Regolamento art MICAR sulle crypto testo multilingue 2023/1114 EN

1.   This Regulation applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer_to_the_public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union.

2.   This Regulation does not apply to:

3.   This Regulation does not apply to crypto-assets that are unique and not fungible with other crypto-assets.

4.   This Regulation does not apply to crypto-assets that qualify as one or more of the following:

5.   By 30 December 2024, ESMA shall, for the purposes of paragraph 4, point (a), of this Article issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on the conditions and criteria for the qualification of crypto-assets as financial_instruments.

6.   This Regulation shall be without prejudice to Regulation (EU) No 1024/2013.

1.   For the purposes of this Regulation, the following definitions apply:

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.

1.   A person shall not make an offer_to_the_public of a crypto-asset other than an asset-referenced_token or e-money token in the Union unless that person:

2.   Paragraph 1, points (b), (c), (d) and (f), shall not apply to any of the following offers to the public of crypto-assets other than asset-referenced_tokens or e-money tokens:

3.   This Title shall not apply to offers to the public of crypto-assets other than asset-referenced_tokens or e-money tokens where any of the following apply:

For the purposes of point (a) of the first subparagraph, a crypto-asset shall not be considered to be offered for free where purchasers are required to provide, or to undertake to provide, personal_data to the offeror in exchange for that crypto-asset, or where the offeror of a crypto-asset receives from prospective holders of that crypto-asset any fees, commissions, or monetary or non-monetary benefits in exchange for that crypto-asset.

Where, for each 12-month period starting from the beginning of the initial offer_to_the_public, the total consideration of an offer_to_the_public of a crypto-asset in the circumstances referred to in the first subparagraph, point (d), in the Union exceeds EUR 1 000 000, the offeror shall send a notification to the competent_authority containing a description of the offer and explaining why the offer is exempt from this Title pursuant to the first subparagraph, point (d).

Based on the notification referred to in the third subparagraph, the competent_authority shall take a duly justified decision where it considers that the activity does not qualify for an exemption as a limited network under the first subparagraph, point (d), and shall inform the offeror accordingly.

4.   The exemptions listed in paragraphs 2 and 3 shall not apply where the offeror, or another person acting on the offeror’s behalf, makes known in any communication its intention to seek admission to trading of a crypto-asset other than an asset-referenced_token or e-money token.

5.   Authorisation as a crypto-asset service provider pursuant to Article 59 is not required for providing custody and administration of crypto-assets on behalf of clients or for providing transfer services for crypto-assets in relation to crypto-assets whose offers to the public are exempt pursuant to paragraph 3 of this Article, unless:

6.   Where the offer_to_the_public of the crypto-asset other than an asset-referenced_token or e-money token concerns a utility_token providing access to goods and services that do not yet exist or are not yet in operation, the duration of the offer_to_the_public as described in the crypto-asset white paper shall not exceed 12 months from the date of publication of the crypto-asset white paper.

7.   Any subsequent offer_to_the_public of the crypto-asset other than an asset-referenced_token or e-money token shall be deemed a separate offer_to_the_public to which the requirements of paragraph 1 apply, without prejudice to the possible application of paragraph 2 or 3 to the subsequent offer_to_the_public.

No additional crypto-asset white paper shall be required for any subsequent offer_to_the_public of the crypto-asset other than an asset-referenced_token or e-money token so long as a crypto-asset white paper has been published in accordance with Articles 9 and 12, and the person responsible for drawing up such white paper consents to its use in writing.

8.   Where an offer_to_the_public of a crypto-asset other than an asset-referenced_token or e-money token is exempt from the obligation to publish a crypto-asset white paper under paragraph 2 or 3, but a white paper is nevertheless drawn up voluntarily, this Title shall apply.

1.   A person shall not seek admission to trading of a crypto-asset other than an asset-referenced_token or e-money token within the Union unless that person:

2.   When a crypto-asset is admitted to trading on the initiative of the operator of a trading platform and a crypto-asset white paper has not been published in accordance with Article 9 in the cases required by this Regulation, the operator of that trading platform for crypto-assets shall comply with the requirements set out in paragraph 1 of this Article.

3.   By way of derogation from paragraph 1, a person seeking admission to trading of a crypto-asset other than an asset-referenced_token or e-money token and the respective operator of the trading platform may agree in writing that it shall be the operator of the trading platform who is required to comply with all or part of the requirements referred to in paragraph 1, points (b) to (g).

The agreement in writing referred to in the first subparagraph of this paragraph shall clearly state that the person seeking admission to trading is required to provide the operator of the trading platform with all necessary information to enable that operator to satisfy the requirements referred to in paragraph 1, points (b) to (g), as applicable.

4.   Paragraph 1, points (b), (c) and (d), shall not apply where:

1.   A crypto-asset white paper shall contain all of the following information, as further specified in Annex I:

In cases where the crypto-asset white paper is not drawn up by the persons referred to in the first subparagraph, points (a), (b) and (c), the crypto-asset white paper shall also include the identity of the person that drew up the crypto-asset white paper and the reason why that particular person drew it up.

2.   All of 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:

Where the crypto-asset white paper is drawn up by the person seeking admission to trading or by an operator of a trading platform, then, instead of ‘ offeror’, a reference to ‘person seeking admission to trading’ or ‘operator of the trading platform’ shall be included in the statement referred to in the first subparagraph.

