- (a) Where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person seeking admission to trading has its registered office
- (b) Where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but has one or more branches in the Union, the Member State chosen by that offeror or person seeking admission to trading from among the Member States where it has branches
- (c) Where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, at its choice, either the Member State where the crypto-assets are intended to be offered to the public for the first time or the Member State where the first application for admission to trading on a trading platform for crypto-assets is made
- (d) In the case of an issuer of asset-referenced tokens, the Member State where that issuer has its registered office
- (e) In the case of an issuer of e-money tokens, the Member State where that issuer is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC
- (f) In the case of a crypto-asset service provider, the Member State where that crypto-asset service provider has its registered office
Defined in / by
Last updated: 22 August 2026.