--- title: "Article 77 — Exchange of crypto-assets for funds or other crypto-assets" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" shortTitle: "Article 77 — Exchange of crypto-assets for funds or other crypto-assets" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: Regulation (EU) 2023/1114 instrument: mica celex: 32023R1114 text_version: "Consolidated version of 9 January 2024" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" check_status: matched verified: true last_checked: 2026-11-09 --- *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)* 1. [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. 2. [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. 3. [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. 4. [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. ### Related * [exchange of crypto-assets for funds](https://www.headlesslaw.com/definitions/mica/exchange-of-crypto-assets-for-funds) — definition used in this article * [crypto-asset service provider](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) — definition used in this article * [crypto-asset service](https://www.headlesslaw.com/definitions/mica/crypto-asset-service) — definition used in this article * [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) — definition used in this article * [client](https://www.headlesslaw.com/definitions/mica/client) — definition used in this article ## Related Level 2 and Level 3 ### Guidance and Q&A - [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) *** [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)