Article 3 Definitions

1. ‘distributed ledger technologyor ‘DLT’ means a technology that enables the operation and use of distributed ledgers;’ or ‘DLT’ means a technology that enables the operation and use of distributed ledgersmeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism;;

2. ‘distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism;’ means an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodesmeans a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger; using a consensus mechanismmeans the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated;;

3. ‘consensus mechanismmeans the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated;’ means the rules and procedures by which an agreement is reached, among DLT network nodesmeans a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger;, that a transaction is validated;

4. ‘DLT network nodemeans a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger;’ means a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism;;

5. ‘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;’ means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technologyor ‘DLT’ means a technology that enables the operation and use of distributed ledgers; or similar technology;

6. ‘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;’ means a type of 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; that is not an electronic money tokenor ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency; and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currenciesmeans an official currency of a country that is issued by a central bank or other monetary authority;;

7. ‘electronic money tokenor ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency;’ or ‘e-money token’ means a type of 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; that purports to maintain a stable value by referencing the value of one official currencymeans an official currency of a country that is issued by a central bank or other monetary authority;;

8. ‘official currencymeans an official currency of a country that is issued by a central bank or other monetary authority;’ means an official currencymeans an official currency of a country that is issued by a central bank or other monetary authority; of a country that is issued by a central bank or other monetary authority;

9. ‘utility tokenmeans a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer;’ means a type of 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; that is only intended to provide access to a good or a service supplied by its issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;;

10. ‘issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’ means a natural or legal person, or other undertaking, who issues 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;;

11. ‘applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’ means an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 e-money tokens who applies for authorisation to 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; or seeks the admission to trading of those 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;;

12. ‘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;’ means a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the 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; to be offered so as to enable prospective holders to decide whether to purchase those 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;;

13. ‘offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;’ means a natural or legal person, or other undertaking, or the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, who offers 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; to the public;

14. ‘fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;’ means fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; as defined in Article 4, point (25), of Directive (EU) 2015/2366;

15. ‘crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;’ means a legal person or other undertaking whose occupation or business is the provision of one or more 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; to clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; on a professional basis, and that is allowed to 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; in accordance with Article 59;

16. ‘crypto-asset servicemeans 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;’ means any of the following services and activities relating to any 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;:

    1. providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys;;

    2. operation of a trading platform for crypto-assetsmeans the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets;;

    3. exchange of crypto-assets for fundsmeans the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital;;

    4. exchange of crypto-assets for other crypto-assetsmeans the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital;;

    5. execution of orders for crypto-assets on behalf of clientsmeans the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading;;

    6. placing of crypto-assetsmeans the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers;;

    7. reception and transmission of orders for crypto-assets on behalf of clientsmeans the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution;;

    8. providing advice on crypto-assetsmeans offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto-asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services;;

    9. providing portfolio management on 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;;

    10. providing transfer services for crypto-assets on behalf of clientsmeans providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another;;

17. ‘providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys;’ means the safekeeping or controlling, on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, 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 of the means of access to such 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;, where applicable in the form of private cryptographic keys;

18. ‘operation of a trading platform for crypto-assetsmeans the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets;’ means the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in 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 system and in accordance with its rules, in a way that results in a contract, either by exchanging 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; for fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; or by the exchange of crypto-assets for other crypto-assetsmeans the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital;;

19. ‘exchange of crypto-assets for fundsmeans the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital;’ means the conclusion of purchase or sale contracts concerning 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; with clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; for fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; by using proprietary capital;

20. ‘exchange of crypto-assets for other crypto-assetsmeans the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital;’ means the conclusion of purchase or sale contracts concerning 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; with clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; for 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; by using proprietary capital;

21. ‘execution of orders for crypto-assets on behalf of clientsmeans the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading;’ means the conclusion of agreements, on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, to purchase or sell one or more 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 the subscription on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; for one or more 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;, and includes the conclusion of contracts to sell 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; at the moment of their 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; or admission to trading;

22. ‘placing of crypto-assetsmeans the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers;’ means the marketing, on behalf of or for the account of the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or a party related to the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;, 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; to purchasers;

23. ‘reception and transmission of orders for crypto-assets on behalf of clientsmeans the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution;’ means the reception from a person of an order to purchase or sell one or more 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 to subscribe for one or more 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; and the transmission of that order to a third party for execution;

24. ‘providing advice on crypto-assetsmeans offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto-asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services;’ means offering, giving or agreeing to give personalised recommendations to a clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, either at the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s request or on the initiative of the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; providing the advice, in respect of one or more transactions relating 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;, or the use of 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;;

25. ‘providing portfolio management of crypto-assetsmeans managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets;’ means managing portfolios in accordance with mandates given by clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; on a discretionary client-by-client basis where such portfolios include one or more 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;;

26. ‘providing transfer services for crypto-assets on behalf of clientsmeans providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another;’ means providing services of transfer, on behalf of a natural or legal person, 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; from one distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; address or account to another;

