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L.S. 647.01 Regolamenti dwar Markets in Crypto-Assets Act (Fees)

ACT (FEES) [ S.L. 647.01 SUBSIDIARY LEGISLATION 647.01 MARKETS IN CRYPTO-ASSETS ACT (FEES) REGULATIONS 5th November, 2024 LEGAL NOTICE 295

  2. The title

these regulations is the Markets in CryptoAssets Act (Fees) Regulations. Citation. 2. requires:- Interpretation.

(1)In these regulations, unless the context otherwise "Act" means the Markets in Crypto-Assets Act; "asset-referenced token" shall have the same meaning as that assigned to it in point
(6)

Article 3

(1)

the MiCA Regulation; "average outstanding asset-referenced tokens" means the average amount

outstanding asset-referenced tokens for the last six

(6)calendar months which is to be calculated as follows: (a) the daily average amount

outstanding asset-reference tokens for each

the last six

(6)calendar months is to be multiplied by the number

calendar days in each

those months; (

  1. b)the amounts resulting from the calculation set out in paragraph (
  2. a)shall be added up; and (
  3. c)the total amount resulting from the calculation set out in paragraph (
  4. b)shall be divided by the total number

calendar days forming the six

(6)calendar months referred to in paragraph (a): Provided that the daily average amount

outstanding asset-referenced tokens for a calendar month shall be calculated as follows: (i) the amount

outstanding assetreferenced tokens at the end

each calendar day

the preceding six

(6)calendar months shall be added up; and (
  1. ii)the amount resulting from the calculation set out in point (
  2. a)shall divided by the total number

calendar days forming the Cap. 647. 1 2 [ S.L. 647.01 MARKETS IN CRYPTO-ASSETS ACT (FEES) calendar months referred to in the said paragraph; "Class 1 crypto-asset services" means any

the following: (a) the execution

orders on behalf

clients; (b) the placement

crypto-assets; (c) the provision

transfer services for crypto-assets on behalf

clients; (d) the reception and transmission

orders for crypto-assets on behalf

clients; (e) the provision

advice on crypto-assets; and (f) the provision

portfolio management on crypto-assets; "Class 2 crypto-asset services" means any

the following: (a) the provision

custody and administration

crypto-assets on behalf

clients; (b) the exchange

crypto-assets for funds; and (c) the exchange

crypto-assets for other crypto-assets; "Class 3 crypto-asset service" means the operation

a trading platform for crypto-assets;  Cap. 330. "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "credit institution" shall have the same meaning as that assigned to it in point

(28)

Article 3

(1)

the MiCA Regulation; "crypto-asset service" shall have the same meaning as that assigned to it in point

(16)

Article 3

(1)

the MiCA Regulation; "crypto-asset service provider" shall have the same meaning as that assigned to it in point

(15)

Article 3

(1)

the MiCA Regulation; MARKETS IN CRYPTO-ASSETS ACT (FEES) [ S.L. 647.01 3 "e-money token" shall have the same meaning as that assigned to it in point

(7)

Article 3

(1)

the MiCA Regulation; "MiCA Regulation" means Regulation (EU) 2023/1114

the European Parliament and

the Council

31 May 2023 on markets in crypto-assets, and amending Regulation (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "transaction volume" means the aggregate

the following, as applicable: (a) the quantity multiplied by the value, in euro,

all orders transmitted as reported in the annual return for the preceding year; (b) the quantity multiplied by the value, in euro,

all executed orders as reported in the annual return for the preceding year; (c) the quantity multiplied by the value, in euro,

all orders for the exchange

crypto-assets for crypto-assets other than asset-referenced tokens or for executed funds, as reported in the annual return for the preceding year; and (d) the quantity multiplied by the value, in euro,

all orders matched on a trading platform for crypto-assets, as reported in the annual return for the preceding year.