4.   The crypto-asset white paper shall not contain any assertions as regards the future value of the crypto-asset, other than the statement referred to in paragraph 5.

5.   The crypto-asset white paper shall contain a clear and unambiguous statement that:

6.   The crypto-asset white paper shall contain a statement from the management_body of the offeror, the person seeking admission to trading or the operator of the trading platform. 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 fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

7.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 6, which shall in brief and non-technical language provide key information about the offer_to_the_public of the crypto-asset or the intended admission to trading. 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-asset concerned in order to help prospective holders of the crypto-asset to make an informed decision.

The summary shall contain a warning that:

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

9.   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 crypto-asset 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.

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

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

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

12.   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, first subparagraph, point (j), 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 those 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.   Any marketing communications relating to an offer_to_the_public of a crypto-asset other than an asset-referenced_token or e-money token, or to the admission to trading of such crypto-asset, shall comply with all of the following requirements:

Where the marketing communication is prepared by the person seeking admission to trading or the operator of a trading platform, then, instead of ‛ offeror’, a reference to ‘person seeking admission to trading’ or ‘operator of the trading platform’ shall be included in the statement referred to in the first subparagraph, point (e).

2.   Where a crypto-asset white paper is required pursuant to Article 4 or 5, no marketing communications shall be disseminated prior to the publication of the crypto-asset white paper. The ability of the offeror, the person seeking admission to trading or the operator of a trading platform, to conduct market soundings shall not be affected.

3.   The competent_authority of the Member State where the marketing communications are disseminated shall have the power to assess compliance with paragraph 1 in respect of those marketing communications.

Where necessary, the competent_authority of the home_Member_State shall assist the competent_authority of the Member State where the marketing communications are disseminated with assessing the consistency of the marketing communications with the information in the crypto-asset white paper.

4.   The use of any of the supervisory and investigatory powers set out in Article 94 in relation to the enforcement of this Article by the competent_authority of a host_Member_State shall be notified without undue delay to the competent_authority of the home_Member_State of the offeror, the person seeking admission to trading or the operator of the trading platform for the crypto-assets.

1.   Offerors, persons seeking admission to trading, or operators of trading platforms for crypto-assets other than asset-referenced_tokens or e-money tokens shall notify their crypto-asset white paper to the competent_authority of their home_Member_State.

2.   Marketing communications shall, upon request, be notified to the competent_authority of the home_Member_State and to the competent_authority of the host_Member_State, when addressing prospective holders of crypto-assets other than asset-referenced_tokens or e-money tokens in those Member States.

3.   Competent authorities shall not require prior approval of crypto-asset white papers, nor of any marketing communications relating thereto, before their respective publication.

4.   The notification of the crypto-asset white paper referred to in paragraph 1 shall be accompanied by an explanation of why the crypto-asset described in the crypto-asset white paper should not be considered to be:

5.   The elements referred in paragraphs 1 and 4 shall be notified to the competent_authority of the home_Member_State at least 20 working days before the date of publication of the crypto-asset white paper.

6.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall, together with the notification referred to in paragraph 1, provide the competent_authority of their home_Member_State with a list of the host_Member_States, if any, where they intend to offer their crypto-assets to the public or intend to seek admission to trading. They shall also inform the competent_authority of their home_Member_State of the starting date of the intended offer_to_the_public or intended admission to trading and of any change to that date.

The competent_authority of the home_Member_State shall notify the single point of contact of the host_Member_States of the intended offer_to_the_public or the intended admission to trading and communicate to that single point of contact the corresponding crypto-asset white paper within five working days of receipt of the list of host_Member_States referred to in the first subparagraph.

7.   The competent_authority of the home_Member_State shall communicate to ESMA the information referred to in paragraphs 1, 2 and 4 as well as the starting date of the intended offer_to_the_public or intended admission to trading and of any change to that date. It shall communicate such information within five working days of receipt thereof from the offeror or the person seeking admission to trading.

ESMA shall make the crypto-asset white paper available in the register, under Article 109(2), by the starting date of the offer_to_the_public or admission to trading.

1.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall publish their crypto-asset white papers and, where applicable, their marketing communications, on their website, which shall be publicly accessible, at a reasonable time in advance of, and in any event before the starting date of, the offer_to_the_public of those crypto-assets or the admission to trading of those crypto-assets. The crypto-asset white papers and, where applicable, the marketing communications, shall remain available on the website of the offerors or persons seeking admission trading for as long as the crypto-assets are held by the public.

2.   The published crypto-asset white papers and, where applicable, the marketing communications, shall be identical to the version notified to the competent_authority in accordance with Article 8 or, where applicable, to the version modified in accordance with Article 12.

1.   Offerors of crypto-assets other than asset-referenced_tokens or e-money tokens that set a time limit on their offer_to_the_public of those crypto-assets shall publish on their website the result of the offer_to_the_public within 20 working days of the end of the subscription period.

2.   Offerors of crypto-assets other than asset-referenced_tokens or e-money tokens that do not set a time limit on their offer_to_the_public of those crypto-assets shall publish on their website on an ongoing basis, at least monthly, the number of units of the crypto-assets in circulation.

3.   Offerors of crypto-assets other than asset-referenced_tokens or e-money tokens that set a time limit on their offer_to_the_public of crypto-assets shall have effective arrangements in place to monitor and safeguard the funds or other crypto-assets raised during the offer_to_the_public. For that purpose, those offerors shall ensure that the funds or crypto-assets collected during the offer_to_the_public are kept in custody by one or both of the following:

4.   When the offer_to_the_public has no time limit, the offeror shall comply with paragraph 3 of this Article until the right of withdrawal of the retail_holder pursuant to Article 13 has expired.

