a comprehensive and holistic manner.

5.   The percentage referred to in Article 35(1), first subparagraph, point (b), shall be set at 3 % of the average amount of the reserve assets for issuers of significant asset-referenced_tokens.

6.   Where several issuers offer the same significant asset-referenced_token, paragraphs 1 to 5 shall apply to each issuer.

Where an issuer offers two or more asset-referenced_tokens in the Union and at least one of those asset-referenced_tokens is classified as significant, paragraphs 1 to 5 shall apply to that issuer.

7.   EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying:

In the case of credit_institutions, EBA shall calibrate the technical standards taking into consideration any possible interactions between the regulatory requirements established by this Regulation and the regulatory requirements established by other Union legislative acts.

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.

8.   EBA, in close cooperation with ESMA and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 with a view to establishing the common reference parameters of the stress test scenarios to be included in the stress tests referred to in paragraph 4 of this Article. Those guidelines shall be updated periodically taking into account the latest market developments.

1.   An issuer of an asset-referenced_token shall draw up and maintain a recovery plan providing for measures to be taken by the issuer to restore compliance with the requirements applicable to the reserve_of_assets in cases where the issuer fails to comply with those requirements.

The recovery plan shall also include the preservation of the issuer’s services related to the asset-referenced_token, the timely recovery of operations and the fulfilment of the issuer’s obligations in the case of events that pose a significant risk of disrupting operations.

The recovery plan shall include appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, including:

2.   The issuer of the 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 ensure its proper implementation and shall notify its decision requesting those amendments to the issuer within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuer within 40 working days of the date of notification of that decision. The issuer shall regularly review and update the recovery plan.

Where applicable, the issuer shall also notify the recovery plan to its resolution and prudential supervisory authorities in parallel to the competent_authority.

3.   Where the issuer fails to comply with the requirements applicable to the reserve_of_assets as referred to in Chapter 3 of this Title or, due to a rapidly deteriorating financial condition, is likely in the near future to not comply with those requirements, the competent_authority, in order to ensure compliance with the applicable requirements, shall have the power to require the issuer to implement one or more of the arrangements or measures set out in the recovery plan or to update such a recovery plan when the circumstances are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specific timeframe.

4.   In the circumstances referred to in paragraph 3, the competent_authority shall have the power to temporarily suspend the redemption of asset-referenced_tokens, provided that the suspension is justified having regard to the interests of the holders of asset-referenced_tokens and financial stability.

5.   Where applicable, the competent_authority shall notify the issuer’s resolution and prudential supervisory authorities of any measure taken pursuant to paragraphs 3 and 4.

6.   EBA, after consultation with ESMA, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify the format of the recovery plan and the information to be provided in the recovery plan.

1.   An issuer of an asset-referenced_token shall draw up and maintain an operational plan to support the orderly redemption of each asset-referenced_token, which is to be implemented upon a decision by the competent_authority that the issuer is unable or likely to be unable to fulfil its 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 action as defined in Article 2, point (11), of Regulation (EU) 2021/23 of the European Parliament and of the Council (44).

2.   The redemption plan shall demonstrate the ability of the issuer of the asset-referenced_token to carry out the redemption of the outstanding asset-referenced_token issued without causing undue economic harm to its holders or to the stability of the markets of the reserve assets.

The redemption plan shall include contractual arrangements, procedures and systems, including the designation of a temporary administrator in accordance with applicable law, to ensure the equitable treatment of all holders of asset-referenced_tokens and to ensure that holders of asset-referenced_tokens are paid in a timely manner with the proceeds from the sale of the remaining reserve assets.

The redemption plan shall ensure the continuity of any critical activities that are necessary for the orderly redemption and that are performed by issuers or by any third-party entity.

3.   The issuer of the asset-referenced_token shall notify the redemption 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 redemption plan where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuer within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuer within 40 working days of the date of notification of that decision. The issuer shall regularly review and update the redemption plan.

4.   Where applicable, the competent_authority shall notify the redemption plan to the resolution authority and prudential supervisory authority of the issuer.

The resolution authority may examine the redemption plan with a view to identifying any actions in the redemption plan that might adversely impact the resolvability of the issuer, and may make recommendations to the competent_authority in respect thereof.

5.   EBA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify:

1.   By way of derogation from Article 11 of Directive 2009/110/EC, in respect of the issuance and redeemability of e-money tokens only the requirements set out in this Article shall apply to issuers of e-money tokens.

2.   Holders of e-money tokens shall have a claim against the issuers of those e-money tokens.

3.   Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds.

4.   Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic_money, the monetary value of the e-money token held to the holder of the e-money token.

5.   Issuers of e-money tokens shall prominently state the conditions for redemption in the crypto-asset white paper as referred to in Article 51(1), first subparagraph, point (d).

6.   Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.

1.   A crypto-asset white paper for an e-money token shall contain all of the following information, as further specified in Annex III:

The crypto-asset white paper shall also include the identity of the person other than the issuer that offers the e-money token to the public or seeks its admission to trading pursuant to Article 48(1), second subparagraph, and the reason why that particular person offers that e-money token or seeks its admission to trading.

