Home Europe European Commission Commission Implementing Regulation (EU) 2025/304 of 31 Octob...
Date: 20-Feb-2025 Category: Not Applicable State: Union Government Country: Europe

Commission Implementing Regulation (EU) 2025/304 of 31 October 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the notification by certain financial entities of their intention to provide crypto-asset services

Issued by European Commission · Directorate-General for Financial Stability

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Executive Summary & Key Takeaways

What it means

  • Commission Implementing Regulation (EU) 2025/304 establishes implementing technical standards for Regulation (EU) 2023/1114 regarding standard forms, templates, and procedures for certain financial entities to notify their intention to provide crypto-asset services.

Key Changes

  • Competent authorities must designate a contact point for receiving notifications from financial entities and publish the contact details on their websites, as per Article 1.
  • Notifying entities must submit their notification using the form provided in the Annex of the Regulation, ensuring the information is stored in a manner accessible for future reference and allows unchanged reproduction, as per Article 2.
  • Competent authorities must acknowledge receipt of the notification within five working days, including contact details of the handling department, function, or staff member, as per Article 3.
  • Notifying entities must promptly inform the competent authority of any changes to the information provided in the notification, using the form in the Annex to provide updated information, as per Article 4.
  • The Regulation enters into force on the twentieth day following its publication in the Official Journal of the European Union, as per Article 5.

Impact Analysis

Financial Entities

  • Action Item: Review current notification processes and adapt them to align with the new standardized forms, templates, and procedures. Designate internal teams to manage the notification process and ensure timely updates to competent authorities.

Competent Authorities

  • Action Item: Establish a designated contact point and publish the details on the official website. Develop internal procedures to process notifications within the stipulated timeframe. Implement digital systems to store and manage notification data effectively.

European Securities and Markets Authority (ESMA)

  • Action Item: Continue to monitor the implementation of the Regulation and provide guidance to competent authorities and financial entities as needed.