(2)Words and expressions used in these regulations which are also used in the Act but which are not herein defined shall have the same meaning as in the Act. 3.
(1)An

feror, a person seeking admission to trading, or an operator

trading platforms for crypto-assets other than assetreferenced tokens or e-money tokens, as applicable, upon submission

the notification

a crypto-asset white paper in accordance with Article 8

(1)

the MiCA Regulation and article 6

(2)

the Act, shall pay to the competent authority a notification fee

two thousand and five hundred euro (€2,500) with respect to such crypto-asset white paper.

(2)where: The provisions

sub-regulation

(1)shall also apply Payment

fees in relation to cryptoassets other than asset-referenced tokens or e-money tokens. 4 [ S.L. 647.01 MARKETS IN CRYPTO-ASSETS ACT (FEES) (

  1. a)crypto-assets, other than asset-referenced tokens or e-money tokens, were admitted to trading before 30 December 2024; and (
  2. b)operators

trading platforms submit a notification to the competent authority

a crypto-asset white paper in accordance with Article 143

(2)(b)

the MiCA Regulation and article 58

(2)(b)

the Act in relation to any such crypto-asset as referred to in paragraph (a).

(3)Where a crypto-asset white paper as referred to in subregulation
(1)is modified in accordance with Article 12

the MiCA Regulation, the

feror, person seeking admission to trading, or operator

trading platforms for crypto-assets other than assetreferenced tokens or e-money tokens, as applicable, upon the submission

the notification

the modified crypto-asset white paper in accordance with Article 12

(2)

the MiCA Regulation, shall pay to the competent authority a modification fee

one thousand euro (€1,000) with respect to such modified crypto-asset white paper. Payment

fees in relation to e-money tokens. 4.

(1)An issuer

e-money tokens, upon the submission

the notification

a crypto-asset white paper in accordance with Articles 48

(7)or 51
(11)

the MiCA Regulation and article 23

(3)or
(5)

the Act, as applicable, shall pay to the competent authority a notification fee

three thousand euro (€3,000) with respect to such crypto-asset white paper.

(2)Where a crypto-asset white paper as referred to in subregulation
(1)is modified in accordance with Article 51
(12)

the MiCA Regulation, the issuer

e-money tokens, upon the submission

the notification

the modified crypto-asset white paper in accordance with the said Article, shall pay to the competent authority a modification fee

one thousand euro (€1,000) with respect to such modified crypto-asset white paper. Payment

fees in relation to assetreferenced tokens. 5.

(1)Credit institutions, upon the submission

a crypto-asset white paper to the competent authority for its approval in accordance with Article 17

(1)(a)

the MiCA Regulation and article 10

(2)(a)

the Act, shall pay to the competent authority an assessment fee

three thousand euro (€3,000) with respect to such crypto-asset white paper.

(2)Legal persons or other undertakings, other than credit institutions, that intend to

fer to the public or seek the admission to trading

asset-referenced tokens, upon the submission

an application to the competent authority for authorisation in accordance with Article 18

(1)

the MiCA Regulation and article 11

(2)

the Act, shall pay to the competent authority an application fee

eight thousand euro (€8,000) with respect to such application. MARKETS IN CRYPTO-ASSETS ACT (FEES) [ S.L. 647.01

(3)The provisions

sub-regulations

(1)and
(2)shall also apply where issuers that issued asset-referenced tokens before 30 June 2024 in accordance with the applicable law submit to the competent authority, in accordance with Article 143
(4)or
(5)

the MiCA Regulation and article 58

(3)or
(4)

the Act, as applicable: (a) a crypto-asset white paper for its approval in accordance with Article 17

(1)(a)

the MiCA Regulation and article 10

(2)(a)

the Act; or (b) an application for authorisation in accordance with Article 18

(1)

the MiCA Regulation and article 11

(2)

the Act.

