Art. 61 Provision of crypto-asset services at the exclusive initiative of the client | MiCA regulation | MiCA

1. Where a clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; established or situated in the Union initiates at its own exclusive initiative the provision of a 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; or activity by a third‐country firm, the requirement for authorisation under Article 59 shall not apply to the provision of that 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; or activity by the third‐country firm to that clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, including a relationship specifically relating to the provision of that 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; or activity.
2. Without prejudice to intragroup relationships, where a third‐country firm, including through an entity acting on its behalf or having close linksmeans close links as defined in Article 4(1), point (35), of Directive 2014/65/EU; with such third‐country firm or any other person acting on behalf of such entity, solicits clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; or prospective clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; in the Union, regardless of the means of communication used for the solicitation, promotion or advertising in the Union, it shall not be deemed to be a service provided on the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s own exclusive initiative.
3. The second subparagraph shall apply notwithstanding any contractual clause or disclaimer purporting to state otherwise, including any clause or disclaimer that the provision of services by a third-country firm is deemed to be a service provided on the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s own exclusive initiative.
1. A clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s own exclusive initiative as referred to in paragraph 1 shall not entitle a third‐country firm to market new types 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 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 that clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;.
1. ESMA shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify the situations in which a third-country firm is deemed to solicit clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; established or situated in the Union.
2. In order to foster convergence and promote consistent supervision in respect of the risk of abuse of this Article, ESMA shall also issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervision practices to detect and prevent circumvention of this Regulation.