1.   After publication of the crypto-asset white paper in accordance with Article 9 and, where applicable, of the modified crypto-asset white paper in accordance with Article 12, offerors may offer crypto-assets other than asset-referenced_tokens or e-money tokens throughout the Union and such crypto-assets may be admitted to trading on a trading platform for crypto-assets in the Union.

2.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens that have published a crypto-asset white paper in accordance with Article 9 and, where applicable, a modified crypto-asset white paper pursuant to Article 12, shall not be subject to any further information requirements with regard to the offer_to_the_public or the admission to trading of that crypto-asset.

1.   Offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced_tokens or e-money tokens shall modify their published crypto-asset white papers and, where applicable, their published marketing communications, whenever there is a significant new factor, material mistake or material inaccuracy that is capable of affecting the assessment of the crypto-assets. That requirement shall apply for the duration of the offer_to_the_public or for as long as the crypto-asset is admitted to trading.

2.   Offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced_tokens or e-money tokens shall notify their modified crypto-asset white papers and, where applicable, modified marketing communications, and the intended publication date, to the competent_authority of their home_Member_State, including the reasons for such modification, at least seven working days before their publication.

3.   On the date of publication, or earlier if required by the competent_authority, the offeror, the person seeking admission to trading or the operator of the trading platform shall immediately inform the public on its website of the notification of a modified crypto-asset white paper with the competent_authority of its home_Member_State and shall provide a summary of the reasons for which it has notified a modified crypto-asset white paper.

4.   The order of the information in a modified crypto-asset white paper and, where applicable, in modified marketing communications, shall be consistent with that of the crypto-asset white paper or marketing communications published in accordance with Article 9.

5.   Within five working days of receipt of the modified crypto-asset white paper and, where applicable, of the modified marketing communications, the competent_authority of the home_Member_State shall notify the modified crypto-asset white paper and, where applicable, the modified marketing communications to the competent_authority of the host_Member_States referred to in Article 8(6) and communicate the notification and the date of publication to ESMA.

ESMA shall make the modified crypto-asset white paper available in the register, under Article 109(2), upon publication.

6.   Offerors, persons seeking admission to trading or operators of trading platforms for crypto-assets other than asset-referenced_tokens or e-money tokens shall publish the modified crypto-asset white paper and, where applicable, the modified marketing communications, including the reasons for such modification, on their website in accordance with Article 9.

7.   The modified crypto-asset white paper and, where applicable, the modified marketing communications, shall be time-stamped. The most recent modified crypto-asset white paper and, where applicable, the modified marketing communications shall be marked as the applicable version. All modified crypto-asset white papers and, where applicable, modified marketing communications shall remain available for as long as the crypto-assets are held by the public.

8.   Where the offer_to_the_public concerns a utility_token providing access to goods and services that do not yet exist or are not yet in operation, changes made in the modified crypto-asset white paper and, where applicable, the modified marketing communications, shall not extend the time limit of 12 months referred to in Article 4(6).

9.   Older versions of the crypto-asset white paper and the marketing communications shall remain publicly available on the website of the offerors, persons seeking admission to trading, or operators of trading platforms, for at least 10 years after the date of publication of those older versions, with a prominent warning stating that they are no longer valid and with a hyperlink to the dedicated section on the website where the most recent version of those documents is published.

1.   Retail holders who purchase crypto-assets other than asset-referenced_tokens and e-money tokens either directly from an offeror or from a crypto-asset service provider placing crypto-assets on behalf of that offeror shall have a right of withdrawal.

Retail holders shall have a period of 14 calendar days within which to withdraw from their agreement to purchase crypto-assets other than asset-referenced_tokens and e-money tokens without incurring any fees or costs and without being required to give reasons. The period of withdrawal shall begin from the date of the agreement of the retail_holder to purchase those crypto-assets.

2.   All payments received from a retail_holder including, if applicable, any charges, shall be reimbursed without undue delay and in any event no later than 14 days from the date on which the offeror or the crypto-asset service provider placing crypto-assets on behalf of that offeror is informed of the retail_holder’s decision to withdraw from the agreement to purchase those crypto-assets.

Such reimbursement shall be carried out using the same means of payment as that used by the retail_holder for the initial transaction, unless the retail_holder expressly agrees otherwise and provided that the retail_holder does not incur any fees or costs as a result of such reimbursement.

3.   Offerors of crypto-assets shall provide information on the right of withdrawal referred to in paragraph 1 in their crypto-asset white paper.

4.   The right of withdrawal referred to in paragraph 1 shall not apply where the crypto-assets have been admitted to trading prior to their purchase by the retail_holder.

5.   Where offerors have set a time limit on their offer_to_the_public of such crypto-assets in accordance with Article 10, the right of withdrawal shall not be exercised after the end of the subscription period.

1.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall:

For the purposes of point (d) of the first subparagraph, ESMA, in cooperation with EBA, shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify those Union standards.

2.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall act in the best interests of the holders of such crypto-assets and shall treat them equally, unless any preferential treatment of specific holders and the reasons for that preferential treatment are disclosed in the crypto-asset white paper and, where applicable, the marketing communications.

