Source: OJ L, 2025/305, 31.3.2025

Article 14 Échange de crypto-actifs contre des fonds ou contre d’autres crypto-actifs

Summary What does Article 14 of the RTS on CASP authorisation say?

This is one of the more concise, service-specific articles in the regulation, targeting only those applicants intending to offer crypto-asset exchange services — that is, swapping crypto-assets for funds or for other crypto-assets.

It feeds directly into the broader authorisation requirements of Article 62(2) of MiCA (Regulation (EU) 2023/1114), specifically point (o), and requires applicants to submit two focused pieces of information to the competent authority: their commercial policy and their pricing methodology.

The pricing element notably must address how volume and market volatility factor into the pricing mechanism, signalling regulatory interest in transparency around how prices are set in what can be a highly volatile market.

Important points:

Applicants intending to exchange crypto-assets for funds or other crypto-assets must submit their commercial policy and pricing methodology as part of their authorisation application.
Describe your method for determining crypto-asset prices, including how volume and market volatility influence the pricing mechanism.
This article applies exclusively to applicants offering exchange services and does not apply to those seeking authorisation for other crypto-asset services.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

Aux fins de l’article 62, paragraphe 2, point o), du règlement (UE) 2023/1114, les demandeurs qui prévoient d’échanger des crypto-actifs contre des fonds ou d’autres crypto-actifs fournissent à l’autorité compétente toutes les informations suivantes:

une description de la politique commerciale établie conformément à l’article 77, paragraphe 1, du règlement (UE) 2023/1114;
une description de la méthode de détermination du prix des crypto-actifs que le demandeur entend échanger contre des fonds ou d’autres crypto-actifs, conformément à l’article 77, paragraphe 2, du règlement (UE) 2023/1114, y compris de l’incidence que le volume et la volatilité du marché des crypto-actifs ont sur le mécanisme de tarification.

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