Source: OJ L, 2024/2902, 28.11.2024Current language: EN
- Markets in crypto-assets
ART/EMT issuer
- ITS on non-EU currency reporting
Article 1 General provisions
Summary What does Article 1 of the ITS on non-EU currency reporting say?
This is the core operative article of the regulation, establishing the reporting framework that flows from Article 22 of MiCA (Regulation (EU) 2023/1114).
It assigns distinct reporting obligations to two groups: issuers of asset-referenced tokens, who must report to competent authorities using prescribed templates, and crypto-asset service providers, who must feed data to those issuers using a separate set of templates.
Beyond simply mandating template use, the article specifies the contextual information that must accompany each submission, covering issuer identification, token classification, currency references, and significance status.
It also extends the framework to e-money tokens denominated in non-EU currencies.
Important points:
- As an issuer, use the templates in Annex I and II for reporting to competent authorities, and accompany submissions with mandatory contextual data including your LEI, token type, and currency reference classification.
- Crypto-asset service providers are required to submit token-related data to issuers using the separate templates set out in Annexes III and IV.
- The regulation applies mutatis mutandis to e-money tokens denominated in a currency that is not an official currency of a Member State.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
For the purposes of the reporting requirement referred to in Article 22(1) of Regulation (EU) 2023/1114, issuers shall use the templates set out in Annex I, in accordance with the instructions provided for in Annex II, to this Regulation.
For the purposes of the reporting requirement referred to in Article 22(3) of Regulation (EU) 2023/1114, crypto-asset service providers shall submit to the issuers the templates set out in Annex III, in accordance with the instructions provided for in Annex IV, to this Regulation.
For purposes of the reporting referred to in Article 22(1) of Regulation (EU) 2023/1114, issuers shall accompany the submitted data listed in Annex I to this Regulation with the following information:
the reporting reference date and reference period;
the reporting currency;
for legal entities, the legal entity identifier (LEI) of the issuer, and for natural persons the official national identification number applicable in the home Member State;
the type of the token, as defined in Article 3(1), point (6) or (7), of Regulation (EU) 2023/1114, and related identification code, reference or name of the token, where available, based on the published crypto-asset white paper for the token;
whether the token:
references only the official currency of the home Member State;
references only currencies other than the official currency of the home Member State;
references both the official currency of the home Member State and other currencies (a mix of the option referred to in point (i) and the option referred to in point (ii));
whether the token has been classified as significant in accordance with Article 43 of Regulation (EU) 2023/1114;
where applicable, a statement that the issuer has not received the information referred to in Annexes III and IV to this Regulation from the crypto-asset service providers.
In accordance with Article 58(3) of Regulation (EU) 2023/1114, this Regulation applies mutatis mutandis to e-money tokens denominated in a currency that is not an official currency of a Member State.
Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.
Definition
placing of crypto-assets
Definition
official currency
Definition
electronic money institution
Definition
distributed ledger
Definition
reception and transmission of orders for crypto-assets on behalf of clients
Definition
exchange of crypto-assets for funds
Definition
credit institution
Definition
consensus mechanism
Definition
operation of a trading platform for crypto-assets
Definition
e-money token
Definition
home Member State
- where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person has its registered office;
- where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but does have one or more branches in the Union, the Member State chosen by that offeror or person from among the Member States where it has branches;
- where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made;
- in the case of an issuer of asset-referenced tokens, the Member State where the issuer of asset-referenced tokens has its registered office;
- in the case of an issuer of e-money tokens, the Member State where the issuer of e-money tokens is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC;
- in the case of crypto-asset service providers, the Member State where the crypto-asset service provider has its registered office;
Definition
crypto-asset service
- providing custody and administration of crypto-assets on behalf of clients;
- operation of a trading platform for crypto-assets;
- exchange of crypto-assets for funds;
- exchange of crypto-assets for other crypto-assets;
- execution of orders for crypto-assets on behalf of clients;
- placing of crypto-assets;
- reception and transmission of orders for crypto-assets on behalf of clients;
- providing advice on crypto-assets;
- providing portfolio management on crypto-assets;
- providing transfer services for crypto-assets on behalf of clients;
Definition
offer to the public
Definition
providing advice on crypto-assets
Definition
offeror
Definition
execution of orders for crypto-assets on behalf of clients
Definition
electronic money
Definition
crypto-asset service provider
Definition
crypto-asset
Definition
DLT network node
Definition
funds
Definition
client
Definition
asset-referenced token
Definition
issuer
Definition
exchange of crypto-assets for other crypto-assets
Definition
electronic money token
Definition
providing custody and administration of crypto-assets on behalf of clients
Definition
providing transfer services for crypto-assets on behalf of clients
Definition
distributed ledger technology