Article 26 Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper

Where an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; has infringed Article 19 by providing in its crypto-assetmeans 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; white paper or in a modified crypto-assetmeans 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; white paper information that is not complete, fair or clear, or that is misleading, that issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; and the members of its administrative, management or supervisory body shall be liable to a holder of such 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; for any loss incurred due to that infringement.

Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect.

It shall be the responsibility of the holder of the 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; to present evidence indicating that the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of that 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; has infringed Article 19 by providing in its crypto-assetmeans 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; white paper or in a modified crypto-assetmeans 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; white paper information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that 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;.

1. is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-assetmeans 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; white paper; or

2. does not provide, when read together with the other parts of the crypto-assetmeans 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; white paper, key information in order to aid prospective holders when considering whether to purchase the 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;.

This Article is without prejudice to any other civil liability pursuant to national law.