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Author: Admin | 2025-04-27
SUMMARY OF: Regulation (EU) 2023/1114 on markets in crypto-assets WHAT IS THE AIM OF THE REGULATION? Regulation (EU) 2023/1114 establishes uniform rules for issuers of crypto-assets that have so far not been regulated by other European Union (EU) financial services acts and for providers of services in relation to such crypto-assets (crypto-asset service providers). The rules cover: transparency and disclosure requirements for the issuing, the offering to the public and the admission of crypto-assets to a trading platform; the authorisation and supervision of crypto-asset service providers and issuers of asset-referenced and electronic money (e-money) tokens; the operation, organisation and governance of the issuers and crypto-asset service providers; protection for holders of crypto-assets and clients of service providers; measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation. KEY POINTS The regulation applies to the issuing, the offering to the public and the admission to trading of crypto-assets, and to the provision of services in relation to crypto-assets. It distinguishes the following types of crypto-assets: e-money tokens (crypto-assets that stabilise their value in relation to a single official currency); asset-referenced tokens (crypto-assets that stabilise their value in relation to other assets or a basket of assets); crypto-assets other than asset-referenced tokens or e-money tokens. Offerors* or persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens must: be a legal person*; publish a crypto-asset White Paper and any marketing communication on their website; act honestly, fairly and professionally; communicate with actual and potential asset holders in a fair, clear and non-misleading manner; identify, prevent, manage and disclose any conflicts of interest; be liable for damages for incorrect information in the White Paper; provide holders of crypto-assets with a right of withdrawal. Issuers of asset-referenced tokens that offer them to the public or seek their
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