Article 17: Requirements for credit institutions
agent:eu:mica:art-17 · sha256 e50642eb693dc157
Turnover framework under the act
The act sets no turnover framework. Penalties are laid down by the Member States.
Affected roles
Not in the register yet.
Affected industries
banking
Obligations
Not in the register yet.
Article text
1. An asset-referenced token issued by a credit institution may be offered to the public or admitted to trading if the credit institution:
(a)
draws up a crypto-asset white paper as referred to in Article 19 for the asset-referenced token, submits that crypto-asset white paper for approval by the competent authority of its home Member State in accordance with the procedure set out in the regulatory technical standards adopted pursuant to paragraph 8 of this Article, and has the crypto-asset white paper approved by the competent authority;
(b)
notifies the respective competent authority, at least 90 working days before issuing the asset-referenced token for the first time, by providing it with the following information:
(i)
a programme of operations, setting out the business model that the credit institution intends to follow;
(ii)
a legal opinion that the asset-referenced token does not qualify as either of the following:
—
a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4);
—
an e-money token;
(iii)
Machine-readable formThe article in the registerChangesSource: NovaCopilot