Council of the European Union and European Parliament 31 May 2023, 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) Also known as
Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 establishes a harmonised Union framework for markets in crypto-assets, imposing uniform transparency, disclosure, authorisation, and governance requirements on issuers of crypto-assets (including asset-referenced tokens and e-money tokens) and crypto-asset service providers operating within the Union. Key provisions classify crypto-assets into three categories—asset-referenced tokens, e-money tokens, and other crypto-assets—and prescribe differentiated regulatory obligations including mandatory crypto-asset white papers, own funds requirements, reserve of assets rules, and conduct-of-business standards, with heightened requirements for tokens classified as significant on the basis of customer base, market capitalisation, or transaction volume. Supervision is allocated between national competent authorities and the European Banking Authority, with the European Securities and Markets Authority mandated to develop technical standards and guidelines, and market abuse prohibitions applicable to crypto-assets admitted to trading are introduced alongside civil liability rules for misleading white paper disclosures.AI
European Union ·
Table of Contents TITLE I. SUBJECT MATTER, SCOPE AND DEFINITIONS Article 1. Subject matter Article 2. Scope Article 3. Definitions TITLE II. CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS 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 Article 6. Content and form of the crypto-asset white paper Article 7. Marketing communications Article 8. Notification of the crypto-asset white paper and of the marketing communications 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 Article 15. Liability for the information given in a crypto-asset white paper TITLE III. ASSET-REFERENCED TOKENS CHAPTER 1. Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading Article 16. Authorisation Article 17. Requirements for credit institutions Article 18. Application for authorisation Article 19. Content and form of the crypto-asset white paper for asset-referenced tokens Article 20. Assessment of the application for authorisation Article 21. Grant or refusal of the authorisation Article 22. Reporting on asset-referenced tokens Article 23. Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange Article 24. Withdrawal of the authorisation 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. 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 Article 32. Identification, prevention, management and disclosure of conflicts of interest Article 33. Notification of changes to management body Article 34. Governance arrangements Article 35. Own funds requirements CHAPTER 3. Reserve of assets Article 36. Obligation to have a reserve of assets, and composition and management of such reserve of assets Article 37. Custody of reserve assets Article 38. Investment of the reserve of assets Article 39. Right of redemption Article 40. Prohibition of granting interest CHAPTER 4. Acquisitions of issuers of asset-referenced tokens Article 41. Assessment of proposed acquisitions of issuers of asset-referenced tokens Article 42. Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens CHAPTER 5. Significant asset-referenced tokens Article 43. Classification of asset-referenced tokens as significant asset-referenced tokens 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 CHAPTER 6. Recovery and redemption plans Article 46. Recovery plan Article 47. Redemption plan TITLE IV. E-MONEY TOKENS CHAPTER 1. Requirements to be fulfilled by all issuers of e-money tokens Article 48. Requirements for the offer to the public or admission to trading of e-money tokens Article 49. Issuance and redeemability of e-money tokens Article 50. Prohibition of granting interest Article 51. Content and form of the crypto-asset white paper for e-money tokens 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 CHAPTER 2. Significant e-money tokens Article 56. Classification of e-money tokens as significant e-money tokens Article 57. Voluntary classification of e-money tokens as significant e-money tokens Article 58. Specific additional obligations for issuers of e-money tokens TITLE V. AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS CHAPTER 1. Authorisation of crypto-asset service providers Article 59. Authorisation Article 60. Provision of crypto-asset services by certain financial entities Article 61. Provision of crypto-asset services at the exclusive initiative of the client Article 62. Application for authorisation as a crypto-asset service provider Article 63. Assessment of the application for authorisation and grant or refusal of authorisation Article 64. Withdrawal of authorisation of a crypto-asset service provider Article 65. Cross-border provision of crypto-asset services CHAPTER 2. Obligations for all crypto-asset service providers Article 66. Obligation to act honestly, fairly and professionally in the best interests of clients Article 67. Prudential requirements Article 68. Governance arrangements Article 69. Information to competent authorities Article 70. Safekeeping of clients’ crypto-assets and funds Article 71. Complaints-handling procedures Article 72. Identification, prevention, management and disclosure of conflicts of interest Article 73. Outsourcing Article 74. Orderly wind-down of crypto-asset service providers CHAPTER 3. Obligations in respect of specific crypto-asset services Article 75. Providing custody and administration of crypto-assets on behalf of clients Article 76. Operation of a trading platform for crypto-assets Article 77. Exchange of crypto-assets for funds or other crypto-assets 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 Article 81. Providing advice on crypto-assets and providing portfolio management of crypto-assets Article 82. Providing transfer services for crypto-assets on behalf of clients CHAPTER 4. Acquisition of crypto-asset service providers Article 83. Assessment of proposed acquisitions of crypto-asset service providers Article 84. Content of the assessment of proposed acquisitions of crypto-asset service providers CHAPTER 5. Significant crypto-asset service providers Article 85. Identification of significant crypto-asset service providers TITLE VI. PREVENTION AND PROHIBITION OF MARKET ABUSE INVOLVING CRYPTO-ASSETS Article 86. Scope of the rules on market abuse Article 87. Inside information Article 88. Public disclosure of inside information Article 89. Prohibition of insider dealing Article 90. Prohibition of unlawful disclosure of inside information Article 91. Prohibition of market manipulation Article 92. Prevention and detection of market abuse TITLE VII. COMPETENT AUTHORITIES, EBA AND ESMA CHAPTER 1. Powers of competent authorities and cooperation between competent authorities, EBA and ESMA Article 93. Competent authorities Article 94. Powers of competent authorities Article 95. Cooperation between competent authorities Article 96. Cooperation with EBA and ESMA Article 97. Promotion of convergence on the classification of crypto-assets 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 Article 104. EBA temporary intervention powers Article 105. Product intervention by competent authorities Article 106. Coordination with ESMA or EBA Article 107. Cooperation with third countries Article 108. Complaints-handling by competent authorities CHAPTER 2. ESMA register Article 109. Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers Article 110. Register of non-compliant entities providing crypto-asset services CHAPTER 3. Administrative penalties and other administrative measures by competent authorities 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. 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 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. 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 Article 135. Hearing of the persons concerned Article 136. Review by the Court of Justice Article 137. Supervisory fees Article 138. Delegation of tasks by EBA to competent authorities TITLE VIII. DELEGATED ACTS Article 139. Exercise of the delegation TITLE IX. TRANSITIONAL AND FINAL PROVISIONS 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 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. DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS 9.6.2023
EN
Official Journal of the European Union
L 150/40
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)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
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