Source: OJ L, 2025/1141, 10.6.2025Current language: EN
- Markets in crypto-assets
ART/EMT issuer
- RTS on issuer conflicts of interest
Article 8 Disclosures of the general nature and source of conflicts of interest and the steps taken to mitigate them
Summary What does Article 8 of the RTS on issuer conflicts of interest say?
This article deals with the public disclosure obligations of issuers of asset-referenced tokens in relation to conflicts of interest.
It builds directly on Article 32(3) of Regulation (EU) 2023/1114, specifying what that disclosure must contain and how it must be maintained and communicated.
Crucially, the article makes clear that disclosure alone is not a substitute for actually managing and mitigating conflicts of interest — it is a transparency requirement, not a remedy in itself.
Important points:
- Keep conflict of interest disclosures up to date at all times, covering the circumstances that give rise to conflicts, the risks identified, and the steps taken to address them.
- Make this information permanently accessible to holders and prospective holders on your website, and also on any trading platform where your tokens are offered or admitted to trading.
- Disclosure of conflicts of interest does not count as a sufficient means of managing or mitigating those conflicts.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
Issuers of asset-referenced tokens shall keep the content of the disclosure referred to in Article 32(3) of Regulation (EU) 2023/1114 updated at all times.
The disclosure made in accordance with Article 32(3) of Regulation (EU) 2023/1114 shall provide information on:
the circumstances and situations giving rise or which may give rise to conflicts of interest referred to in Article 2(1) and Article 3(1), including the role and capacity in which the issuer of asset-referenced tokens is acting in relation to the holder of asset-referenced tokens;
whether the issuer of asset-referenced tokens is also a crypto asset-service provider;
the risks identified in relation to the conflicts of interest referred to in point (a);
the steps and measures taken to prevent or mitigate the identified conflicts of interest.
The disclosure of information in accordance with paragraph 2 shall not be considered as a sufficient way to manage and mitigate conflicts of interest.
The information referred to in paragraph 2 shall be made accessible to holders and prospective holders of asset-referenced tokens on the website of the issuer of asset-referenced tokens at all times. If the issuer of asset-referenced tokens offers asset-referenced tokens to the public or seeks admission to trading on a trading platform the issuer of asset-referenced tokens shall make the information available on that trading platform.
The information referred to in paragraph 2 shall be made available by the issuer of asset-referenced tokens in an official language of the home Member State and in a language which is customary in the sphere of international finance.
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.
Definition
placing of crypto-assets
Definition
official currency
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electronic money institution
Definition
distributed ledger
Definition
reception and transmission of orders for crypto-assets on behalf of clients
Definition
exchange of crypto-assets for funds
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credit institution
Definition
consensus mechanism
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operation of a trading platform for crypto-assets
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e-money token
Definition
home Member State
- where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person has its registered office;
- where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but does have one or more branches in the Union, the Member State chosen by that offeror or person from among the Member States where it has branches;
- where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made;
- in the case of an issuer of asset-referenced tokens, the Member State where the issuer of asset-referenced tokens has its registered office;
- in the case of an issuer of e-money tokens, the Member State where the issuer of e-money tokens is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC;
- in the case of crypto-asset service providers, the Member State where the crypto-asset service provider has its registered office;
Definition
crypto-asset service
- 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;
Definition
offer to the public
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providing advice on crypto-assets
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offeror
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execution of orders for crypto-assets on behalf of clients
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electronic money
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crypto-asset service provider
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crypto-asset
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DLT network node
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funds
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client
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asset-referenced token
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issuer
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exchange of crypto-assets for other crypto-assets
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electronic money token
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providing custody and administration of crypto-assets on behalf of clients
Definition
providing transfer services for crypto-assets on behalf of clients
Definition
distributed ledger technology