MiCAR — E-Money Token / Stablecoin Specific Requirements
Sectors
Articles (154)
Article 1 — Subject matterArticle 2 — ScopeArticle 3 — DefinitionsArticle 4 — Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokensArticle 5 — Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 6 — Content and form of the crypto-asset white paperArticle 7 — Marketing communicationsArticle 8 — Notification of the crypto-asset white paper and of the marketing communicationsArticle 9 — Publication of the crypto-asset white paper and of the marketing communicationsArticle 10 — Result of the offer to the public and safeguarding arrangementsArticle 11 — Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 12 — Modification of published crypto-asset white papers and of published marketing communicationsArticle 13 — Right of withdrawalArticle 14 — Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 15 — Liability for the information given in a crypto-asset white paperArticle 16 — AuthorisationArticle 17 — Requirements for credit institutionsArticle 18 — Application for authorisationArticle 19 — Content and form of the crypto-asset white paper for asset-referenced tokensArticle 20 — Assessment of the application for authorisationArticle 21 — Grant or refusal of the authorisationArticle 22 — Reporting on asset-referenced tokensArticle 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchangeArticle 24 — Withdrawal of the authorisationArticle 25 — Modification of published crypto-asset white papers for asset-referenced tokensArticle 26 — Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paperArticle 27 — Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokensArticle 28 — Publication of the crypto-asset white paperArticle 29 — Marketing communicationsArticle 30 — Ongoing information to holders of asset-referenced tokensArticle 31 — Complaints-handling proceduresArticle 32 — Identification, prevention, management and disclosure of conflicts of interestArticle 33 — Notification of changes to management bodyArticle 34 — Governance arrangementsArticle 35 — Own funds requirementsArticle 36 — Obligation to have a reserve of assets, and composition and management of such reserve of assetsArticle 37 — Custody of reserve assetsArticle 38 — Investment of the reserve of assetsArticle 39 — Right of redemptionArticle 40 — Prohibition of granting interestArticle 41 — Assessment of proposed acquisitions of issuers of asset-referenced tokensArticle 42 — Content of the assessment of proposed acquisitions of issuers of asset-referenced tokensArticle 43 — Classification of asset-referenced tokens as significant asset-referenced tokensArticle 44 — Voluntary classification of asset-referenced tokens as significant asset-referenced tokensArticle 45 — Specific additional obligations for issuers of significant asset-referenced tokensArticle 46 — Recovery planArticle 47 — Redemption planArticle 48 — Requirements for the offer to the public or admission to trading of e-money tokensArticle 49 — Issuance and redeemability of e-money tokensArticle 50 — Prohibition of granting interestArticle 51 — Content and form of the crypto-asset white paper for e-money tokensArticle 52 — Liability of issuers of e-money tokens for the information given in a crypto-asset white paperArticle 53 — Marketing communicationsArticle 54 — Investment of funds received in exchange for e-money tokensArticle 55 — Recovery and redemption plansArticle 56 — Classification of e-money tokens as significant e-money tokensArticle 57 — Voluntary classification of e-money tokens as significant e-money tokensArticle 58 — Specific additional obligations for issuers of e-money tokensArticle 59 — AuthorisationArticle 60 — Provision of crypto-asset services by certain financial entitiesArticle 61 — Provision of crypto-asset services at the exclusive initiative of the clientArticle 62 — Application for authorisation as a crypto-asset service providerArticle 63 — Assessment of the application for authorisation and grant or refusal of authorisationArticle 64 — Withdrawal of authorisation of a crypto-asset service providerArticle 65 — Cross-border provision of crypto-asset servicesArticle 66 — Obligation to act honestly, fairly and professionally in the best interests of clientsArticle 67 — Prudential requirementsArticle 68 — Governance arrangementsArticle 69 — Information to competent authoritiesArticle 70 — Safekeeping of clients’ crypto-assets and fundsArticle 71 — Complaints-handling proceduresArticle 72 — Identification, prevention, management and