3.   Where an offer_to_the_public of a crypto-asset other than an asset-referenced_token or e-money token is cancelled, offerors of such crypto-asset shall ensure that any funds collected from holders or prospective holders are duly returned to them no later than 25 calendar days after the date of cancellation.

1.   Where an offeror, person seeking admission to trading or operator of a trading platform, has infringed Article 6 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear or that is misleading, that offeror, person seeking admission to trading or operator of a trading platform and the members of its administrative, management or supervisory body shall be liable to a holder of the crypto-asset for any loss incurred due to that infringement.

2.   Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect.

3.   Where the crypto-asset white paper and marketing communications are prepared by the operator of the trading platform in accordance with Article 5(3), the person seeking admission to trading shall also be held responsible when it provides information that is not complete, fair or clear, or that is misleading to the operator of the trading platform.

4.   It shall be the responsibility of the holder of the crypto-asset to present evidence indicating that the offeror, person seeking admission to trading, or operator of the trading platform for crypto-assets other than asset-referenced_tokens or e-money tokens has infringed Article 6 by providing information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that crypto-asset.

5.   The offeror, person seeking admission to trading, or operator of the trading platform and the members of its administrative, management or supervisory body shall not be liable to a holder of a crypto-asset for loss incurred as a result of reliance on the information provided in a summary as referred to in Article 6(7), including any translation thereof, except where the summary:

6.   This Article is without prejudice to any other civil liability pursuant to national law.

1.   A person shall not make an offer_to_the_public, or seek the admission to trading, of an asset-referenced_token, within the Union, unless that person is the issuer of that asset-referenced_token and is:

Notwithstanding the first subparagraph, upon the written consent of the issuer of an asset-referenced_token, other persons may offer_to_the_public or seek the admission to trading of that asset-referenced_token. Those persons shall comply with Articles 27, 29 and 40.

For the purposes of point (a) of the first subparagraph, other undertakings may issue asset-referenced_tokens only if their legal form ensures a level of protection for third parties’ interests equivalent to that afforded by legal persons and if they are subject to equivalent prudential supervision appropriate to their legal form.

2.   Paragraph 1 shall not apply where:

Where this paragraph applies, issuers of asset-referenced_tokens shall draw up a crypto-asset white paper as provided for in Article 19 and notify that crypto-asset white paper and, upon request, any marketing communications, to the competent_authority of their home_Member_State.

3.   The authorisation granted by the competent_authority to a person referred to in paragraph 1, first subparagraph, point (a), shall be valid for the entire Union and shall allow an issuer of an asset-referenced_token to offer_to_the_public, throughout the Union, the asset-referenced_token for which it has been authorised, or to seek an admission to trading of such asset-referenced_token.

4.   The approval granted by the competent_authority of an issuer’s crypto-asset white paper under Article 17(1) or Article 21(1) or of the modified crypto-asset white paper under Article 25 shall be valid for the entire Union.

1.   An asset-referenced_token issued by a credit_institution may be offered to the public or admitted to trading if the credit_institution:

2.   A credit_institution that has previously notified the competent_authority in accordance with paragraph 1, point (b), when issuing another asset-referenced_token shall not be required to submit any information that was previously submitted by it to the competent_authority where such information would be identical. When submitting the information listed in paragraph 1, point (b), the credit_institution shall expressly confirm that any information not resubmitted is still up-to-date.

3.   The competent_authority receiving a notification referred to in paragraph 1, point (b), shall, within 20 working days of receipt of the information listed therein, assess whether the information required under that point has been provided. Where the competent_authority concludes that a notification is not complete because information is missing, it shall immediately inform the notifying credit_institution thereof and set a deadline by which that credit_institution is required to provide the missing information.

The deadline for providing any missing information shall not exceed 20 working days from the date of the request. Until the expiry of that deadline, the period set by paragraph 1, point (b), shall be suspended. Any further requests by the competent_authority for completion or clarification of the information shall be at its discretion but shall not result in a suspension of the period set by paragraph 1, point (b).

The credit_institution shall not make an offer_to_the_public or seek the admission to trading of the asset-referenced_token as long as the notification is incomplete.

4.   A credit_institution that issues asset-referenced_tokens, including significant asset-referenced_tokens, shall not be subject to Articles 16, 18, 20, 21, 24, 35, 41 and 42.

5.   The competent_authority shall communicate to the ECB without delay the complete information received under paragraph 1 and, where the credit_institution 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, also to the central bank of that Member State.

The ECB and, where applicable, the central bank of the Member State as referred to in the first subparagraph shall, within 20 working days of receipt of the complete information, issue an opinion on that information and transmit that opinion to the competent_authority.

The competent_authority shall require the credit_institution not to offer_to_the_public or seek the admission to trading of the asset-referenced_token in cases where the ECB or, where applicable, the central bank of the Member State as referred to in first subparagraph, gives a negative opinion on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.

6.   The competent_authority shall communicate to ESMA the information specified in Article 109(3) after verifying the completeness of the information received under paragraph 1 of this Article.

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.

7.   The relevant competent_authority shall, within two working days of withdrawing authorisation, communicate to ESMA the withdrawal of authorisation of a credit_institution that issues asset-referenced_tokens. ESMA shall make the information on such withdrawal available in the register, under Article 109(3), without undue delay.

8.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards to further specify the procedure for the approval of a crypto-asset white paper referred to in paragraph 1, point (a).

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.

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:

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:

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.

