1. A competent authority may prohibit or restrict the following in or from its Member State:
(a) the marketing, distribution or sale of certain crypto-assets or crypto-assets with certain specified features; or
(b) a type of activity or practice related to crypto-assets.
2. A competent authority shall only take a measure pursuant to paragraph 1 if it is satisfied on reasonable grounds that:
(a) a crypto-asset gives rise to significant investor protection concerns or poses a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system within at least one Member State;
(b) existing regulatory requirements under Union law applicable to the crypto-asset or crypto-asset service concerned do not sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved supervision or enforcement of existing requirements;
(c) the measure is proportionate, taking into account th
…