Version status: Applicable | Document consolidation status: Updated to reflect all known changes

Published date: 9 June 2023

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance) (Markets in Crypto-Assets Regulation (MiCAR))

	Recitals
	Title I Subject matter, scope and definitions (arts. 1-3)
	Article 1 Subject matter
	Article 2 Scope
	Article 3 Definitions
	Title II Crypto-assets other than asset-referenced tokens or e-money tokens (arts. 4-15)
	Article 4 Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens
	Article 5 Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
	Article 6 Content and form of the crypto-asset white paper
	Article 7 Marketing communications
	Article 8 Notification of the crypto-asset white paper and of the marketing communications
	Article 9 Publication of the crypto-asset white paper and of the marketing communications
	Article 10 Result of the offer to the public and safeguarding arrangements
	Article 11 Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
	Article 12 Modification of published crypto-asset white papers and of published marketing communications
	Article 13 Right of withdrawal
	Article 14 Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
	Article 15 Liability for the information given in a crypto-asset white paper
	Title III Asset-referenced tokens (arts. 16-47)
	Chapter 1 Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading (arts. 16-26)
	Article 16 Authorisation
	Article 17 Requirements for credit institutions
	Article 18 Application for authorisation
	Article 19 Content and form of the crypto-asset white paper for asset-referenced tokens
	Article 20 Assessment of the application for authorisation
	Article 21 Grant or refusal of the authorisation
	Article 22 Reporting on asset-referenced tokens
	Article 23 Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange
	Article 24 Withdrawal of the authorisation
	Article 25 Modification of published crypto-asset white papers for asset-referenced tokens
	Article 26 Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper
	Chapter 2 Obligations of issuers of asset-referenced tokens (arts. 27-35)
	Article 27 Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens
	Article 28 Publication of the crypto-asset white paper
	Article 29 Marketing communications
	Article 30 Ongoing information to holders of asset-referenced tokens
	Article 31 Complaints-handling procedures
	Article 32 Identification, prevention, management and disclosure of conflicts of interest
	Article 33 Notification of changes to management body
	Article 34 Governance arrangements
	Article 35 Own funds requirements
	Chapter 3 Reserve of assets (arts. 36-40)
	Article 36 Obligation to have a reserve of assets, and composition and management of such reserve of assets
	Article 37 Custody of reserve assets
	Article 38 Investment of the reserve of assets
	Article 39 Right of redemption
	Article 40 Prohibition of granting interest
	Chapter 4 Acquisitions of issuers of asset-referenced tokens (arts. 41-42)
	Article 41 Assessment of proposed acquisitions of issuers of asset-referenced tokens
	Article 42 Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens
	Chapter 5 Significant asset-referenced tokens (arts. 43-45)
	Article 43 Classification of asset-referenced tokens as significant asset-referenced tokens
	Article 44 Voluntary classification of asset-referenced tokens as significant asset-referenced tokens
	Article 45 Specific additional obligations for issuers of significant asset-referenced tokens
	Chapter 6 Recovery and redemption plans (arts. 46-47)
	Article 46 Recovery plan
	Article 47 Redemption plan
	Title IV E-money tokens (arts. 48-58)
	Chapter 1 Requirements to be fulfilled by all issuers of e-money tokens (arts. 48-55)
	Article 48 Requirements for the offer to the public or admission to trading of e-money tokens
	Article 49 Issuance and redeemability of e-money tokens
	Article 50 Prohibition of granting interest
	Article 51 Content and form of the crypto-asset white paper for e-money tokens
	Article 52 Liability of issuers of e-money tokens for the information given in a crypto-asset white paper
	Article 53 Marketing communications
	Article 54 Investment of funds received in exchange for e-money tokens
	Article 55 Recovery and redemption plans
	Chapter 2 Significant e-money tokens (arts. 56-58)
	Article 56 Classification of e-money tokens as significant e-money tokens
	Article 57 Voluntary classification of e-money tokens as significant e-money tokens
	Article 58 Specific additional obligations for issuers of e-money tokens
	Title V Authorisation and operating conditions for crypto-asset service providers (arts. 59-85)
	Chapter 1 Authorisation of crypto-asset service providers (arts. 59-65)
	Article 59 Authorisation
	Article 60 Provision of crypto-asset services by certain financial entities
	Article 61 Provision of crypto-asset services at the exclusive initiative of the client
	Article 62 Application for authorisation as a crypto-asset service provider
	Article 63 Assessment of the application for authorisation and grant or refusal of authorisation
	Article 64 Withdrawal of authorisation of a crypto-asset service provider
	Article 65 Cross-border provision of crypto-asset services
	Chapter 2 Obligations for all crypto-asset service providers (arts. 66-74)
	Article 66 Obligation to act honestly, fairly and professionally in the best interests of clients
	Article 67 Prudential requirements
	Article 68 Governance arrangements
	Article 69 Information to competent authorities
	Article 70 Safekeeping of clients' crypto-assets and funds
	Article 71 Complaints-handling procedures
	Article 72 Identification, prevention, management and disclosure of conflicts of interest
	Article 73 Outsourcing
	Article 74 Orderly wind-down of crypto-asset service providers
