{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/articles/77","url":"https://www.headlesslaw.com/mica/articles/77","title":"Article 77 — Exchange of crypto-assets for funds or other crypto-assets","family":"l1_hand","work_id":"mica","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":"2024-12-30","application":{"state":"applicable","next":null,"dates":[{"at":"2024-12-30","note":"Article 149(2)"}]},"version_label":"Consolidated version of 9 January 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"7e00ad6ef92c9e5a","change_date":null,"nearest_versions":["2023-06-09","2024-01-09"],"first_text_date":"2023-05-31","correction_applies":false,"versions":["2023-06-09","2024-01-09"],"version_url":"https://www.headlesslaw.com/mica/articles/77/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/articles/77/versions/2024-01-09/rev/7e00ad6ef92c9e5a","versions_url":"https://www.headlesslaw.com/mica/articles/77/versions","relations_url":"https://www.headlesslaw.com/mica/articles/77/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"a14358f00b954d7b58b920325c5c4deff6bb2f9adeccb9f5cb22d1c79aa69d2a","markdown_sha256":"1f91a5b3a43b5d732de098953a272baf60acaca3e0245445a1d6e4b47c22ae61"},"units":[{"locator":"mica/art/77","kind":"article","status":"in_force","label":null,"heading":"Exchange of crypto-assets for funds or other crypto-assets","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mica/art/77/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall establish a non-discriminatory commercial policy that indicates, in particular, the type of clients they agree to transact with and the conditions that shall be met by such clients.","marks":[],"revision":1,"text_hash":"689264662963b55c5a3a6b9c62fee6b03382c6ee207b6bbc93abe1dd6fe631f7","reason":null},{"locator":"mica/art/77/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall publish a firm price of the crypto-assets or a method for determining the price of the crypto-assets that they propose to exchange for funds or other crypto-assets, and any applicable limit determined by that crypto-asset service provider on the amount to be exchanged.","marks":[],"revision":1,"text_hash":"2df179189ae3579c8cfd852b5e4044fd2371716d96169b32abba46c72e22a6d9","reason":null},{"locator":"mica/art/77/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall execute client orders at the prices displayed at the time when the order for exchange is final. Crypto-asset service providers shall inform their clients of the conditions for their order to be deemed final.","marks":[],"revision":1,"text_hash":"8703437c5736111ecca30ab92276007b538338dd4d4e613f0fb42da41a4e1216","reason":null},{"locator":"mica/art/77/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall publish information about the transactions concluded by them, such as transaction volumes and prices.","marks":[],"revision":1,"text_hash":"b590fe6d33a90478e88991e4ece9bbc69b8cfae38444daeffecb4e4ff25ab146","reason":null}],"markdown":"*In force · Consolidated version of 9 January 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)*\n\n1. <a id=\"p-1\"></a>[Crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) exchanging crypto-assets for [funds](https://www.headlesslaw.com/definitions/mica/funds) or other crypto-assets shall establish a non-discriminatory commercial policy that indicates, in particular, the type of [clients](https://www.headlesslaw.com/definitions/mica/client) they agree to transact with and the conditions that shall be met by such clients.\n2. <a id=\"p-2\"></a>[Crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) exchanging crypto-assets for [funds](https://www.headlesslaw.com/definitions/mica/funds) or other crypto-assets shall publish a firm price of the crypto-assets or a method for determining the price of the crypto-assets that they propose to exchange for funds or other crypto-assets, and any applicable limit determined by that [crypto-asset service provider](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) on the amount to be exchanged.\n3. <a id=\"p-3\"></a>[Crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) exchanging crypto-assets for [funds](https://www.headlesslaw.com/definitions/mica/funds) or other crypto-assets shall execute [client](https://www.headlesslaw.com/definitions/mica/client) orders at the prices displayed at the time when the order for exchange is final. [Crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) shall inform their clients of the conditions for their order to be deemed final.\n4. <a id=\"p-4\"></a>[Crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) exchanging crypto-assets for [funds](https://www.headlesslaw.com/definitions/mica/funds) or other crypto-assets shall publish information about the transactions concluded by them, such as transaction volumes and prices.\n\n### Related\n\n* [exchange of crypto-assets for funds](https://www.headlesslaw.com/definitions/mica/exchange-of-crypto-assets-for-funds) — definition used in this article\n* [crypto-asset service provider](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) — definition used in this article\n* [crypto-asset service](https://www.headlesslaw.com/definitions/mica/crypto-asset-service) — definition used in this article\n* [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) — definition used in this article\n* [client](https://www.headlesslaw.com/definitions/mica/client) — definition used in this article\n\n## Related Level 2 and Level 3\n\n### Guidance and Q&A\n\n- [ESMA Q&A 2181 — Q&A — Publication of information by CASPs providing exchange \\[Answer Published\\]](../level-3/q-and-a/esma/esma-qa-2181-publication-information-casps-providing-service-exchange.md)\n\n***\n\n[Title V — Authorisation and operating conditions for crypto-asset service providers](../titles/v.md) › Chapter 3 — Obligations in respect of specific crypto-asset services · [← Article 76](76.md) · [Article 78 →](78.md)\n"}