Article 131 Fines

1. an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of a significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or a member of its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; has, intentionally or negligently, committed an infringement as listed in Annex V;

2. an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of a significant e-money token or a member of its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; has, intentionally or negligently, committed an infringement as listed in Annex VI.

An infringement shall be considered to have been committed intentionally if EBA finds objective factors which demonstrate that such an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; or a member of its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; acted deliberately to commit the infringement.

1. the duration and frequency of the infringement;

2. whether financial crime has been occasioned, facilitated or is otherwise attributable to the infringement;

3. whether the infringement has revealed serious or systemic weaknesses in the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;’s or in the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant e-money token’s procedures, policies and risk management measures;

4. whether the infringement has been committed intentionally or negligently;

5. the degree of responsibility of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant e-money token responsible for the infringement;

6. the financial strength of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;, or of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant e-money token, responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

7. the impact of the infringement on the interests of holders of significant asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or significant e-money tokens;

8. the importance of the profits gained, losses avoided by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or the significant e-money token responsible for the infringement or the losses for third parties caused by the infringement, insofar as they can be determined;

9. the level of cooperation of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant e-money token responsible for the infringement with EBA, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

10. previous infringements by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant e-money token responsible for the infringement;

11. measures taken by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant e-money token after the infringement to prevent the repetition of such an infringement.

For issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of significant asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;, the maximum amount of the fine referred to in paragraph 1 shall be up to 12,5 % of its annual turnover in the preceding business year, or twice the amount or profits gained or losses avoided because of the infringement where those can be determined.

For issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of significant e-money tokens, the maximum amount of the fine referred to in paragraph 1 shall be up to 10 % of its annual turnover in the preceding business year, or twice the amount or profits gained or losses avoided because of the infringement where those can be determined.