(4)Without prejudice to sub-regulations
(1)to
(3), with respect to crypto-asset white papers as referred to in sub-regulation
(1)and applications as referred to in sub-regulation
(2)submitted to the competent authority in accordance with the relevant provisions prior to the coming into force

these regulations, and which remain pending upon the coming into force

the said regulations, the applicable assessment or application fee shall be paid to the competent authority within one

(1)month from the day

the coming into force

the said regulations.

(5)Issuers

asset-referenced tokens that have been authorised under Article 18

the MiCA Regulation and article 11

the Act in relation to one

(1)asset-referenced token, upon the submission

an application to the competent authority for authorisation in accordance with the said provisions in relation to another asset-referenced token, shall pay to the competent authority an application fee

three thousand euro (€3,000) with respect to such application.

(6)Where a crypto-asset white paper drawn up by an issuer

asset-referenced tokens is modified in accordance with Article 25

(2)

the MiCA Regulation, such issuer, upon the submission

the notification

the modified crypto-asset white paper in accordance with the said Article, shall pay to the competent authority a modification fee

one thousand euro (€1,000) with respect to such modified crypto-asset white paper.

(7)Issuers

asset-referenced tokens that have been authorised in accordance with Article 21

the MiCA Regulation and article 11

the Act or granted approval in accordance with Article 17

(1)(a)

the said Regulation and article 10

(2)(a)

the said Act shall, subject to the provisions

sub-regulation

(9), pay to the competent authority an annual supervisory fee which amounts to zero point zero one per cent (0.01%)

the average outstanding assetreferenced tokens up to a maximum

two hundred and fifty thousand euro (€250,000): 5 6 [ S.L. 647.01 MARKETS IN CRYPTO-ASSETS ACT (FEES) Provided that where such amount is less than two thousand euro (€2,000) for a particular year, the annual supervisory fee due for that year shall be two thousand euro (€2,000).

(8)Notwithstanding sub-regulation
(7), the first annual supervisory fee due to the competent authority shall be the aggregate

the following: (a) eight thousand euro (€8,000) prorated according to the period remaining between the date when an issuer

asset-referenced tokens is authorised or granted approval, as applicable, in accordance with the relevant provisions

the MiCA Regulation and the Act, and the end

the calendar year in which such authorisation or approval was granted; and (b) eight thousand euro (€8,000) prorated according to the period between the start

the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation

(9).
(9)The first annual supervisory fee due in accordance with sub-regulation
(8)shall be paid to the competent authority on the date when an issuer

asset-referenced tokens is granted authorisation or approval, as applicable, in accordance with the relevant provisions

the MiCA Regulation and the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation

(7)shall be paid to the competent authority on the 30th July

each calendar year. Payment

fees in relation to cryptoasset service providers. 6.

(1)Where a legal person or undertaking submits an application to the competent authority to act as a crypto-asset service provider in accordance with Article 62
(1)

the MiCA Regulation and article 28

(2)

the Act, upon submission

such application, shall pay to the competent authority the following application fee, as applicable, with respect to such application: (a) where such legal person or undertaking intends to provide any one

(1)or more Class 1 crypto-asset services, ten thousand euro (€10,000); (b) where such legal person or undertaking intends to provide any one
(1)or more Class 2 crypto-asset services, twenty thousand euro (€20,000); or (c) where such legal person or undertaking intends to provide a Class 3 crypto-asset service, twenty-five thousand euro (€25,000): Provided that where such legal person or undertaking intends to provide crypto-asset services falling MARKETS IN CRYPTO-ASSETS ACT (FEES) [ S.L. 647.01 under different Classes, only the highest application fee applicable with respect to those crypto-asset services shall apply.
(2)Where a VFA service provider submits an application to the competent authority to act as a crypto-asset service provider in accordance with Article 62
(1)

the MiCA Regulation and article 28

(2)

the Act between 30 December 2024 and 1 July 2026, upon submission

such application, it shall pay to the competent authority the following application fee, as applicable, with respect to such application: (a) where such VFA service provider intends to provide any one

(1)or more Class 1 crypto-asset services, five thousand euro (€5,000); (b) where such VFA service provider intends to provide any one
(1)or more Class 2 crypto-asset services, ten thousand euro (€10,000); or (c) where such VFA service provider intends to provide a Class 3 crypto-asset service, twelve thousand and five hundred euro (€12,500): Provided that where such VFA service provider intends to provide crypto-asset services falling under different Classes, only the highest application fee applicable with respect to those cryptoasset services shall apply: Provided further that for the purposes

this subregulation, "VFA service provider" means any person who, on 30 December 2024, is 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.