	Chapter 3 Obligations in respect of specific crypto-asset services (arts. 75-82)
	Article 75 Providing custody and administration of crypto-assets on behalf of clients
	Article 76 Operation of a trading platform for crypto-assets
	Article 77 Exchange of crypto-assets for funds or other crypto-assets
	Article 78 Execution of orders for crypto-assets on behalf of clients
	Article 79 Placing of crypto-assets
	Article 80 Reception and transmission of orders for crypto-assets on behalf of clients
	Article 81 Providing advice on crypto-assets and providing portfolio management of crypto-assets
	Article 82 Providing transfer services for crypto-assets on behalf of clients
	Chapter 4 Acquisition of crypto-asset service providers (arts. 83-84)
	Article 83 Assessment of proposed acquisitions of crypto-asset service providers
	Article 84 Content of the assessment of proposed acquisitions of crypto-asset service providers
	Chapter 5 Significant crypto-asset service providers (arts. 59-85)
	Article 85 Identification of significant crypto-asset service providers
	Title VI Prevention and prohibition of market abuse involving crypto-assets (arts. 86-92)
	Article 86 Scope of the rules on market abuse
	Article 87 Inside information
	Article 88 Public disclosure of inside information
	Article 89 Prohibition of insider dealing
	Article 90 Prohibition of unlawful disclosure of inside information
	Article 91 Prohibition of market manipulation
	Article 92 Prevention and detection of market abuse
	Title VII Competent authorities, EBA and ESMA (arts. 93-138)
	Chapter 1 Powers of competent authorities and cooperation between competent authorities, EBA and ESMA (arts. 93-108)
	Article 93 Competent authorities
	Article 94 Powers of competent authorities
	Article 95 Cooperation between competent authorities
	Article 96 Cooperation with EBA and ESMA
	Article 97 Promotion of convergence on the classification of crypto-assets
	Article 98 Cooperation with other authorities
	Article 99 Duty of notification
	Article 100 Professional secrecy
	Article 101 Data protection
	Article 102 Precautionary measures
	Article 103 ESMA temporary intervention powers
	Article 104 EBA temporary intervention powers
	Article 105 Product intervention by competent authorities
	Article 106 Coordination with ESMA or EBA
	Article 107 Cooperation with third countries
	Article 108 Complaints-handling by competent authorities
	Chapter 2 ESMA register (arts. 109-110a)
	Article 109 Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers
	Article 110 Register of non-compliant entities providing crypto-asset services
	Article 110a Accessibility of information on the European single access point
	Chapter 3 Administrative penalties and other administrative measures by competent authorities (arts. 111-116)
	Article 111 Administrative penalties and other administrative measures
	Article 112 Exercise of supervisory powers and powers to impose penalties
	Article 113 Right of appeal
	Article 114 Publication of decisions
	Article 115 Reporting of administrative penalties and other administrative measures to ESMA and EBA
	Article 116 Reporting of infringements and protection of reporting persons
	Chapter 4 Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors (arts. 117-120)
	Article 117 Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
	Article 118 EBA crypto-asset committee
	Article 119 Colleges for issuers of significant asset-referenced tokens and significant e-money tokens
	Article 120 Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens
	Chapter 5 EBA's powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens (arts. 121-138)
	Article 121 Legal privilege
	Article 122 Request for information
	Article 123 General investigative powers
	Article 124 On-site inspections
	Article 125 Exchange of information
	Article 126 Administrative agreements on the exchange of information between EBA and third countries
	Article 127 Disclosure of information from third countries
	Article 128 Cooperation with other authorities
	Article 129 Professional secrecy
	Article 130 Supervisory measures by EBA
	Article 131 Fines
	Article 132 Periodic penalty payments
	Article 133 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
	Article 134 Procedural rules for taking supervisory measures and imposing fines
	Article 135 Hearing of the persons concerned
	Article 136 Review by the Court of Justice
	Article 137 Supervisory fees
	Article 138 Delegation of tasks by EBA to competent authorities
	Title VIII Delegated acts (art. 139)
	Article 139 Exercise of the delegation
	Title IX Transitional and final provisions (arts. 140-149)
	Article 140 Reports on the application of this Regulation
	Article 141 ESMA annual report on market developments
	Article 142 Report on latest developments in crypto-assets
	Article 143 Transitional measures
	Article 144 Amendment to Regulation (EU) No 1093/2010
	Article 145 Amendment to Regulation (EU) No 1095/2010
	Article 146 Amendment to Directive 2013/36/EU
	Article 147 Amendment to Directive (EU) 2019/1937
	Article 148 Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937
	Article 149 Entry into force and application
	Annex I Disclosure items for the crypto-asset white paper for crypto-assets other than asset-referenced tokens or e-money tokens
	Annex II Disclosure items for the crypto-asset white paper for an asset-referenced token
	Annex III Disclosure items for the crypto-asset white paper for an e-money token
	Annex IV Minimum capital requirements for crypto-asset service providers
	Annex V List of infrigements referred to in Titles III and VI for issuers of significant asset-referenced tokens
	Annex VI List of infrigements of provisions referred to in Title IV in conjunction with Title III for issuers of significant e-money tokens
	Done at