Art. 10 Provision of advice on crypto-assets or portfolio management of crypto-assets | RTS on notification of crypto-asset service provision | MiCA

This article sits within a broader notification framework, specifically serving the requirements of Article 60(7)(i) of Regulation (EU) 2023/1114 (MiCA).

It targets notifying entities that intend to provide crypto-asset advice or portfolio management services, requiring them to demonstrate to the competent authority that the people delivering those services are genuinely qualified and properly managed.

The article focuses heavily on the competence and ongoing professional development of the natural persons carrying out these activities, as well as their awareness of and compliance with applicable internal and regulatory obligations, including anti-money laundering requirements under Directive (EU) 2015/849.

Important points:

Notifying entities intending to provide crypto-asset advice or portfolio management must submit to the competent authority detailed information on how they ensure staff knowledge and expertise is controlled, assessed, and maintained.
Disclose the annual human and financial resources dedicated to the professional development and training of staff involved in advice or portfolio management.
The competence of natural persons giving advice must be assessed against criteria set out in national legislation, specifically in relation to the suitability assessment obligations under Article 81(1) of Regulation (EU) 2023/1114.

For the purposes of Article 60(7), point (i), of Regulation (EU) 2023/1114, the notifying entity that intends to provide advice on crypto-assets or portfolio management of crypto-assets shall provide to the competent authority the following information:

a detailed description of the arrangements put in place by the notifying entity to ensure compliance with Article 81(7) of Regulation (EU) 2023/1114, including the following:
1. the mechanisms to control, assess and maintain effectively the knowledge and expertise of the natural persons providing advice on crypto-assets or managing portfolios of crypto-assets;
2. the arrangements ensuring that natural persons involved in the provision of advice or portfolio management are aware of, understand and apply the notifying entity’s internal policies and procedures established to comply with Regulation (EU) 2023/1114, in particular with Article 81(1) of that Regulation and with Directive (EU) 2015/849;
3. the amount of human and financial resources planned to be devoted on a yearly basis by the notifying entity to the professional development and training of the staff providing advice on crypto-assets or managing portfolios of crypto-assets;
the mechanisms to control, assess and maintain that the natural persons giving advice on behalf of the notifying entity have the necessary knowledge and expertise, according to the critera for such assessment used in national legislation, to assess the suitability as referred to in Article 81(1) of Regulation (EU) 2023/1114.