Artikel 85 Identifiering av betydande leverantörer av kryptotillgångar

This article establishes the criteria for classifying a crypto-asset service provider as "significant" and sets out the corresponding notification and supervisory reporting obligations that follow from that classification.

The threshold is quantitative and user-based: a provider crosses into "significant" territory once it reaches an average of 15 million active Union users over a calendar year.

Once that threshold is met, a chain of notifications is triggered — first from the provider to its competent authority, and then from the competent authority to ESMA.

The article also establishes an ongoing information-sharing structure, requiring home Member State competent authorities to keep ESMA's Board of Supervisors updated on key supervisory developments concerning significant providers, including authorisations, withdrawals, and the exercise of specific supervisory powers.

Important points:

• Notify your competent authority within two months of reaching an average of 15 million active Union users in a calendar year, as this triggers the "significant" classification.
• Competent authorities of home Member States are required to provide ESMA's Board of Supervisors with at least annual updates on supervisory developments relating to significant crypto-asset service providers.
• ESMA retains the ability to deploy its powers under Regulation (EU) No 1095/2010 where appropriate in the context of significant providers.