disclosure of conflicts of interestArticle 73 — OutsourcingArticle 74 — Orderly wind-down of crypto-asset service providersArticle 75 — Providing custody and administration of crypto-assets on behalf of clientsArticle 76 — Operation of a trading platform for crypto-assetsArticle 77 — Exchange of crypto-assets for funds or other crypto-assetsArticle 78 — Execution of orders for crypto-assets on behalf of clientsArticle 79 — Placing of crypto-assetsArticle 80 — Reception and transmission of orders for crypto-assets on behalf of clientsArticle 81 — Providing advice on crypto-assets and providing portfolio management of crypto-assetsArticle 82 — Providing transfer services for crypto-assets on behalf of clientsArticle 83 — Assessment of proposed acquisitions of crypto-asset service providersArticle 84 — Content of the assessment of proposed acquisitions of crypto-asset service providersArticle 85 — Identification of significant crypto-asset service providersArticle 86 — Scope of the rules on market abuseArticle 87 — Inside informationArticle 88 — Public disclosure of inside informationArticle 89 — Prohibition of insider dealingArticle 90 — Prohibition of unlawful disclosure of inside informationArticle 91 — Prohibition of market manipulationArticle 92 — Prevention and detection of market abuseArticle 93 — Competent authoritiesArticle 94 — Powers of competent authoritiesArticle 95 — Cooperation between competent authoritiesArticle 96 — Cooperation with EBA and ESMAArticle 97 — Promotion of convergence on the classification of crypto-assetsArticle 98 — Cooperation with other authoritiesArticle 99 — Duty of notificationArticle 100 — Professional secrecyArticle 101 — Data protectionArticle 102 — Precautionary measuresArticle 103 — ESMA temporary intervention powersArticle 104 — EBA temporary intervention powersArticle 105 — Product intervention by competent authoritiesArticle 106 — Coordination with ESMA or EBAArticle 107 — Cooperation with third countriesArticle 108 — Complaints-handling by competent authoritiesArticle 109 — Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providersArticle 110 — Register of non-compliant entities providing crypto-asset servicesArticle 111 — Administrative penalties and other administrative measuresArticle 112 — Exercise of supervisory powers and powers to impose penaltiesArticle 113 — Right of appealArticle 114 — Publication of decisionsArticle 115 — Reporting of administrative penalties and other administrative measures to ESMA and EBAArticle 116 — Reporting of infringements and protection of reporting personsArticle 117 — Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokensArticle 118 — EBA crypto-asset committeeArticle 119 — Colleges for issuers of significant asset-referenced tokens and significant e-money tokensArticle 120 — Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokensArticle 121 — Legal privilegeArticle 122 — Request for informationArticle 123 — General investigative powersArticle 124 — On-site inspectionsArticle 125 — Exchange of informationArticle 126 — Administrative agreements on the exchange of information between EBA and third countriesArticle 127 — Disclosure of information from third countriesArticle 128 — Cooperation with other authoritiesArticle 129 — Professional secrecyArticle 130 — Supervisory measures by EBAArticle 131 — FinesArticle 132 — Periodic penalty paymentsArticle 133 — Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 134 — Procedural rules for taking supervisory measures and imposing finesArticle 135 — Hearing of the persons concernedArticle 136 — Review by the Court of JusticeArticle 137 — Supervisory feesArticle 138 — Delegation of tasks by EBA to competent authoritiesArticle 139 — Exercise of the delegationArticle 140 — Reports on the application of this RegulationArticle 141 — ESMA annual report on market developmentsArticle 142 — Report on latest developments in crypto-assetsArticle 143 — Transitional measuresArticle 144 — Amendment to Regulation (EU) No 1093/2010Article 145 — Amendment to Regulation (EU) No 1095/2010Article 146 — Amendment to Directive 2013/36/EUArticle 147 — Amendment to Directive (EU) 2019/1937Article 148 — Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937Article 149 — Entry into force and applicationAuthorisation to Issue E-Money TokensReserve of Assets for E-Money TokensRedemption Rights for E-Money Token HoldersSignificant E-Money Token Classification and Enhanced RequirementsProhibition of Insider Information and Market Manipulation for Crypto Assets