Definitions
Key terms from Article 3 of MiCA
distributed ledger technology (DLT)
a technology that enables the operation and use of distributed ledgers
distributed ledger
an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism
consensus mechanism
the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated
DLT network node
a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger
crypto-asset
a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology
asset-referenced token
a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies
electronic money token (e-money token)
a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency
official currency
an official currency of a country that is issued by a central bank or other monetary authority
utility token
a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer
issuer
a natural or legal person, or other undertaking, who issues crypto-assets
applicant issuer
an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets
offer to the public
a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets
offeror
a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public
funds
funds as defined in Article 4, point (25), of Directive (EU) 2015/2366
crypto-asset service provider (CASP)
a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59
crypto-asset service
any of the services and activities relating to any crypto-asset: (a) custody and administration, (b) trading platform operation, (c) exchange for funds, (d) exchange for other crypto-assets, (e) execution of orders, (f) placing, (g) reception and transmission of orders, (h) advice, (i) portfolio management, (j) transfer services
providing custody and administration
the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys
operation of a trading platform
the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in a way that results in a contract
exchange of crypto-assets for funds
the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital
exchange of crypto-assets for other crypto-assets
the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital
execution of orders
the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets
placing of crypto-assets
the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers
reception and transmission of orders
the reception from a person of an order to purchase or sell one or more crypto-assets and the transmission of that order to a third party for execution
providing advice on crypto-assets
offering, giving or agreeing to give personalised recommendations to a client, either at the client's request or on the initiative of the crypto-asset service provider
providing portfolio management
managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets
providing transfer services
providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another