Source: OJ L, 2025/1140, 10.6.2025Current language: EN
- Markets in crypto-assets
Crypto-asset service provider
- RTS on record keeping
Article 10 Identification of a person or computer algorithm determining conditions for the execution of a transaction
Where 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; which executes a transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114; determines which 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; located outside the Union to access, which other 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 any conditions related to the execution of a transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114;, that employee or computer algorithm shall be identified in Field 41 of Table 3 in Section 3 of the Annex.
Where a person 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; takes decisions determining the execution of the transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114;, 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; shall assign a designation for identifying that person in its transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114; records in accordance with Article 9.
Where a computer algorithm operating under the control of 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; takes decisions determining the execution of the transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114;, that computer algorithm shall be identified in Field 43 of the Table in Section 3 of the Annex.
Where a person and computer algorithm are both involved in execution of the transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114;, 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; shall record the person or computer algorithm primarily responsible for the execution of the transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114; in Field 43 of Table 3 in Section 3 of the Annex.
Relevant recitals
Recital 5 Identifying decision-makers in algorithmic trading
Market abuse, including market manipulation, may be carried out through various means, including through algorithmic trading. Therefore, in order 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 transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114; records using unique, robust and consistent identifiers. For the same reasons, it is important to lay down that where more than one person in 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; makes the investment decision, the person with primary responsibility for the decision is to be identified in the record.
Recital 12 Identifying execution-responsible persons or algorithms
Manual or algorithmic abusive behaviours can also occur when 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; determines the trading platform for 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; to access or 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; to which the orders are to be transmitted or any other conditions related to the execution of the order. 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; performing such activities should be identified in the order and transactionmeans the conclusion of an acquisition or disposal of crypto-assets other than the crypto-assets referred to in Article 2(3) and (4) of Regulation (EU) 2023/1114; records. For the same reasons, where both a person and computer algorithm are involved, or more than one person or algorithm is 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.
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.