Cap. 647 чл. 10Requirements for credit institutions to offer asset- referenced tokens to the public or seek their admission to trading.  Cap. 371.

(1) For the purposes of this article, "credit institution"

means a credit institution which is licensed as such under the Banking

Act.

(2) An asset-referenced token issued by a credit institution may be offered to the public or admitted to trading if the credit institution:

(a) draws up a crypto-asset white paper as referred to in Article 19 of the MiCA Regulation for the asset-referenced token, submits such crypto-asset white paper for approval by the competent authority of its home Member State in accordance with the procedure set out in the regulatory technical standards adopted pursuant to Article 17(8) of the MiCA Regulation, and has the crypto-asset white paper approved by the competent authority; and

(b) notifies the competent authority, at least ninety

(90) working days before issuing the asset-referenced token for the first time, by providing it with the following information:

(i) a programme of operations, setting out the business model that the credit institution intends to follow;

(ii) a legal opinion that the asset-referenced token does not qualify as either a crypto-asset excluded from the scope of the MiCA Regulation, this Act and any regulations made, and Rules issued thereunder pursuant to Article 2(4) of the MiCA Regulation and article 3(3) of this Act;

(iii) a detailed description of the governance arrangements referred to in Article 34(1) of the MiCA Regulation;

(iv) the policies and procedures listed in the first sub-paragraph of Article 34(5) of the MiCA Regulation;

(v) a description of the contractual arrangements with third-party entities as referred to in the second sub- paragraph of Article 34(5) of the MiCA Regulation;

(vi) a description of the business continuity policy referred to in Article 34(9) of the MiCA Regulation;

(vii) a description of the internal control mechanisms and risk management procedures referred to in Article 34(10) of the MiCA Regulation; and

(viii) a description of the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality of data referred to in Article 34(11) of the MiCA Regulation.

(3) Notwithstanding the provisions of sub-article (2), a credit institution that has previously notified the competent authority in accordance with sub-article (2)(b), when issuing another asset-referenced token, shall not be required to submit any information that was previously submitted by it to the competent authority where such information would be identical:

Provided that when submitting the information listed in sub-article (2)(b), the credit institution shall expressly confirm that any information not resubmitted in accordance with this sub-article is still up-to-date.

(4) When receiving a notification as referred to in sub-article (2)(b), the competent authority shall, within twenty (20) working days of receipt of the information listed in the said sub-article, assess whether the information required under that paragraph has been provided.

(5) Where the competent authority concludes, following the assessment carried out in accordance with sub-article (4), that a notification is not complete because some information is missing, it shall immediately inform the notifying credit institution thereof and set a deadline by which that credit institution is required to provide the missing information:

Provided that the deadline for providing any missing information shall not exceed twenty (20) working days from the date of the request and, until the expiry of such deadline, the period set out in sub-article (2)(b) shall be suspended.

(6) Without prejudice to the provisions of sub-article (5), any further request by the competent authority for completion or clarification of the information provided in terms of this article shall be at its discretion but shall not result in a suspension of the period set out in sub-article (2)(b).

(7) The credit institution shall not make an offer to the public or seek the admission to trading of the asset-referenced token as long as the notification referred to in sub-article (2)(b) is incomplete.

(8) The competent authority shall communicate to the ECB without delay the complete information received under sub-article (2) and, where the credit institution is established in a Member State whose official currency is not the euro or where an official currency of a Member State that is not the euro is referenced by the asset-referenced token, also to the Central Bank.

(9) The ECB and, where applicable, the Central Bank shall within twenty (20) working days of receipt of the complete information in accordance with sub-article (8), issue an opinion on that information and transmit that opinion to the competent authority.

(10) The competent authority shall require the credit institution not to offer to the public or seek the admission to trading of the asset-referenced token in cases where the ECB or, where applicable, the Central Bank, give a negative opinion on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.