The CNB’s area of competence under the regulation on markets in crypto-assets (MiCA)
The CNB is set to become the competent authority under the EU’s Markets in Crypto-Assets Regulation (MiCA) on the basis of the draft Act on the Digitalisation of the Financial Market. The CNB is ready to receive applications and notifications once the legislative process has been completed and the relevant act comes into effect.
The Czech National Bank (CNB) is expected to be the competent authority responsible for carrying out the functions and duties provided for in the MiCA Regulation[1] in the Czech Republic, pursuant to Article 9 of the draft law on the implementation of European Union regulations in the area of financial market digitalisation (Act on the Digitalisation of the Financial Market), which is currently being discussed by the Parliament of the Czech Republic. It was approved by the Chamber of Deputies on 6 December 2024[2] and passed on to the Senate on 30 December 2024[3]. The law is expected to take effect the day after its promulgation.
Until the Act on the Digitalisation of the Financial Market takes effect, the CNB is not the competent administrative authority to deal with applications and notifications under the MiCA Regulation.
After the entry into force of the Act on the Digitalisation of the Financial Market, the CNB will be ready to receive:
- notifications of white papers for crypto-assets other than asset-referenced tokens (ARTs) and electronic money tokens (EMTs);
- applications for authorisation of ART issuers that are not banks, and applications for the approval of white papers from ART issuers that are banks;
- notification of the EMT issuer’s intention to offer the EMT to the public or to seek admission to trading and notification of the EMT issuer’s white paper;
- applications for authorisation as a crypto-asset service provider (CASP), and notifications from entities already authorised by the CNB[4] regarding the provision of crypto-asset services.
Anyone authorised to provide crypto-asset services on the basis of a trade licence prior to 30 December 2024 (notifiable unqualified trades with the business activity code 81 pursuant to Annex 4 of the Trade Licensing Act,[5] “providing services related to virtual assets”) who submits an application for authorisation as a CASP pursuant to Article 63 of the MiCA Regulation by 31 July 2025 will be permitted to continue to carry out this activity on the basis of this authorisation until the date on which the decision on this application becomes final, but no later than 1 July 2026.[6]
[1] 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 entered into full force on 30 December 2024.
[2] https://www.psp.cz/sqw/historie.sqw?o=9&t=692
[3] https://www.senat.cz/xqw/xervlet/pssenat/historie?cid=pssenat_historie.pHistorieTisku.list&forEach.action=detail&forEach.value=s5374.
[4] A credit institution, central securities depository, investment firm, electronic money institution, management company or regulated market operator.
[5] Act No. 455/1991 Coll., on Trade and Entrepreneurial Activities (Trade Licensing Act), as amended.
[6] Article 143(3) of the MiCA Regulation and Article 26 of the draft Act on the Digitalisation of the Financial Market.