Cap. 647 ст. 58Transitory measures.    Cap. 590.    Cap. 590.

(1) Articles 4 to 15 of the MiCA Regulation and articles

5 to 8 shall not apply to offers to the public of crypto-assets that ended before 30 December 2024.

(2) Notwithstanding the provisions of Title II of the MiCA Regulation and Part II of this Act, only the following requirements shall apply in relation to crypto-assets other than asset-referenced tokens and e-money tokens that were admitted to trading before 30 December 2024:

(a) Articles 7 and 9 of the MiCA Regulation shall apply to marketing communications published after 30 December 2024; and

(b) operators of trading platforms shall by 31 December 2027, ensure that a crypto-asset white paper, in the cases required by the MiCA Regulation and this Act, is drawn up, notified and published in accordance with Articles 6, 8 and 9 of the MiCA Regulation, and updated in accordance with Article 12 of the MiCA Regulation.

(3) Crypto-asset service providers may continue to provide, or hold themselves out as providing, the VFA services which they are licensed to provide under the Virtual Financial Assets Act in accordance with the provisions of the said Act and any regulations made, and Rules issued thereunder until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article 63 of the MiCA Regulation, whichever comes first.

(4) Notwithstanding the provisions of Articles 62 and 63 of the MiCA Regulation and articles 28 and 29, the competent authority shall apply a simplified procedure for applications submitted by crypto-asset service providers in accordance with Article 62(1) of the MiCA Regulation and article 28(2) between 30 December 2024 and 1 July 2026:

Provided that the competent authority shall ensure that the provisions of Chapters 2 and 3 of Title V of the MiCA Regulation are complied with before granting authorisation pursuant to such simplified procedure.

(5) For the purposes of this article, "crypto-asset service providers" means persons who, on 30 December 2024, are licensed in accordance with the Virtual Financial Assets Act to provide, or hold themselves out as providing, one or more VFA services, as defined in the said Act.