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Text as of 29 Jun 2023 · Original act (Official Journal of 9 June 2023) · Same wording as today’s text.Today’s text

Article 2 — Scope

Financial servicesLevel 1RegulationMiCAIn forceVerifiedOfficial source

2(1)

1.This Regulation applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union.

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2(2)

2.This Regulation does not apply to:

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2(2)(a)
(a)persons who provide crypto-asset services exclusively for their parent companies, for their own subsidiaries or for other subsidiaries of their parent companies;
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2(2)(b)
(b)a liquidator or an administrator acting in the course of an insolvency procedure, except for the purposes of Article 47;
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2(2)(c)
(c)the ECB, central banks of the Member States when acting in their capacity as monetary authorities, or other public authorities of the Member States;
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2(2)(d)
(d)the European Investment Bank and its subsidiaries;
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2(2)(e)
(e)the European Financial Stability Facility and the European Stability Mechanism;
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2(2)(f)
(f)public international organisations.
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2(3)

3.This Regulation does not apply to crypto-assets that are unique and not fungible with other crypto-assets.

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2(4)

4.This Regulation does not apply to crypto-assets that qualify as one or more of the following:

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2(4)(a)
(a)financial instruments;
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2(4)(b)
(b)deposits, including structured deposits;
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2(4)(c)
(c)funds, except if they qualify as e-money tokens;
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2(4)(d)
(d)securitisation positions in the context of a securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402;
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2(4)(e)
(e)non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to Directive 2009/138/EC of the European Parliament and of the Council or reinsurance and retrocession contracts referred to in that Directive;
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2(4)(f)
(f)pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits;
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2(4)(g)
(g)officially recognised occupational pension schemes falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council or Directive 2009/138/EC;
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2(4)(h)
(h)individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider;
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2(4)(i)
(i)a pan-European Personal Pension Product as defined in Article 2, point (2), of Regulation (EU) 2019/1238 of the European Parliament and of the Council;
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2(4)(j)
(j)social security schemes covered by Regulations (EC) No 883/2004 and (EC) No 987/2009 of the European Parliament and of the Council.
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2(5)

5.By 30 December 2024, ESMA shall, for the purposes of paragraph 4, point (a), of this Article issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on the conditions and criteria for the qualification of crypto-assets as financial instruments.

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2(6)

6.This Regulation shall be without prejudice to Regulation (EU) No 1024/2013.

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