Article 2
Scope
1. This Regulation applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union.
2. This Regulation does not apply to:
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(a) |
persons who provide crypto-asset services exclusively for their parent companies, for their own subsidiaries or for other subsidiaries of their parent companies; |
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(b) |
a liquidator or an administrator acting in the course of an insolvency procedure, except for the purposes of Article 47; |
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(c) |
the ECB, central banks of the Member States when acting in their capacity as monetary authorities, or other public authorities of the Member States; |
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(d) |
the European Investment Bank and its subsidiaries; |
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(e) |
the European Financial Stability Facility and the European Stability Mechanism; |
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(f) |
public international organisations. |
3. This Regulation does not apply to crypto-assets that are unique and not fungible with other crypto-assets.
4. This Regulation does not apply to crypto-assets that qualify as one or more of the following:
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(a) |
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(b) |
deposits, including structured deposits; |
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(c) |
funds, except if they qualify as e-money tokens; |
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(d) |
securitisation positions in the context of a securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402; |
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(e) |
non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to Directive 2009/138/EC of the European Parliament and of the Council (27) or reinsurance and retrocession contracts referred to in that Directive; |
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(f) |
pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits; |
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(g) |
officially recognised occupational pension schemes falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council (28) or Directive 2009/138/EC; |
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(h) |
individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider; |
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(i) |
a pan-European Personal Pension Product as defined in Article 2, point (2), of Regulation (EU) 2019/1238 of the European Parliament and of the Council (29); |
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(j) |
social security schemes covered by Regulations (EC) No 883/2004 (30) and (EC) No 987/2009 of the European Parliament and of the Council (31). |
5. By 30 December 2024, ESMA shall, for the purposes of paragraph 4, point (a), of this Article issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on the conditions and criteria for the qualification of crypto-assets as financial instruments.
6. This Regulation shall be without prejudice to Regulation (EU) No 1024/2013.
(27) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
(28) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37).
(29) Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1).
(30) Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (OJ L 166, 30.4.2004, p. 1).
(31) Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (OJ L 284, 30.10.2009, p. 1).