Source: OJ L, 2025/416, 14.3.2025Current language: EN
- Markets in crypto-assets
Crypto-asset service provider
- RTS on trading platform order book records
Article 2 Identification of the parties involved in the order
For all orders in crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; operating a trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; shall keep records to identify all of the following:
the participant to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; that is a legal entity and submits the order to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, as identified in accordance with Article 4 and field 1 of Table 2 of the Annex;
the participant to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; who is a natural person and submits the order to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, as identified in accordance with field 2 of Table 2 of the Annex;
the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; on whose behalf the participant to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; referred to in points (a) or (b) submits the order to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, as identified in accordance with field 3 of Table 2 of the Annex;
the person or the computer algorithm within the participant to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; referred to in points (a) and (b) that is responsible for the investment decision in relation to the order, as identified in accordance with field 4 of Table 2 of the Annex;
the person or the computer algorithm within the participant to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; referred to in points (a) and (b) that is responsible for the execution of the order, as identified in accordance with field 5 of Table 2 of the Annex.
For the purposes of point (d), where more than one persons take the investment decision, the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; operating a trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; shall keep records of the person with primary responsibility for that decision. A crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; operating a trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; shall only identify such a person or computer algorithm where the investment decision is made on behalf of either the participant, or a clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; in accordance with a discretionary mandate to it by the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;.
Where a participant to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; intends to allocate an order to its clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; following submission of the order to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; and has not yet allocated the order to its clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; at the time of the submission of the order, that clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall be identified as specified in field 3 of Table 2 of the Annex.
Where several orders of different clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; are submitted to the trading platform for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; together as an aggregated order, the information referred to in field 3 of Table 2 of the Annex shall be recorded in respect of each clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;.
Relevant recitals
Recital 3 Identifying decision makers behind investment decisions
It is possible that market abuse behaviours, including market manipulation, are carried out through various means, including algorithmic trading. Therefore, to ensure effective market surveillance, where investment decisions are made by a person other than the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; or by a computer algorithm, that person or algorithm should be identified in the order and transaction records using unique, robust and consistent identifiers. Where more than one person make an investment decision, the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; should identify in its records the person with primary responsibility for the decision.
Recital 8 Identifying execution decision makers within service providers
Making a choice as to which crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; trading platform to execute orders on or which crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; to transmit orders to, or determining any other conditions related to the execution of the order can be directly relevant for establishing market abuse behaviour. Therefore, to ensure effective market surveillance, a person or computer algorithm within the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; that is performing such activities should be identified in the order records. Where both a person and computer algorithm are involved, or more than one person or algorithm are involved, the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; should determine, on a consistent basis following predetermined criteria, which person or algorithm is primarily responsible for those activities.
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