What are the minimum capital requirements applicable to CASPs providing (i) only crypto-asset services listed under either Class 2 or Class 3, or (ii) providing crypto-asset services listed under Class 1 and Class 3 of Annex 4 of MiCA?

How should the crypto-asset services of ‘exchange of crypto assets for funds’ or ‘exchange of crypto assets for other crypto assets’ (Article 3(1)(16c and d respectively) of MiCA), ‘execution of orders for crypto-assets on behalf of clients’ (Article 3(1)(16e), and ‘reception and transmission of orders for crypto-assets on behalf of clients’ (Article 3(1)(16g)) be distinguished from one another?

I seek clarification regarding the obligations of Crypto-Asset Service Providers (CASPs) under Article 75 of the Markets in Crypto-Assets Regulation (MiCA) concerning the ability for customers to withdraw specific crypto assets. Specifically, does Article 75 require CASPs to enable customers to withdraw every cryptocurrency offered for trading on the platform? For example, if a cryptocurrency exchange allows customers to trade Dogecoin but faces technical limitations in facilitating direct Dogecoin withdrawals, would it suffice to offer a conversion option, allowing customers to exchange Dogecoin for Bitcoin, Ethereum, or fiat currency, which they can then withdraw?

[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 4.4]

a) How is the requirement for a package order that ‘Each component of the transactions bears meaningful economic or financial risk related to all the other components’ to be interpreted?
b) Can package orders also include equity instruments? If yes, how is pre- and post-trade transparency applied?
c) When does an investment firm apply the systematic internaliser obligations on a package order level?
d) How should systematic internalisers determine whether package orders which are not liquid as a whole are subject to the transparency obligations in non-equity instruments under Article 18(1) or 18(2) of MiFIR?
e) Which party to a package transaction is required to make the transactions public via an APA?
f) Can package orders (Article 2(1)(49)(b) of MiFIR) also include instruments that are not admitted to trading or traded on a venue?
g) Where an investment firm buys a newly issued bond in the primary market as the result of an allocation and funds its investment by selling another bond to the lead manager of the issuance, simultaneously with and contingent upon the investment in the new issue, would this qualify as a package order for the purpose of pre-trade transparency?

In the gas derivatives market, lot sizes defined in the contract specification by trading venues do not represent a standard quantity of the underlying across all market areas, for the same maturity. How should the open interest in lots be calculated for gas derivatives, for the application of position limits in Article 57(1) of MiFID II?