Article 25: Modification of published crypto-asset white papers for asset-referenced tokens

1. Issuers of asset-referenced tokens shall notify the competent authority of their home Member State of any intended change of their business model likely to have a significant influence on the purchase decision of any holders or prospective holders of asset-referenced tokens, which occurs after the authorisation pursuant to Article 21 or after the approval of the crypto-asset white paper pursuant to Article 17, as well as in the context of Article 23. Such changes include, amongst others, any material modifications to:

(a)

the governance arrangements, including reporting lines to the management body and risk management framework;

(b)

the reserve assets and the custody of the reserve assets;

(c)

the rights granted to the holders of asset-referenced tokens;

(d)

the mechanism through which an asset-referenced token is issued and redeemed;

(e)

the protocols for validating the transactions in asset-referenced tokens;

(f)

the functioning of issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such a distributed ledger technology;

(g)