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MiCA In force since 30 December 2024

Regulation (EU) 2023/1114 on markets in crypto-assets
32023R1114 · official text on EUR-Lex

Articles

• Article 1 — Subject matter
• Article 2 — Scope
• Article 3 — Definitions
• 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

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

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

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
• 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

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
• Article 139 — Exercise of the delegation
• 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