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---
title: "Recital 112"
type: regulation
legal_status: in_force
source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114
shortTitle: "Recital 112"
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: "Regulation (EU) 2023/1114, OJ L 150, 9.6.2023"
source_url: "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng"
check_status: matched
verified: true
last_checked: 2026-11-09
---

*In force · Regulation (EU) 2023/1114, OJ L 150, 9.6.2023 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)*

Since the objectives of this Regulation, namely addressing the fragmentation of the legal framework applicable to offerors or persons seeking the admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, to issuers of asset-referenced tokens and e-money tokens and to crypto-asset service providers, and ensuring the proper functioning of markets in crypto-assets while ensuring the protection of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders, as well as the protection of market integrity and financial stability, cannot be sufficiently achieved by the Member States but can rather, by creating a framework on which a larger cross-border market in crypto-assets and crypto-asset service providers could develop, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in [Article 5](../articles/5.md) of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.