Key Entities Referenced

European Commission: The executive branch of the European Union, responsible for proposing legislation, implementing decisions, and managing the EU's day-to-day operations. European Parliament: The directly elected parliamentary body of the European Union with legislative, supervisory, and budgetary responsibilities. European Securities and Markets Authority (ESMA): A European Union financial regulatory agency and European Supervisory Authority. It contributes to safeguarding the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets. Regulation (EU) 2023/1114: Regulation of the European Parliament and of the Council on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. Commission Delegated Regulation (EU) 2025/303: Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information to be included by certain financial entities in the notification of their intention to provide crypto-asset services. Regulation (EU) No 1095/2010: Regulation of the European Parliament and of the Council establishing a European Supervisory Authority (European Securities and Markets Authority).
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Official Journal EN of the European Union L series 2025/304 20.2.2025 COMMISSION IMPLEMENTING REGULATION (EU) 2025/304 of 31 October 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the notification by certain financial entities of their intention to provide crypto-asset services (Text with EEA relevance) THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937(1), and in particular Article 60(14), third subparagraph, thereof, Whereas: (1) Regulation (EU) 2023/1114 requires that common standard forms, templates and procedures are set out to ensure a uniform mechanism by which national competent authorities effectively exercise their powers in respect of the notifications they receive from already regulated entities of their intention to become crypto-asset service providers. (2) To facilitate the communication between a notifying entity and the relevant competent authority, competent authorities should designate a contact point for the notification process and should publish the contact information on their website. (3) In order to facilitate access to the information submitted and facilitate its control and future accessibility and analysis, the notification should be submitted in a digital format (web form) that automatically controls and performs preliminary checks on the information submitted and then stores it when complete. (4) The information submitted by the notifying entity should be accurate, complete and up-to-date. Pursuant to Article 60(9) of Regulation (EU) 2023/1114, where the information referred to in Commission Delegated Regulation (EU) 2025/303(2) has previously been submitted to the competent authority, the notifying entity is to expressly state that any information that was submitted previously is still up-to-date. Given that some information may only refer to the future, any future date included in the information should be specifically identified in the application. (5) To ensure a prompt and timely handling of notifications from financial entities, competent authorities should confirm the receipt of the notification by sending electronically, on paper, or in both forms, an acknowledgement of receipt to the notifying entity. That acknowledgement of receipt should include the contact details of the persons or function in charge of handling the notification. (6) To allow the competent authority to assess whether all required information has been provided in the notification in accordance with Article 60(8), first subparagraph, of Regulation (EU) 2023/1114, the notifying entity should communicate any changes to the information provided without undue delay. (7) This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Securities and Markets Authority (‘ESMA’) and developed in close cooperation with the European Banking Authority. (1) OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj. (2) Commission Delegated Regulation (EU) 2025/303 of 31 October 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information to be included by certain financial entities in the notification of their intention to provide crypto-asset services (OJ L, 2025/303, 20.2.2025, ELI: http://data. europa.eu/eli/reg_del/2025/303/oj). ELI: http://data.europa.eu/eli/reg_impl/2025/304/oj 1/6EN OJ L, 20.2.2025 (8) ESMA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(3), HAS ADOPTED THIS REGULATION: Article 1 Designation of a contact point Competent authorities shall designate a contact point for receiving the notifications submitted by financial entities in accordance with Article 60 of Regulation (EU) 2023/1114. Competent authorities shall keep the contact details of the designated contact point up-to-date and shall make those contact details public on their websites. Article 2 Submission of the notification 1. The notifying entity shall submit to the competent authority its notification by filling in the form set out in the Annex of this Regulation. 2. The notifiying entity shall submit the notification in a manner which enables storage of information in a way accessible for future reference and which allows the unchanged reproduction of the information stored. Article 3 Receipt of the notification and acknowledgement of receipt Within five working days of receipt of the notification, the competent authority shall send electronically, on paper, or in both forms, an acknowledgement of receipt to the notifying entity. The acknowledgement of receipt shall include the contact details of the department, function or staff member of the competent authority handling the notification. Article 4 Notification of changes The notifying entity shall notify the competent authority of any changes to the information provided in the notification without undue delay. The notifying entity shall provide the updated information by using the form set out in the Annex. (3) Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84, ELI: http://data.europa.eu/eli/reg/2010/1095/oj). 2/6 ELI: http://data.europa.eu/eli/reg_impl/2025/304/ojEN OJ L, 20.2.2025 Article 5 Entry into force This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 31 October 2024. For the Commission The President Ursula VON DER LEYEN ELI: http://data.europa.eu/eli/reg_impl/2025/304/oj 3/6EN OJ L, 20.2.2025 ANNEX Form for the notification of information to be provided by certain financial entities In accordance with Articles 2 and 4 of Commission Implementing Regulation (EU) 2025/304 of 31 October 2024, laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the notification of certain financial entities of their intention to provide crypto-asset services, kindly find attached our notification of our intention to provide crypto- asset services(1). Reference number (to be completed by the competent authority): Date: FROM Name of the notifying entity: National reference number: Address of the notifying entity: Contact details of designated contact person: Name: Telephone: Email: TO Member State (if applicable): Competent authority: Address: Contact details of the designated contact point: Name: Telephone: Email: (1) OJ L, 2025/304, 20.2.2025, ELI: http://data.europa.eu/eli/reg_impl/2025/304/oj. 4/6 ELI: http://data.europa.eu/eli/reg_impl/2025/304/ojEN OJ L, 20.2.2025 [We,] [notifying entity,] declare that the submitted information is accurate, complete and up-to-date. If some information relates only to a future date, it is explicitly identified in the notification and we undertake to notify the authority in writing without delay if any such information should turn out to be inaccurate, incomplete or misleading. Further, we undertake to inform the competent authority of any change concerning the information provided in this form. — Person in charge of preparing the notification: Name: Status/position: Telephone: Email: REQUIRED INFORMATION Programme of operations ........................................................................................................................... Please insert the information referred to in Article 1 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Business continuity ........................................................................................................................... Please insert the information referred to in Article 2 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Detection and prevention of money laundering and terrorist financing ........................................................................................................................... Please insert the information referred to in Article 3 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. ICT systems and related security arrangements ........................................................................................................................... Please insert the information referred to in Article 4 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Segregation of clients’ crypto-assets and funds ........................................................................................................................... Please insert the information referred to in Article 5 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. ELI: http://data.europa.eu/eli/reg_impl/2025/304/oj 5/6EN OJ L, 20.2.2025 Custody and administration policy ........................................................................................................................... Please insert the information referred to in Article 6 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Operating rules of the trading platform and market abuse detection ........................................................................................................................... Please insert the information referred to in Article 7 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Exchange of crypto-assets for funds or other crypto-assets ........................................................................................................................... Please insert the information referred to in Article 8 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Execution policy ........................................................................................................................... Please insert the information referred to in Article 9 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Provision of advice or portfolio management on crypto-assets ........................................................................................................................... Please insert the information referred to in Article 10 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. Transfer services ........................................................................................................................... Please insert the information referred to in Article 11 of Delegated Regulation (EU) 2025/303, by setting out that information here or making reference to the relevant sections of the notification. [signature of legal representative] 6/6 ELI: http://data.europa.eu/eli/reg_impl/2025/304/oj

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