2.   All the information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.

3.   The crypto-asset white paper shall contain the following clear and prominent statement on the first page:

4.   The crypto-asset white paper shall contain a clear warning that:

5.   The crypto-asset white paper shall contain a statement from the management_body of the issuer of the e-money token. That statement, which shall be inserted after the statement referred to in paragraph 3, shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management_body, the information presented in the crypto-asset white paper is complete, fair, clear and not misleading and that the crypto-asset white paper makes no omission likely to affect its import.

6.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 5, which shall in brief and non-technical language provide key information about the offer_to_the_public of the e-money token or the intended admission to trading of such e-money token. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the crypto-assets concerned in order to help prospective holders of the crypto-assets to make an informed decision.

The summary shall contain a warning that:

The summary shall state that holders of the e-money token have a right of redemption at any time and at par value as well as the conditions for redemption.

7.   The crypto-asset white paper shall contain the date of its notification and a table of contents.

8.   The crypto-asset white paper shall be drawn up in an official language of the home_Member_State or in a language customary in the sphere of international finance.

Where the e-money token is also offered in a Member State other than the home_Member_State, the crypto-asset white paper shall also be drawn up in an official language of the host_Member_State or in a language customary in the sphere of international finance.

9.   The crypto-asset white paper shall be made available in a machine-readable format.

10.   ESMA, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 9.

ESMA 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 of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

11.   Issuers of e-money tokens shall notify their crypto-asset white paper to their competent_authority at least 20 working days before the date of their publication.

Competent authorities shall not require prior approval of crypto-asset white papers before their publication.

12.   Any significant new factor, any material mistake or any material inaccuracy that is capable of affecting the assessment of the e-money token shall be described in a modified crypto-asset white paper drawn up by the issuers, notified to the competent authorities and published on the issuers’ websites.

13.   Before offering the e-money token to the public in the Union or seeking an admission to trading of the e-money token, the issuer of such e-money token shall publish a crypto-asset white paper on its website.

14.   The issuer of the e-money token shall together with the notification of the crypto-asset white paper pursuant to paragraph 11 of this Article provide the competent_authority with the information referred to in Article 109(4). The competent_authority shall communicate to ESMA, within five working days of receipt of the information from the issuer, the information specified in Article 109(4).

The 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 crypto-asset white paper, or withdrawal of the authorisation, without undue delay.

15.   ESMA, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of the information referred to in paragraph 1, point (g), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.

When developing the draft regulatory technical standards referred to in the first subparagraph, ESMA shall consider the various types of consensus_mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste, and greenhouse gas emissions. ESMA shall update the regulatory technical standards in the light of regulatory and technological developments.

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.

1.   Marketing communications relating to an offer_to_the_public of an e-money token, or to the admission to trading of such e-money token, shall comply with all the following requirements:

2.   Marketing communications shall contain a clear and unambiguous statement that the holders of the e-money token have a right of redemption against the issuer at any time and at par value.

3.   Marketing communications and any modifications thereto shall be published on the issuer’s website.

4.   Competent authorities shall not require prior approval of marketing communications before their publication.

5.   Marketing communications shall be notified to the competent authorities upon request.

6.   No marketing communications shall be disseminated prior to the publication of the crypto-asset white paper. Such restriction does not affect the ability of the issuer of the e-money token to conduct market soundings.

1.   A college referred to in Article 119(1) may issue a non-binding opinion on the following:

2.   Where the college issues an opinion in accordance with paragraph 1, at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 3, the opinion may include any recommendations aimed at addressing shortcomings of the measure envisaged by EBA or the competent authorities.

3.   An opinion of the college shall be adopted based on a simple majority of its members.

Where there are several members of the college per Member State, only one of those members shall have a vote.

Where the ECB is a member of the college in several capacities, including supervisory capacities, it shall have only one vote.

Supervisory authorities of third countries referred to in Article 119(2), point (m), shall have no voting right in respect of an opinion of the college.

4.   EBA or the competent authorities, as applicable, shall duly consider the non-binding opinion of the college reached in accordance with paragraph 3, including any recommendations aimed at addressing shortcomings of the supervisory measure envisaged in respect of an issuer of a significant asset-referenced_token, an issuer of a significant e-money token, an entity or a crypto-asset service provider as referred to in Article 119(2), points (d) to (h). Where EBA or a competent_authority does not agree with an opinion of the college, including any recommendations aimed at addressing shortcomings of the supervisory measure envisaged, its decision shall contain its reasons and an explanation for any significant deviation from that opinion or recommendations.

1.   This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

2.   This Regulation shall apply from 30 December 2024.

3.   By way of derogation from paragraph 2, Titles III and IV shall apply from 30 June 2024.

4.   By way of derogation from paragraphs 2 and 3 of this Article, Articles 2(5), 3(2), 6(11) and (12), Article 14(1), second subparagraph, Articles 17(8), 18(6) and (7), 19(10) and (11), 21(3), 22(6) and (7), 31(5), 32(5), 34(13), 35(6), 36(4), 38(5), 42(4), 43(11), 45(7) and (8), 46(6), 47(5), 51(10) and (15), 60(13) and (14), 61(3), 62(5) and (6), 63(11), 66(6), 68(10), 71(5), 72(5), 76(16), 81(15), 82(2), 84(4), 88(4), 92(2) and (3), 95(10) and (11), 96(3), 97(1), 103(8), 104(8), 105(7), 107(3) and (4), 109(8) and 119(8), 134(10), 137(3) and Article 139 shall apply from 29 June 2023.