ESMA_QA_2087
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2087
Regulatory Context
Regulation : MICA
Level 1 Regulation: MiCA
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Crypto-Asset Service Provider (CASP)
Subject Matter: Prohibition of monetary and non-monetary benefits under MiCA
Question
Submission Date: 29 January 2024
Does the prohibition set out under Article 80(2) to receive “remuneration, discount 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?
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.
This document was automatically extracted from the ESMA EMIR Q&A database.