Source: OJ L, 2025/305, 31.3.2025

Article 14 Exchange of crypto-assets for funds or other crypto-assets

Summary What does Article 14 of the RTS on CASP authorisation say?

This is one of the more concise, service-specific articles in the regulation, targeting only those applicants intending to offer crypto-asset exchange services — that is, swapping crypto-assets for funds or for other crypto-assets.

It feeds directly into the broader authorisation requirements of Article 62(2) of MiCA (Regulation (EU) 2023/1114), specifically point (o), and requires applicants to submit two focused pieces of information to the competent authority: their commercial policy and their pricing methodology.

The pricing element notably must address how volume and market volatility factor into the pricing mechanism, signalling regulatory interest in transparency around how prices are set in what can be a highly volatile market.

Important points:

Applicants intending to exchange crypto-assets for funds or other crypto-assets must submit their commercial policy and pricing methodology as part of their authorisation application.
Describe your method for determining crypto-asset prices, including how volume and market volatility influence the pricing mechanism.
This article applies exclusively to applicants offering exchange services and does not apply to those seeking authorisation for other crypto-asset services.

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

For the purposes of Article 62(2), point (o), of Regulation (EU) 2023/1114, applicants that intend to exchange crypto-assets for funds or other crypto-assets shall provide to the competent authority all of the following information:

a description of the commercial policy established in accordance with Article 77(1) of Regulation (EU) 2023/1114;
a description of the method for determining the price of the crypto-assets that the applicant proposes to exchange for funds or other crypto-assets in accordance with Article 77(2) of Regulation (EU) 2023/1114, including how the volume and market volatility of crypto-assets impact the pricing mechanism.

Table of contents

Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.