27. ‘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;’ means the body or bodies of an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person seeking admission to trading, or of a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, 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;

28. ‘credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU;’ means a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU;

29. ‘investment firmmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU;’ means an investment firmmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU;

30. ‘qualified investorsmeans persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU;’ means persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU;

31. ‘close linksmeans close links as defined in Article 4(1), point (35), of Directive 2014/65/EU;’ means close linksmeans close links as defined in Article 4(1), point (35), of Directive 2014/65/EU; as defined in Article 4(1), point (35), of Directive 2014/65/EU;

32. ‘reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;’ means the basket of reserve assets securing the claim against the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;;

33. ‘home Member Statemeans: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;’ means:

    1. where the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person seeking 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; other than 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 e-money tokens has its registered office in the Union, the Member State where that offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person has its registered office;

    2. where the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person seeking 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; other than 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 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 offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person from among the Member States where it has branches;

    3. where the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person seeking 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; other than 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 e-money tokens is established in a third country and has no branch in the Union, either the Member State where the 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; are intended to be offered to the public for the first time or, at the choice of the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person seeking admission to trading, the Member State where the first application for admission to trading of those 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; is made;

    4. in the case of an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 Member State where the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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; has its registered office;

    5. in the case of an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens, the Member State where the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens is authorised as a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; under Directive 2013/36/EU or as an electronic money institutionmeans an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC; under Directive 2009/110/EC;

    6. in the case of crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, the Member State where the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; has its registered office;

34. ‘host Member Statemeans the Member State where an offeror or person seeking admission to trading has made an offer to the public of crypto-assets or is seeking admission to trading, or where a crypto-asset service provider provides crypto-asset services, where different from the home Member State;’ means the Member State where an offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or person seeking admission to trading has made an 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; 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 is seeking admission to trading, or where a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; provides 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;, where different from the home Member Statemeans: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;;

35. ‘competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;’ means one or more authorities:

    1. designated by each Member State in accordance with Article 93 concerning offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;, persons seeking 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; other than 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; and e-money tokens, issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;;

    2. designated by each Member State for the application of Directive 2009/110/EC concerning issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens;

36. ‘qualifying holdingmeans any direct or indirect holding in an issuer of asset-referenced tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council(32) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38)., respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuer of asset-referenced tokens or the management of the crypto-asset service provider in which that holding subsists;’ means any direct or indirect holding in an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 in a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council(³²)Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38)., respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 the management of the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; in which that holding subsists;

37. ‘retail holdermeans any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;’ means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;

38. ‘online interfacemeans any software, including a website, part of a website or an application, that is operated by or on behalf of an offeror or crypto-asset service provider, and which serves to give holders of crypto-assets access to their crypto-assets and to give clients access to crypto-asset services;’ means any software, including a website, part of a website or an application, that is operated by or on behalf of an offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, and which serves to give holders 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; access to their 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; and to give clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; access to 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;;

39. ‘clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’ means any natural or legal person to whom a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; provides 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;;

40. ‘matched principal tradingmeans matched principal trading as defined in Article 4(1), point (38), of Directive 2014/65/EU;’ means matched principal tradingmeans matched principal trading as defined in Article 4(1), point (38), of Directive 2014/65/EU; as defined in Article 4(1), point (38), of Directive 2014/65/EU;

41. ‘payment servicesmeans payment services as defined in Article 4, point (3), of Directive (EU) 2015/2366;’ means payment servicesmeans payment services as defined in Article 4, point (3), of Directive (EU) 2015/2366; as defined in Article 4, point (3), of Directive (EU) 2015/2366;

42. ‘payment service providermeans a payment service provider as defined in Article 4, point (11), of Directive (EU) 2015/2366;’ means a payment service providermeans a payment service provider as defined in Article 4, point (11), of Directive (EU) 2015/2366; as defined in Article 4, point (11), of Directive (EU) 2015/2366;

43. ‘electronic money institutionmeans an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC;’ means an electronic money institutionmeans an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC; as defined in Article 2, point (1), of Directive 2009/110/EC;

44. ‘electronic moneymeans electronic money as defined in Article 2, point (2), of Directive 2009/110/EC;’ means electronic moneymeans electronic money as defined in Article 2, point (2), of Directive 2009/110/EC; as defined in Article 2, point (2), of Directive 2009/110/EC;

45. ‘personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679;’ means personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679; as defined in Article 4, point (1), of Regulation (EU) 2016/679;

46. ‘payment institutionmeans a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366;’ means a payment institutionmeans a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366; as defined in Article 4, point (4), of Directive (EU) 2015/2366;

47. ‘UCITS management companymeans a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council(33) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).;’ means a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council(³³)Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).;

48. ‘alternative investment fund managermeans an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council(34) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).;’ means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council(³⁴)Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).;

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

50. ‘depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU;’ means a depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; as defined in Article 2(1), point (3), of Directive 2014/49/EU;

51. ‘structured depositmeans 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.’ means a structured depositmeans 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. 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.