1.   Where a client established or situated in the Union initiates at its own exclusive initiative the provision of a crypto-asset service or activity by a thirdâcountry firm, the requirement for authorisation under Article 59 shall not apply to the provision of that crypto-asset service or activity by the thirdâcountry firm to that client, including a relationship specifically relating to the provision of that crypto-asset service or activity.
Without prejudice to intragroup relationships, where a thirdâcountry firm, including through an entity acting on its behalf or having close links with such thirdâcountry firm or any other person acting on behalf of such entity, solicits clients or prospective clients in the Union, regardless of the means of communication used for the solicitation, promotion or advertising in the Union, it shall not be deemed to be a service provided on the clientâs own exclusive initiative.
The second subparagraph shall apply notwithstanding any contractual clause or disclaimer purporting to state otherwise, including any clause or disclaimer that the provision of services by a third-country firm is deemed to be a service provided on the clientâs own exclusive initiative.
2.   A clientâs own exclusive initiative as referred to in paragraph 1 shall not entitle a thirdâcountry firm to market new types of crypto-assets or crypto-asset services to that client.
3.   ESMA shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify the situations in which a third-country firm is deemed to solicit clients established or situated in the Union.
In order to foster convergence and promote consistent supervision in respect of the risk of abuse of this Article, ESMA shall also issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervision practices to detect and prevent circumvention of this Regulation.
Title V: AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS | Chapter 1
Article 61
Provision of crypto-asset services on an exclusive basis
Related Technical Standards & Guidelines
Related Recitals (Preamble)
Recitals provide interpretive context and policy rationale for the legislative provisions.
(74)
CASP EU establishment requirement
Summary: In order to enable effective supervision and to eliminate the possibility of evading or circumventing supervision, crypto-asset services should only be provided by legal persons that have a registered...