Article 2 Scope

This Regulation applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; and admission to trading of crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; or that provide services related to crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; in the Union.

1. persons who provide crypto-asset servicesmeans any of the following services and activities relating to any crypto-asset: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; exclusively for their parent companies, for their own subsidiaries or for other subsidiaries of their parent companies;

2. a liquidator or an administrator acting in the course of an insolvency procedure, except for the purposes of Article 47;

3. the ECB, central banks of the Member States when acting in their capacity as monetary authorities, or other public authorities of the Member States;

4. the European Investment Bank and its subsidiaries;

5. the European Financial Stability Facility and the European Stability Mechanism;

6. public international organisations.

This Regulation does not apply to crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; that are unique and not fungible with other crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;.

1. financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU;;

2. depositsmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU;, including structured depositsmeans a structured deposit as defined in Article 4(1), point (43), of Directive 2014/65/EU.The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by further specifying technical elements of the definitions laid down in paragraph 1 of this Article, and to adjust those definitions to market developments and technological developments.;

3. fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;, except if they qualify as e-money tokens;

4. securitisation positions in the context of a securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402;

5. non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to Directive 2009/138/EC of the European Parliament and of the Council(²⁷)Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1). or reinsurance and retrocession contracts referred to in that Directive;

6. pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits;

7. officially recognised occupational pension schemes falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council(²⁸)Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37). or Directive 2009/138/EC;

8. individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider;

9. a pan-European Personal Pension Product as defined in Article 2, point (2), of Regulation (EU) 2019/1238 of the European Parliament and of the Council(²⁹)Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1).;

10. social security schemes covered by Regulations (EC) No 883/2004(³⁰)Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (OJ L 166, 30.4.2004, p. 1). and (EC) No 987/2009 of the European Parliament and of the Council(³¹)Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (OJ L 284, 30.10.2009, p. 1)..

By 30 December 2024, ESMA shall, for the purposes of paragraph 4, point (a), of this Article issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on the conditions and criteria for the qualification of crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; as financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU;.

This Regulation shall be without prejudice to Regulation (EU) No 1024/2013.