LICENSE REQUIREMENTS ART

Pursuant to the provisions of the MiCA, the activity consisting in offering asset-referenced tokens (ART) to the public and applying for admission of these assets to trading is subject to the authorization. To obtain an authorisation, the supplier that is also the issuer of this ART must meet the following requirements:

1. Organization
   • legal persons having their registered office in a Member State of the Union
2. Capitals
   • EUR 350,000, 2% of the average amount of the asset reserve or 25% of fixed overheads from the previous year (the highest of these amounts)
   • asset reserve for each of ART
3. Management
   • no size requirements
   • competence requirements (guarantee of prudent and stable management, certificate of no criminal record)
4. Board of directors
   • no obligation to own
5. Specific positions in the organization and cooperating entities
   • internal controller
   • AML inspector
   • statutory auditor and audit firm

STAGES OF LICENSE ART

1. Verification stage
   • review of the organization in terms of the possibility of applying for a license
   • implementation of possible adjustments
2. Preparation
   • qualification of planned services in the area of public offering of asset-linked tokens or admission to trading of such tokens
3. Application
   • providing model internal documentation and information document on crypto-assets (ART)
   • joint determination of the final content of the internal documentation and the information document on the crypto-assets
   • collecting a complete set of source documentation required from the applicant, managers and shareholders
   • submitting an application to the supervisory authority
4. Procedure
   • possible request to supplement the documentation – 25 working days from the submission of the application
   • preparation of responses to requests from the authority
   • periodic communication with the authority
   • draft decision and sending it to EBA, ESMA and ECB – 60 working days from receipt of a complete application
   • consideration of the application (decision) – 25 working days from receipt of the opinion of the EBA, ESMA and ECB
5. Provision of services
   • commencement of public offering of asset-linked tokens or admission to trading of such tokens