(3)Where a legal person or undertaking authorised to act as a crypto-asset service provider under Article 63

the MiCA Regulation and article 28

the Act intends to provide one

(1)or more crypto-asset services in addition to those which it is authorised to provide, it shall, upon the submission

an application to the competent authority to modify its authorisation accordingly, pay to the competent authority the application fee established in sub-regulation

(1), as applicable, which application fee shall be reduced by twentyfive per cent (25%).
(4)Where a legal person or undertaking authorised to act as a crypto-asset service provider under Article 63

the MiCA Regulation and article 28

the Act, intends to stop providing one

(1)or more, but not all,

the crypto-asset services which it is authorised to provide, it shall, upon the submission

a request to the competent authority to     Cap. 590. 7 8 [ S.L. 647.01 MARKETS IN CRYPTO-ASSETS ACT (FEES) modify its authorisation accordingly, pay to the competent authority a modification fee

one thousand euro (€1,000).

(5)A legal person or undertaking authorised to act as a crypto-asset service provider under Article 63

the MiCA Regulation and article 28

the Act shall, subject to the provisions

subregulation

(7), pay to the competent authority an annual supervisory fee which shall be the aggregate

the following, as applicable: (

  1. a)where such legal person or undertaking is authorised to provide: (
  2. i)any one

(1)or more Class 1 crypto-asset services, ten thousand euro (€10,000); (ii) any one
(1)or more Class 2 crypto-asset services, twenty-five thousand euro (€25,000); or (iii) a Class 3 crypto-asset service, fifty thousand euro (€50,000): Provided that where such legal person or undertaking is authorised to provide crypto-asset services falling under different Classes on the date when the annual supervisory fee is due in accordance with subregulation
(7), only the highest amount applicable with respect to those crypto-asset services shall apply; and (b) two thousand euro (€2,000) for every service which such legal person or undertaking is authorised to provide on the date when the annual supervisory fee is due in accordance with sub-regulation
(7); and (c) zero point zero five per cent (0.05%)

the transaction volume

such person up to a maximum

two hundred and fifty thousand euro (€250,000).

(6)Notwithstanding sub-regulation
(5), the first annual supervisory fee due to the competent authority shall be the aggregate

the following: (

  1. a)the fees established in paragraphs (
  2. a)and (b)

sub-regulation

(5), as applicable, prorated according to the period remaining between the date when a legal person or undertaking is granted authorisation to act as a crypto-asset service provider under the MiCA Regulation and the Act, and the end

the calendar year in which such authorisation was granted; and (

  1. b)the fees established in paragraphs (
  2. a)and (b)

sub-regulation

(5), as applicable, prorated according to the period MARKETS IN CRYPTO-ASSETS ACT (FEES) [ S.L. 647.01 between the start

the following calendar year and the date when the next supervisory fee is due in accordance with subregulation

(7).
(7)The first annual supervisory fee due in accordance with sub-regulation
(6)shall be paid to the competent authority on the date when a legal person or undertaking is granted authorisation to act as a crypto-asset service provider under the MiCA Regulation and the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation
(5)shall be paid to the competent authority on the 30th July

each calendar year. 7.

(1)The fees established and due in terms

these regulations shall not be refundable.

(2)Without prejudice to regulations 5
(8)and 6
(6), the fees established and due in terms

these regulations shall not be prorated. Fees not refundable nor prorated. 9

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