ESMA_QA_2087
29/01/2024
Subject Matter
Prohibition of monetary and non-monetary benefits under MiCA
    Does the prohibition set out under Article 80(2) to receive "remuneration, discount or non-monetary benefit in return for routing orders received from clients" apply to the crypto-asset services of receiving and transmitting orders on behalf of clients as well as the execution of orders on behalf of clients?
    ESMA Answer
    29-01-2024

      Yes.

      Article 80(2) provides that “crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall not receive any remuneration, discount or non-monetary benefit in return for routing orders received from clients [… ] to another crypto-asset service provider”, meaning that it is prohibited to receive payments or benefits when providing the service of receiving and transmitting orders for crypto-assets on behalf of clients. 

      In addition, Article 80(2) provides that “crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall not receive any remuneration, discount or non-monetary benefit in return for routing orders received from clients to a particular trading platform for crypto-assets…” meaning that it is prohibited to receive payments or benefits when providing the service of executing orders for crypto-assets on behalf of clients.

      Status: Answer Published

      Additional Information

      Level 1 Regulation
      MiCA
      Additional Legal Reference
      Article 80
      Topic
      Crypto-Asset Service Provider (CASP)