Art. 77 Exchange of crypto-assets for funds or other crypto-assets | MiCA regulation | MiCA

This article sets out the conduct of business rules specifically for crypto-asset service providers that offer exchange services — that is, swapping crypto-assets for funds or for other crypto-assets.

It covers four practical obligations: having a non-discriminatory commercial policy, publishing prices or pricing methods, executing orders at the displayed price when the order becomes final, and publishing post-trade information on concluded transactions.

The article sits within the broader framework of Title V, which governs how crypto-asset service providers must conduct themselves when delivering specific services to clients.

Important points:

Establish a non-discriminatory commercial policy setting out the types of clients you will transact with and the conditions they must meet.
Publish a firm price or a pricing methodology for exchanges, along with any applicable limits on the amount to be exchanged.
Execute client orders at the prices displayed at the time the order is deemed final, and inform clients of the conditions under which their order reaches that status.

1. Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall establish a non-discriminatory commercial policy that indicates, in particular, the type of clients they agree to transact with and the conditions that shall be met by such clients.
1. Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall publish a firm price of the crypto-assets or a method for determining the price of the crypto-assets that they propose to exchange for funds or other crypto-assets, and any applicable limit determined by that crypto-asset service provider on the amount to be exchanged.
1. Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall execute client orders at the prices displayed at the time when the order for exchange is final. Crypto-asset service providers shall inform their clients of the conditions for their order to be deemed final.
1. Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall publish information about the transactions concluded by them, such as transaction volumes and prices.

Article 77 Exchange of crypto-assets for funds or other crypto-assets

Relevant recitals