Preamble Recitals

In accordance with Regulation (EU) 2023/1114, the register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers (‘register’) established in accordance with Article 109 of Regulation (EU) 2023/1114 is to contain information allowing the register to facilitate the accessibility of white papers classified on the basis of the types of crypto-assets set out in that Regulation. The data necessary for the classification of crypto-asset white papers should support national competent authorities in their task of verifying that the requirements of Regulation (EU) 2023/1114 are applied consistently.

To ensure the most efficient operation of the register, competent authorities should submit the data to the European Securities and Markets Authority (ESMA) in the same format as the white paper. Furthermore, to minimise costs, ESMA and competent authorities should be able to derive the relevant data for the classification of white papers in the register from the information disclosed in crypto-asset white papers. To minimise the changes in the data required as of the date of application of Article 110 of Regulation (EU) 2023/1114, the data used to classify crypto-asset white papers should comprise the data that competent authorities will provide to the European Single Access Point (ESAP) in accordance with Article 5(1), point (e), of Regulation (EU) 2023/2859 of the European Parliament and of the Council(²)Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj)..

To ensure efficient processing of data, legal persons drawing up the crypto-asset white paper and identified therein by an ISO 17442 legal entity identifier (LEI) should ensure that such LEI is valid and duly renewed. Where the person drawing up the white paper does not have a LEI, the register should contain an identifier that ensures similar characteristics for the purposes of the register.

Crypto-assets that are not financial instruments cannot at present be described by using the ISO Classification of Financial Instruments (CFI) code. A standard universal method of classification is being developed. However, this method of classification will not be finalised before the application of this Regulation. Hence, to identify the crypto-asset white papers consistently in the register referred to in Article 109(1) of Regulation (EU) 2023/1114, an international standard identifier for digital tokens, the Functionally Fungible Group Digital Token Identifier (FFG DTI) should be used. Furthermore, to identify the crypto-assets and to allow users to retrieve the main characteristics of the crypto-assets, including their technology-specific features, and to group tokens issued on several blockchains that are pertaining to the same crypto-asset white paper, the ISO 24165 Digital Token Identifiers (DTI) should be used. The FFG DTI and the DTI are appropriate for the purposes of the register since they respect the principles of uniqueness, neutrality, reliability, open source, scalability, accessibility on a cost-recovery basis and they are offered under an appropriate governance framework.

Since this Regulation concerns the classification of crypto asset white papers and is therefore linked to Commission Implementing Regulation (EU) 2024/2984(³)Commission Implementing Regulation (EU) 2024/2984 of 29 November 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regards to forms, formats and templates for the crypto-asset white papers (OJ L, 2024/2984, 3.12.2024, ELI: http://data.europa.eu/eli/reg_impl/2024/2984/oj). which concerns standard forms, formats and templates for the white paper, it is necessary to align the dates of application of the two Regulations. The deferred application is also necessary to enable persons drawing up crypto-asset white papers and competent authorities to adapt to the requirements laid down in this Regulation.

This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA.

ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(⁴)Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84, ELI: http://data.europa.eu/eli/reg/2010/1095/oj).,