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

The crypto-asset white paper shall also include the identity of the person other than the issuer that offers to the public or seeks admission to trading pursuant to Article 16(1), second subparagraph, and the reason why that particular person offers that asset-referenced_token or seeks its admission to trading. In cases where the crypto-asset white paper is not drawn up by the issuer, the crypto-asset white paper shall also include the identity of the person that drew up the crypto-asset white paper and the reason why that particular person drew it up.

2.   All 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 not contain any assertions as regards the future value of the crypto-assets, other than the statement referred to in paragraph 4.

4.   The crypto-asset white paper shall contain a clear and unambiguous statement that:

5.   The crypto-asset white paper shall contain a statement from the management_body of the issuer of the asset-referenced_token. That statement 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 fair, clear and not misleading and 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 asset-referenced_token or the intended admission to trading of the asset-referenced_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 asset-referenced_token concerned in order to help prospective holders of that asset-referenced_token to make an informed decision.

The summary shall contain a warning that:

The summary shall state that the holders of asset-referenced_tokens have a right of redemption at any time, and the conditions for such 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 asset-referenced_token is also offered in a Member State other than the issuer’s 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 in accordance with Article 15 of Regulation (EU) No 1095/2010.

11.   ESMA, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of information referred to in paragraph 1, first subparagraph, point (h), 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 those 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.   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.

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:

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).

1.   For each asset-referenced_token with an issue value that is higher than EUR 100 000 000, the issuer shall report on a quarterly basis to the competent_authority the following information:

For the purposes of points (c) and (d) of the first subparagraph, ‘transaction’ shall mean any change of the natural or legal person entitled to the asset-referenced_token as a result of the transfer of the asset-referenced_token from one distributed_ledger address or account to another.

Transactions that are associated with the exchange for funds or other crypto-assets with the issuer or with a crypto-asset service provider shall not be considered associated to uses of the asset-referenced_token as a means of exchange, unless there is evidence that the asset-referenced_token is used for the settlement of transactions in other crypto-assets.

2.   The competent_authority may require issuers of asset-referenced_tokens to comply with the reporting obligation referred to in paragraph 1 in respect of asset-referenced_tokens issued with a value of less than EUR 100 000 000.

3.   Crypto-asset service providers that provide services related to asset-referenced_tokens shall provide the issuer of the asset-referenced_token with the information necessary to prepare the report referred to in paragraph 1, including by reporting transactions outside the distributed_ledger.

4.   The competent_authority shall share the information received with the ECB and, where applicable, the central bank referred to in Article 20(4) and the competent authorities of host_Member_States.

5.   The ECB and, where applicable, the central bank referred to in Article 20(4) may provide to the competent_authority their own estimates of the quarterly average number and average aggregate value of transactions per day that are associated to uses of the asset-referenced_token as a means of exchange within a single currency area.

6.   EBA, in close cooperation with the ECB, shall develop draft regulatory technical standards to specify the methodology to estimate the quarterly average number and average aggregate value of transactions per day that are associated to uses of the asset-referenced_token as a means of exchange within a single currency area.

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 shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of reporting referred to in paragraph 1 and the provision of the information referred to in paragraph 3.

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 of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

1.   Where, for an asset-referenced_token, the estimated quarterly average number and average aggregate value of transactions per day associated to its uses as a means of exchange within a single currency area is higher than 1 million transactions and EUR 200 000 000, respectively, the issuer shall:

2.   The competent_authority shall use the information provided by the issuer, its own estimates, or the estimates provided by the ECB or, where applicable, by the central bank referred to in Article 20(4), whichever is higher, in order to assess whether the threshold referred to in paragraph 1 is reached.

3.   Where several issuers issue the same asset-referenced_token, the criteria referred in paragraph 1 shall be assessed by the competent_authority after aggregating the data from all issuers.

4.   The issuer shall submit the plan referred to in paragraph 1, point (b), for approval to the competent_authority. Where necessary, the competent_authority shall require modifications, such as imposing a minimum denomination amount, in order to ensure a timely decrease of the use as a means of exchange of the asset-referenced_token.

5.   The competent_authority shall only allow the issuer to issue the asset-referenced_token again when it has evidence that the estimated quarterly average number and average aggregated value of transactions per day associated to its uses as a means of exchange within a single currency area is lower than 1 million transactions and EUR 200 000 000 respectively.

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.   Issuers of asset-referenced_tokens shall notify the competent_authority of their home_Member_State of any intended change of their business model likely to have a significant influence on the purchase decision of any holders or prospective holders of asset-referenced_tokens, which occurs after the authorisation pursuant to Article 21 or after the approval of the crypto-asset white paper pursuant to Article 17, as well as in the context of Article 23. Such changes include, amongst others, any material modifications to:

Issuers of asset-referenced_tokens shall notify the competent_authority of their home_Member_State at least 30 working days before the intended changes take effect.

2.   Where any intended change as referred to in paragraph 1 has been notified to the competent_authority, the issuer of an asset-referenced_token shall draw up a draft modified crypto-asset white paper and shall ensure that the order of the information appearing therein is consistent with that of the original crypto-asset white paper.

The issuer of the asset-referenced_token shall notify the draft modified crypto-asset white paper to the competent_authority of the home_Member_State.

The competent_authority shall electronically acknowledge receipt of the draft modified crypto-asset white paper as soon as possible, and at the latest five working days from receipt thereof.

