Article 5 Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens

Summary What does Article 5 of the MiCA regulation say?

This article sets out the conditions that must be met before a crypto-asset (excluding asset-referenced tokens and e-money tokens) can be admitted to trading in the Union.

It mirrors the framework established in Article 4 for public offers, but applies specifically to the admission-to-trading context.

The article also addresses two important flexibility mechanisms: first, the ability to delegate compliance responsibilities to the trading platform operator by written agreement; and second, an exemption from the white paper requirements where the crypto-asset is already admitted to trading on another Union platform and an existing white paper is available and consented to.

Important points:

Be a legal person and ensure a compliant crypto-asset white paper is drawn up, notified, and published before seeking admission to trading.
The person seeking admission and the trading platform operator can agree in writing to shift responsibility for white paper and marketing communication requirements to the operator, provided the person supplies all necessary information.
The white paper requirements do not apply if the crypto-asset is already admitted to trading on another Union platform and a compliant, up-to-date white paper exists with written consent from the person who drew it up.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

1. A person shall not seek admission to trading of a crypto-asset other than an asset-referenced token or e-money token within the Union unless that person:
  1. is a legal person;
  2. has drawn up a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6;
  3. has notified the crypto-asset white paper in accordance with Article 8;
  4. has published the crypto-asset white paper in accordance with Article 9;
  5. has drafted the marketing communications, if any, in respect of that crypto-asset in accordance with Article 7;
  6. has published the marketing communications, if any, in respect of that crypto-asset in accordance with Article 9;
  7. complies with the requirements for persons seeking admission to trading laid down in Article 14.
1. When a crypto-asset is admitted to trading on the initiative of the operator of a trading platform and a crypto-asset white paper has not been published in accordance with Article 9 in the cases required by this Regulation, the operator of that trading platform for crypto-assets shall comply with the requirements set out in paragraph 1 of this Article.
1. By way of derogation from paragraph 1, a person seeking admission to trading of a crypto-asset other than an asset-referenced token or e-money token and the respective operator of the trading platform may agree in writing that it shall be the operator of the trading platform who is required to comply with all or part of the requirements referred to in paragraph 1, points (b) to (g).
2. The agreement in writing referred to in the first subparagraph of this paragraph shall clearly state that the person seeking admission to trading is required to provide the operator of the trading platform with all necessary information to enable that operator to satisfy the requirements referred to in paragraph 1, points (b) to (g), as applicable.
1. Paragraph 1, points (b), (c) and (d), shall not apply where:
  1. the crypto-asset is already admitted to trading on another trading platform for crypto-assets in the Union; and
  2. the crypto-asset white paper is drawn up in accordance with Article 6, updated in accordance with Article 12, and the person responsible for drawing up such white paper consents to its use in writing.

Relevant recitals

Recital 20 Admission to trade non-ART/EMT and issue ART/EMT crypto-assets

Given the different risks and opportunities raised by crypto-assets, it is necessary to lay down rules for offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, as well as for issuers of asset-referenced tokens and e-money tokens. Issuers of crypto-assets are entities that have control over the creation of crypto-assets.

Recital 23 Legal-person requirement for offerors and admission-seekers

To ensure that all offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens, which can potentially have a financial use, or all admissions of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’), in the Union, are properly monitored and supervised by competent authorities, all offerors or persons seeking admission to trading should be legal persons.

Recital 24 White paper disclosure for non-ART/EMT offers

In order to ensure their protection, prospective retail holders of crypto-assets should be informed of the characteristics, functions and risks of the crypto-assets that they intend to purchase. When making an offer to the public of crypto-assets other than asset-referenced tokens or e-money tokens or when seeking admission to trading of such crypto-assets in the Union, offerors or persons seeking admission to trading should draw up, notify to their competent authority and publish an information document containing mandatory disclosures (‘a crypto-asset white paper’). A crypto-asset white paper should contain general information on the issuer, offeror or person seeking admission to trading, on the project to be carried out with the capital raised, on the offer to the public of crypto-assets or on their admission to trading, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such crypto-assets and on the related risks. However, the crypto-asset white paper should not contain a description of risks that are unforeseeable and very unlikely to materialise. The information contained in the crypto-asset white paper as well as in the relevant marketing communications, such as advertising messages and marketing material, and including through new channels such as social media platforms, should be fair, clear and not misleading. Advertising messages and marketing material should be consistent with the information provided in the crypto-asset white paper.

Recital 32 Platform operator responsibilities for admissions

The operator of a trading platform should be responsible for complying with the requirements of Title II of this Regulation where crypto-assets are admitted to trading on its own initiative and the crypto-asset white paper has not already been published in the cases required by this Regulation. The operator of a trading platform should also be responsible for complying with those requirements where it has concluded a written agreement to that end with the person seeking admission to trading. The person seeking admission to trading should remain responsible when it provides misleading information to the operator of the trading platform. The person seeking admission to trading should also remain responsible for matters not delegated to the operator of the trading platform.

Table of contents

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