Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (1), and in particular Article 76(16), third subparagraph, thereof,

Whereas:

(1) A high degree of transparency is essential to ensure that investors are adequately informed of the true level of actual and potential transactions in crypto-assets traded on a trading platform operated by a crypto-asset service provider. This high degree of transparency should also ensure a level playing field between trading platforms so that the price discovery process in respect of an individual crypto-assets is not impaired by the fragmentation of liquidity, and investors are not thereby disadvantaged.

(2) In order for investors to be adequately informed about access, costs, scope, functioning of trading platforms they use or intend to use, it is important for trading platforms to make available their operating rules in a transparent and non-discriminatory manner. Investors should have easy access to this information.

(3) To enable investors to take informed decisions on orders or transactions on crypto-assets and to help maintain market integrity, trading platforms for crypto-assets should publicly disclose all orders and transactions as close to real-time as is technically possible on their platforms. In relation to that, it is also important to harmonise the information to be published so as to enable investors to use, compare and aggregate the information published from different trading platforms for crypto-assets.

(4) To ensure fair conditions for all types of investors, both qualified investors and retail holders, regarding the access to order management facilities, trading platforms for crypto assets may offer reserve and stop orders directly through their trading platform when certain conditions are met.

(5) Distributed ledger technology has given rise to innovative structures in crypto-asset trading platforms. Crypto-asset trading platforms are often differentiated as either off-chain Centralised Exchanges (CEXs) or on-chain Decentralised Exchanges (DEXs), such as those operated under an automated market maker model. CEXs are characterised by centralised control over trading operations and custodial practices. CEXs typically use mechanisms which are common in traditional finance, including central limit order books. DEXs, by contrast, operate without a central operator and facilitate trading directly on distributed ledgers through smart contracts, while allowing users to trade using their non-custodial wallets. In addition, the evolving landscape that includes hybrid models that combine features of both CEXs and DEXs necessitates a regulatory approach that is both precise and adaptable. In view of these developments, it is appropriate to clarify the transparency data requirements applicable to those trading systems that facilitate trading directly on distributed ledgers through smart contracts, in as much as they are not operated in a fully decentralised manner without intermediary and hence subject to Regulation (EU) 2023/1114.

(6) Information which is required to be made available as close to real time as possible should be made available as instantaneously as technically feasible, assuming a reasonable level of efficiency of the systems of the crypto-asset service providers operating a trading platform for crypto-assets. The publication of the information close to the maximum time limit should occur only in exceptional cases where the systems available do not allow for a publication in a shorter period of time.

(7) Specifying the level of disaggregation by which trading platforms can sell data is important to meet the diverse needs of market participants that contribute to efficient markets. To ensure that users of data can purchase or access only data that meets their specific needs, crypto-asset service providers operating a trading platform for crypto-assets should disaggregate data by, as a minimum, the type of crypto-asset (asset-referenced tokens, e-money tokens, crypto-assets other than asset-referenced tokens and e-money tokens), the currency in which the crypto-assets are traded, and the type of trading system. Those data should be provided to users on a crypto-asset basis where possible.

(8) To ensure that pre-trade and post-trade data offered for purchase appropriately match the demand from market participants, crypto-asset service providers operating a trading platform should offer any combination of disaggregation criteria on a reasonable commercial basis.

(9) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Securities and Markets Authority.

(10) The European Securities and Markets Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (2),

HAS ADOPTED THIS REGULATION:

Article 1

General principles of presentation of the information on operating rules for trading platforms

Article 2

Pre-trade transparency

(a) the orders are contingent on the occurrence of objective market conditions which are pre-defined by the trading system’s protocol;

(b) the orders cannot interact with other trading interests prior to the disclosure to the order book operated by the trading platform;

(c) once disclosed to the order book, the orders interact with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.

Article 3

Post-trade transparency

(a) a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II;

(b) a new trade report that contains all the details of the original trade report with all necessary details corrected, and the amendment flag specified in Table 3 of Annex II.

Article 4

Real time publication of transactions

For transactions executed on their crypto-asset trading platforms, crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each transaction as set out in Tables 1, 2 and 3 of Annex II as close to real-time as is technically possible and in any case within thirty seconds after the execution of the transaction.

Article 5

Disaggregation of pre-trade and post-trade data

Article 6

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 28 November 2024.

For the Commission The President Ursula VON DER LEYEN

(1) OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj.

(2) Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84, ELI: http://data.europa.eu/eli/reg/2010/1095/oj).