The competent_authority shall grant approval of, or refuse to approve, the draft modified crypto-asset white paper within 30 working days of acknowledgement of receipt thereof. During the examination of the draft modified crypto-asset white paper, the competent_authority may request any additional information, explanations or justifications concerning the draft modified crypto-asset white paper. When the competent_authority makes such request, the time limit of 30 working days shall commence only when the competent_authority has received the additional information requested.

3.   Where the competent_authority considers that the modifications to a crypto-asset white paper are potentially relevant for the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, it shall consult the ECB and, where applicable, the central bank referred to in Article 20(4). The competent_authority may also consult EBA and ESMA in such cases.

The ECB or the relevant central bank and, where applicable, EBA and ESMA, shall provide an opinion within 20 working days of receipt of the consultation referred to in the first subparagraph.

4.   Where the competent_authority approves the modified crypto-asset white paper, it may require the issuer of the asset-referenced_token:

The competent_authority shall require the issuer of the asset-referenced_token to take any appropriate corrective measures to address concerns related to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty, if such corrective measures are proposed by the ECB or, where applicable, the central bank referred to in Article 20(4) in the consultations referred to in paragraph 3 of this Article.

Where the ECB or the central bank referred to in Article 20(4) has proposed different measures than the ones required by the competent_authority, the measures proposed shall be combined or, if not possible, the more stringent measure shall be required.

5.   The competent_authority shall communicate the modified crypto-asset white paper to ESMA, the single points of contact of the host_Member_States, EBA, the ECB and, where applicable, the central bank of the Member State concerned within two working days of granting approval.

ESMA shall make the modified crypto-asset white paper available in the register referred to in Article 109 without undue delay.

1.   Where an issuer has infringed Article 19 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear, or that is misleading, that issuer and the members of its administrative, management or supervisory body shall be liable to a holder of such asset-referenced_token for any loss incurred due to that infringement.

2.   Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect.

3.   It shall be the responsibility of the holder of the asset-referenced_token to present evidence indicating that the issuer of that asset-referenced_token has infringed Article 19 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that asset-referenced_token.

4.   The issuer and the members of its administrative, management or supervisory body shall not be liable for loss suffered as a result of reliance on the information provided in a summary pursuant to Article 19, including any translation thereof, except where the summary:

5.   This Article is without prejudice to any other civil liability pursuant to national law.

1.   Issuers of asset-referenced_tokens shall act honestly, fairly and professionally and shall communicate with the holders and prospective holders of asset-referenced_tokens in a fair, clear and not misleading manner.

2.   Issuers of asset-referenced_tokens shall act in the best interests of the holders of such tokens and shall treat them equally, unless any preferential treatment is disclosed in the crypto-asset white paper and, where applicable, the marketing communications.

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 in a clear, accurate and transparent manner disclose, in a publicly and easily accessible place on their website, the amount of asset-referenced_tokens in circulation, and the value and composition of the reserve_of_assets referred to in Article 36. Such information shall be updated at least monthly.

2.   Issuers of asset-referenced_tokens shall publish as soon as possible in a publicly and easily accessible place on their website a brief, clear, accurate and transparent summary of the audit report, as well as the full and unredacted audit report, in relation to the reserve_of_assets referred to in Article 36.

3.   Without prejudice to Article 88, issuers of asset-referenced_tokens shall as soon as possible and in a clear, accurate and transparent manner disclose, in a publicly and easily accessible place, on their website any event that has or is likely to have a significant effect on the value of the asset-referenced_tokens or on the reserve_of_assets referred to in Article 36.

1.   Issuers of asset-referenced_tokens shall establish and maintain effective and transparent procedures for the prompt, fair and consistent handling of complaints received from holders of asset-referenced_tokens and other interested parties, including consumer associations that represent holders of asset-referenced_tokens, and shall publish descriptions of those procedures. Where the asset-referenced_tokens are distributed, totally or partially, by third-party entities as referred to in Article 34(5), first subparagraph, point (h), issuers of the asset-referenced_tokens shall establish procedures to also facilitate the handling of such complaints between holders of the asset-referenced_tokens and such third-party entities.

2.   Holders of asset-referenced_tokens shall be able to file complaints free of charge with the issuers of their asset-referenced_tokens or, where applicable, with the third-party entities as referred to in paragraph 1.

3.   Issuers of asset-referenced_tokens and, where applicable, the third-party entities as referred to in paragraph 1, shall develop and make available to holders of asset-referenced_tokens a template for filing complaints and shall keep a record of all complaints received and any measures taken in response thereto.

4.   Issuers of asset-referenced_tokens shall investigate all complaints in a timely and fair manner and communicate the outcome of such investigations to the holders of their asset-referenced_tokens within a reasonable period.

5.   EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards to further specify the requirements, templates and procedures for handling complaints.

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.

1.   Issuers of asset-referenced_tokens shall implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest between themselves and:

2.   Issuers of asset-referenced_tokens shall, in particular, take all appropriate steps to identify, prevent, manage and disclose conflicts of interest arising from the management and investment of the reserve_of_assets referred to in Article 36.

3.   Issuers of asset-referenced_tokens shall, in a prominent place on their website, disclose to the holders of their asset-referenced_tokens the general nature and sources of conflicts of interest referred to in paragraph 1 and the steps taken to mitigate them.

4.   The disclosure referred to in paragraph 3 shall be sufficiently precise to enable the prospective holders of their asset-referenced_tokens to take an informed purchasing decision about the asset-referenced_tokens.

