ESMA_QA_2087

Status: ✅ Answer Published

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Regulatory Context

Level 1 Regulation: MiCA

Topic: Crypto-Asset Service Provider (CASP)

Subject Matter: Prohibition of monetary and non-monetary benefits under MiCA

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Question

Submission Date: 29-01-2024

or non-monetary benefit in return for routing orders received from clients” apply to the crypto-asset services of receiving and transmitting orders on behalf of clients as well as the execution of orders on behalf of clients?

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ESMA Answer

Answer Date: 29-01-2024

Yes.

Article 80(2) provides that “crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall not receive any remuneration, discount or non-monetary benefit in return for routing orders received from clients [… ] to another crypto-asset service provider”, meaning that it is prohibited to receive payments or benefits when providing the service of receiving and transmitting orders for crypto-assets on behalf of clients.

In addition, Article 80(2) provides that “crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall not receive any remuneration, discount or non-monetary benefit in return for routing orders received from clients to a particular trading platform for crypto-assets…” meaning that it is prohibited to receive payments or benefits when providing the service of executing orders for crypto-assets on behalf of clients.

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This document was automatically extracted from the ESMA EMIR Q&A database.