CZECH REPUBLIC Law and Practice Contributed by: Ondřej Mikula, Jan Šovar and Markéta Klabouchová, FINREG PARTNERS
Crowdfunding Platforms Lending-based or investment-based crowdfund - ing platforms require authorisation under the Crowdfunding Regulation (see 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Entities ). However, this Regulation does not cover models that trade the assignment of receivables originally granted by the platform, or models where the platform grants loans on its own account and risk. These activities may fall under other relevant regula - tions, such as investment services or investment funds regulation. Crypto-Asset Exchanges The provision of services related to non-financial instrument crypto-assets, including operating a crypto-asset trading platform, now requires a licence under MiCA. The complexity of require - ments varies, with the strictest imposed on plat - form operators. MiCA became fully effective at the end of 2024, and there is currently a transition period until 1 July 2026 in the Czech Republic. However, only companies that: • were registered as a VASP in the Czech Republic prior to 30 December 2024; and • have applied for authorisation as a CASP pur - suant to MiCA by 31 July 2025 can continue providing crypto-asset services during the transitional period. Entities that do not meet the above requirements may only operate a crypto-asset exchange after obtaining a MiCA licence. 6.2 Regulation of Different Asset Classes Different regulatory regimes apply to asset classes based on their nature, complexity and risks. Platforms trading “financial instruments”
Finally, further regulation of cross-border pay - ments is provided for in the revised TFR, which requires payment providers to accompany transfer of funds with relevant information, ver- ify the accuracy of this information, if relevant, and ensure robust protection of personal data, including compliance with record retention requirements. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms There are various marketplaces and trading platforms for different asset types (eg, “finan - cial instruments” or crypto-assets) in the Czech Republic. The regulatory regime depends on the nature of the assets traded. Exchanges for Financial Instruments If the traded assets qualify as “financial instru - ments” under the CMBA (eg, bonds or shares), the trading platform is required to be authorised by the CNB to operate either a regulated market, a multilateral trading facility (MTF) or an organ - ised trading facility (OTF). Regulated markets have the strictest requirements, with only two authorised entities in the Czech Republic: Burza cenných papírů Praha, a.s. and RM-SYSTÉM, česká burza cenných papírů a.s . With the entry into force of DLT Pilot in 2023, a more flexible regime for tokenised “financial instruments” was introduced, allowing experi - mentation with issuance, trading and settlement. The central securities depository in the Czech Republic, Centrální depozitář cenných papírů, a.s. , is the first to be authorised to operate a DLT securities settlement system under this regime.
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