5.   EBA shall develop draft regulatory technical standards to further specify:

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.

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, at all times, have own funds equal to an amount of at least the highest of the following:

For the purposes of point (b) of the first subparagraph, the average amount of the reserve_of_assets shall mean the average amount of the reserve assets at the end of each calendar day, calculated over the preceding six months.

Where an issuer offers more than one asset-referenced_token, the amount referred to in point (b) of the first subparagraph shall be the sum of the average amount of the reserve assets backing each asset-referenced_token.

The amount referred to in point (c) of the first subparagraph shall be reviewed annually and calculated in accordance with Article 67(3).

2.   The own funds referred to in paragraph 1 of this Article shall consist of the Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full pursuant to Article 36 of that Regulation, without the application of the threshold exemptions referred to in Article 46(4) and Article 48 of that Regulation.

3.   The competent_authority of the home_Member_State may require an issuer of an asset-referenced_token to hold an amount of own funds which is up to 20 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), where an assessment of any of the following indicates a higher degree of risk:

4.   The competent_authority of the home_Member_State may require an issuer of an asset-referenced_token that is not significant to comply with any requirement set out in Article 45, where necessary to address the higher degree of risks identified in accordance with paragraph 3 of this Article, or any other risks that Article 45 aims to address, such as liquidity risks.

5.   Without prejudice to paragraph 3, issuers of asset-referenced_tokens shall conduct, on a regular basis, stress testing that takes into account severe but plausible financial stress scenarios, such as interest rate shocks, and non-financial stress scenarios, such as operational risk. Based on the outcome of such stress testing, the competent_authority of the home_Member_State shall require the issuer of the asset-referenced_token to hold an amount of own funds that is between 20 % and 40 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), in certain circumstances having regard to the risk outlook and stress testing results.

6.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards further specifying:

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.

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.   Issuers of asset-referenced_tokens that invest a part of the reserve_of_assets shall only invest those assets in highly liquid financial_instruments with minimal market risk, credit risk and concentration risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect.

2.   Units in an undertaking for collective investment in transferable securities (UCITS) shall be deemed to be assets with minimal market risk, credit risk and concentration risk for the purposes of paragraph 1, where that UCITS invests solely in assets as further specified by EBA in accordance with paragraph 5 and where the issuer of the asset-referenced_token ensures that the reserve_of_assets is invested in such a way that the concentration risk is minimised.

3.   The financial_instruments in which the reserve_of_assets is invested shall be held in custody in accordance with Article 37.

4.   All profits or losses, including fluctuations in the value of the financial_instruments referred to in paragraph 1, and any counterparty or operational risks that result from the investment of the reserve_of_assets shall be borne by the issuer of the asset-referenced_token.

5.   EBA, in cooperation with ESMA and the ECB, shall develop draft regulatory technical standards specifying the financial_instruments that can be considered highly liquid and bearing minimal market risk, credit risk and concentration risk as referred to in paragraph 1. When specifying those financial_instruments, EBA shall take into account:

For the purposes of point (d)(i) of the first subparagraph, EBA shall devise suitable limits to determine concentration requirements. Those limits 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.

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 asset-referenced_tokens shall not grant interest in relation to asset-referenced_tokens.

2.   Crypto-asset service providers shall not grant interest when providing crypto-asset services related to asset-referenced_tokens.

3.   For the purposes of paragraphs 1 and 2, any remuneration or any other benefit related to the length of time during which a holder of asset-referenced_tokens holds such asset-referenced_tokens shall be treated as interest. That includes net compensation or discounts, with an effect equivalent to that of interest received by the holder of asset-referenced_tokens, directly from the issuer or from third parties, and directly associated to the asset-referenced_tokens or from the remuneration or pricing of other products.

1.   Any natural or legal persons or such persons acting in concert who intend to acquire, directly or indirectly (the ‘proposed acquirer’), a qualifying_holding in an issuer of an asset-referenced_token or to increase, directly or indirectly, such a qualifying_holding so that the proportion of the voting rights or of the capital held would reach or exceed 20 %, 30 % or 50 %, or so that the issuer of the asset-referenced_token would become its subsidiary, shall notify the competent_authority of that issuer thereof in writing, indicating the size of the intended holding and the information required by the regulatory technical standards adopted by the Commission in accordance with Article 42(4).

2.   Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying_holding in an issuer of an asset-referenced_token shall, prior to disposing of that holding, notify in writing the competent_authority of its decision and indicate the size of such holding. That person shall also notify the competent_authority where it has taken a decision to reduce a qualifying_holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 %, or so that the issuer of the asset-referenced_token would cease to be that person’s subsidiary.

3.   The competent_authority shall promptly and in any event within two working days following receipt of a notification pursuant to paragraph 1 acknowledge receipt thereof in writing.

4.   The competent_authority shall assess the proposed acquisition referred to in paragraph 1 of this Article and the information required by the regulatory technical standards adopted by the Commission in accordance with Article 42(4), within 60 working days of the date of the written acknowledgement of receipt referred to in paragraph 3 of this Article. When acknowledging receipt of the notification, the competent_authority shall inform the proposed acquirer of the date of expiry of the assessment period.

5.   When performing the assessment referred to in paragraph 4, the competent_authority may request from the proposed acquirer any additional information that is necessary to complete that assessment. Such request shall be made before the assessment is finalised, and in any case no later than on the 50th working day from the date of the written acknowledgement of receipt referred to in paragraph 3. Such requests shall be made in writing and shall specify the additional information needed.

