Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2023/1114
as it stood on 2024-11-28, permalink: /eu-eurlex/32025r0417/2024-11-28
Article 1
Crypto-asset service providers operating a trading platform for crypto-assets shall publish the information on the operating rules for their trading platform free of charge and in a manner that is easily accessible, non-discriminatory, prominent, comprehensible, fair, clear, not misleading and facilitates understanding.
Crypto-asset service providers operating a trading platform for crypto-assets shall publish the operating rules for their trading platform in a single document on the crypto-asset service provider’s website.
Article 2
Crypto-asset service providers operating a trading platform for crypto-assets shall make public any bid and ask prices and the depth of trading interest at those prices, as referred to in Article 76(9) of Regulation (EU) 2023/1114, in accordance with the type of trading systems they operate as listed in Table 1 of Annex I to this Regulation.
When the objective market conditions referred to in point (a) occur, crypto-asset service providers operating a trading platform for crypto-assets shall make public the orders that meet all of the following conditions:
| (a) | the orders are contingent on the occurrence of objective market conditions which are pre-defined by the trading system’s protocol; |
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| (b) | the orders cannot interact with other trading interests prior to the disclosure to the order book operated by the trading platform; |
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| (c) | once disclosed to the order book, the orders interact with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure. |
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- Crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each order for crypto-assets as set out in Tables 2 and 3 of Annex I.
Article 3
Crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each transaction as referred to in Article 76(10) of Regulation (EU) 2023/1114 as set out in Tables 1 and 2 of Annex II.
Where a previously published trade report is cancelled, crypto-asset service providers operating a trading platform for crypto-assets shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II.
Where a previously published trade report is amended, crypto-asset service providers operating a trading platform for crypto-assets shall make the following information public:
| (a) | a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II; |
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| (b) | a new trade report that contains all the details of the original trade report with all necessary details corrected, and the amendment flag specified in Table 3 of Annex II. |
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Article 4
For transactions executed on their crypto-asset trading platforms, crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each transaction as set out in Tables 1, 2 and 3 of Annex II as close to real-time as is technically possible and in any case within thirty seconds after the execution of the transaction.
Article 5
Crypto-asset service providers operating a trading platform for crypto-assets shall make the information published in accordance with Articles 2 and 3 available to the public by publishing pre-trade and post-trade transparency data separately.
Crypto-asset service providers operating a trading platform for crypto-assets shall upon request by any interested party make the data published in accordance with Articles 2 and 3 available to the public by presenting pre-trade and post-trade data disaggregated for each crypto-asset.
In addition to presenting the data in accordance with paragraph 2, crypto-asset service providers operating a trading platform may present the data referred to in paragraph 2 in bundles of crypto-assets.
Paragraphs 2 and 3 shall not apply where the information referred to in Articles 2 and 3 is made available free of charge.
Article 6
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Provenance and validity dates, identifier, hash
| as of | 2024-11-28 → this version applied |
| valid | 2024-11-28 → open publisher-asserted |
| type | REG_DEL Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data |
| language | en |
| published | 2024-11-28 |
| lex_id | eu-eurlex:32025r0417:2024-11-28 |
| record sha256 | 48f0820a1b0d6915410f2d9356c1ec80a4a8a209fb66f71cd3eeb03ba7bd434c |
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| history begins | publisher |
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