AUSTRIA Law and Practice Contributed by: Oliver Völkel and Philipp Ley, CERHA HEMPEL
qualifies as a crypto-asset service, and authorisation from the FMA is required. Platforms need to meet CRR capital requirements and comply with rules on trans - parency, governance and consumer protection. Crowdfunding Platforms Crowdfunding platforms that facilitate public offerings of securities or loans are regulated under the ECSPR. They must be licensed as ECSPs and are subject to oversight by the FMA. These platforms must comply with investor protection rules, disclosure obligations and fundraising limits (currently up to EUR5 million per project annually) and benefit from EU-wide pass - porting. 6.2 Regulation of Different Asset Classes Different asset classes have different regulatory regimes. Security tokens are qualified as financial instruments, such as shares or bonds. In Austria, they fall under the Securities Supervisory Act. They are subject to full capital markets regulation, including licensing, prospectus requirements and investor protection rules. Trading may only occur on regulated markets or authorised trading venues like MTFs or OTFs. Crypto-assets that are not classified as financial instruments are regulated under MiCA, which is now in force across the EU. MiCA defines a crypto-asset as a digital representation of a value or of a right that is able to be transferred and stored electronically using DLT or similar technology. MiCA establishes a uniform framework for issuing, offering and trading crypto-assets and applies to issuers and service pro - viders offering custody, exchange and transfer ser - vices. These entities must be authorised and meet requirements related to governance, capital, conduct and consumer protection. MiCA distinguishes between three specific types of crypto-assets. • ARTs: tokens linked to a basket of assets (eg, cur - rencies, commodities). They face strict rules due to potential systemic impact.
• EMTs: tokens pegged to a single fiat currency, functioning like digital money. They are subject to requirements similar to e-money institutions. • Utility tokens: tokens granting access to a digital product or service. Issuers must publish a white paper and comply with marketing and conduct rules. However, they are otherwise subject to
lighter regulation than ARTs and EMTs. 6.3 Impact of the Emergence of Cryptocurrency Exchanges
The emergence of both centralised and decentralised cryptocurrency exchanges has prompted significant regulatory developments in Austria and the EU. Centralised exchanges are now fully regulated under MiCA. This means they have to obtain authorisation as CASPs. They must comply with rules on governance, capital, custody, AML/CFT and consumer protection. Decentralised exchanges (DEXs) present regulatory challenges due to the absence of a clear operator. MiCA does not explicitly regulate DEXs, but if a party is identifiable and exercises control (eg, via front-end interfaces), it may fall under CASP obligations. Regu - lators may apply existing AML laws or interpret MiCA provisions broadly to cover these cases. The EU has not established a clear regulatory position on DeFi. 6.4 Listing Standards Regulated Markets Securities listed on regulated markets must meet strict requirements under the EU Prospectus Regulation. Issuers must submit an FMA-approved prospectus that is complete and clear. Ongoing obligations under the Market Abuse Regulation (MAR) and Transparency Directive apply, including disclosure of insider infor - mation and financial reports. MTFs and OTFs These platforms allow more flexible listing but still require compliance with MAR, particularly for market transparency and disclosure of insider information. Crypto-Assets Under MiCA Under MiCA, issuers of crypto-assets (excluding ARTs and EMTs) must submit a white paper to the FMA at least 20 days before publication. While it does not
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