The competent_authority shall suspend the assessment period referred to in paragraph 4 until it has received the additional information referred to in the first subparagraph of this paragraph. The suspension shall not exceed 20 working days. Any further requests by the competent_authority for additional information or for clarification of the information received shall not result in an additional suspension of the assessment period.

The competent_authority may extend the suspension referred to in the second subparagraph of this paragraph by up to 30 working days if the proposed acquirer is situated outside the Union or regulated under the law of a third country.

6.   A competent_authority that, upon completion of the assessment referred to in paragraph 4, decides to oppose the proposed acquisition referred to in paragraph 1 shall notify the proposed acquirer thereof within two working days, and in any event before the date referred to in paragraph 4 extended, where applicable, in accordance with paragraph 5, second and third subparagraphs. The notification shall provide the reasons for such a decision.

7.   Where the competent_authority does not oppose the proposed acquisition referred to in paragraph 1 before the date referred to in paragraph 4 extended, where applicable, in accordance with paragraph 5, second and third subparagraphs, the proposed acquisition shall be deemed to be approved.

8.   The competent_authority may set a maximum period for concluding the proposed acquisition referred to in paragraph 1, and extend that maximum period where appropriate.

1.   When performing the assessment referred to in Article 41(4), the competent_authority shall appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition referred to in Article 41(1) against all of the following criteria:

2.   The competent_authority may oppose the proposed acquisition only where there are reasonable grounds for doing so based on the criteria set out in paragraph 1 of this Article or where the information provided in accordance with Article 41(4) is incomplete or false.

3.   Member States shall not impose any prior conditions in respect of the level of qualifying_holding that is required to be acquired under this Regulation nor allow their competent authorities to examine the proposed acquisition in terms of the economic needs of the market.

4.   EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying the detailed content of the information that is necessary to carry out the assessment referred to in Article 41(4), first subparagraph. The information required shall be relevant for a prudential assessment, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition referred to in Article 41(1).

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.

1.   The criteria for classifying asset-referenced_tokens as significant asset-referenced_tokens shall be the following, as further specified by the delegated acts adopted pursuant to paragraph 11:

2.   EBA shall classify asset-referenced_tokens as significant asset-referenced_tokens where at least three of the criteria set out in paragraph 1 of this Article are met:

3.   Where several issuers issue the same asset-referenced_token, the fulfilment of the criteria set out in paragraph 1 shall be assessed after aggregating the data from those issuers.

4.   Competent authorities of the issuer’s home_Member_State shall report to EBA and the ECB information relevant for the assessment of the fulfilment of the criteria set out in paragraph 1 of this Article, including, if applicable, the information received under Article 22, at least twice a year.

Where the 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, competent authorities shall transmit the information referred to in the first subparagraph also to the central bank of that Member State.

5.   Where EBA concludes that an asset-referenced_token fulfils the criteria set out in paragraph 1 in accordance with paragraph 2, EBA shall prepare a draft decision to classify the asset-referenced_token as a significant asset-referenced_token and notify that draft decision to the issuer of that asset-referenced_token, to the competent_authority of the issuer’s home_Member_State, to the ECB and, in the cases referred to in paragraph 4, second subparagraph, to the central bank of the Member State concerned.

Issuers of such asset-referenced_tokens, their competent authorities, the ECB and, where applicable, the central bank of the Member State concerned shall have 20 working days from the date of notification of EBA’s draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.

6.   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 date of notification referred to in paragraph 5 and immediately notify that decision to the issuer of such asset-referenced_token and its competent_authority.

7.   Where an asset-referenced_token has been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 6, the supervisory responsibilities with respect to the issuer of that significant asset-referenced_token shall be transferred from the competent_authority of the issuer’s home_Member_State to EBA within 20 working days of the date of notification of that decision.

EBA and the competent_authority shall cooperate in order to ensure the smooth transition of supervisory competences.

8.   EBA shall annually reassess the classification of significant asset-referenced_tokens on the basis of the available information, including from the reports referred to in paragraph 4 or the information received under Article 22.

Where EBA concludes that certain asset-referenced_tokens no longer fulfil the criteria set out in paragraph 1 in accordance with paragraph 2, EBA shall prepare a draft decision to no longer classify the asset-referenced_tokens as significant and notify that draft decision to the issuers of those asset-referenced_tokens and the competent_authority of their home_Member_State, to the ECB and, in the cases referred to in paragraph 4, second subparagraph, to the central bank of the Member State concerned.

Issuers of such asset-referenced_tokens, their competent authorities, the ECB and the central bank referred in paragraph 4 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.

9.   EBA shall take its final decision on whether to no longer classify an asset-referenced_token as significant within 60 working days from the date of the notification referred to in paragraph 8 and immediately notify that decision to the issuer of such asset-referenced_tokens and its competent_authority.

10.   Where an asset-referenced_token is no longer classified as significant pursuant to a decision of EBA taken in accordance with paragraph 9, the supervisory responsibilities with respect to the issuer of that asset-referenced_token shall be transferred from EBA to the competent_authority of the issuer’s home_Member_State within 20 working days from the date of notification of that decision.

EBA and the competent_authority shall cooperate in order to ensure the smooth transition of supervisory competences.

11.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by further specifying the criteria set out in paragraph 1 for an asset-referenced_token to be classified as significant and determine:

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.

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: