Commission Delegated Regulation (EU) 2025/421 of 16 December 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable

Official Journal EN of the European Union L series 2025/421 24.3.2025 COMMISSION DELEGATED REGULATION (EU) 2025/421 of 16 December 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the data necessary for the classification of crypto- asset white papers and the practical arrangements to ensure that such data is machine-readable (Text with EEA relevance) 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 2023on markets in crypto-assets and amending Regulation (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and

(EU) 2019/1937(1), and in particular Article 109(8), third subparagraph, thereof,

Whereas:

(1) In accordance with Regulation (EU) 2023/1114, the register of crypto-asset white papers, of issuers of asset- referenced tokens and e-money tokens, and of crypto-asset service providers (‘register’) established in accordance with Article 109 of Regulation (EU) 2023/1114 is to contain information allowing the register to facilitate the accessibility of white papers classified on the basis of the types of crypto-assets set out in that Regulation. The data necessary for the classification of crypto-asset white papers should support national competent authorities in their task of verifying that the requirements of Regulation (EU) 2023/1114 are applied consistently.

(2) To ensure the most efficient operation of the register, competent authorities should submit the data to the European Securities and Markets Authority (ESMA) in the same format as the white paper. Furthermore, to minimise costs, ESMA and competent authorities should be able to derive the relevant data for the classification of white papers in the register from the information disclosed in crypto-asset white papers. To minimise the changes in the data required as of the date of application of Article 110 of Regulation (EU) 2023/1114, the data used to classify crypto- asset white papers should comprise the data that competent authorities will provide to the European Single Access Point (ESAP) in accordance with Article 5(1), point (e), of Regulation (EU) 2023/2859 of the European Parliament and of the Council(2).

(3) To ensure efficient processing of data, legal persons drawing up the crypto-asset white paper and identified therein by an ISO 17442 legal entity identifier (LEI) should ensure that such LEI is valid and duly renewed. Where the person drawing up the white paper does not have a LEI, the register should contain an identifier that ensures similar characteristics for the purposes of the register.

(4) Crypto-assets that are not financial instruments cannot at present be described by using the ISO Classification of Financial Instruments (CFI) code. A standard universal method of classification is being developed. However, this method of classification will not be finalised before the application of this Regulation. Hence, to identify the crypto- asset white papers consistently in the register referred to in Article 109(1) of Regulation (EU) 2023/1114, an international standard identifier for digital tokens, the Functionally Fungible Group Digital Token Identifier (FFG DTI) should be used. Furthermore, to identify the crypto-assets and to allow users to retrieve the main characteristics of the crypto-assets, including their technology-specific features, and to group tokens issued on several blockchains that are pertaining to the same crypto-asset white paper, the ISO 24165 Digital Token Identifiers (DTI) should be used. The FFG DTI and the DTI are appropriate for the purposes of the register since they respect the principles of uniqueness, neutrality, reliability, open source, scalability, accessibility on a cost-recovery basis and they are offered under an appropriate governance framework.

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

(2) Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj).

ELI: http://data.europa.eu/eli/reg_del/2025/421/oj 1/7EN OJ L, 24.3.2025

(5) Since this Regulation concerns the classification of crypto asset white papers and is therefore linked to Commission Implementing Regulation (EU) 2024/2984(3)which concerns standard forms, formats and templates for the white paper, it is necessary to align the dates of application of the two Regulations. The deferred application is also necessary to enable persons drawing up crypto-asset white papers and competent authorities to adapt to the requirements laid down in this Regulation.

(6) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA.

(7) ESMA 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(4),

HAS ADOPTED THIS REGULATION:

Article 1 Data for the classification of crypto-asset white papers

1. The data necessary for the classification of crypto-asset white papers is set out the Annex.

2. The data set out in the Annex shall be provided in a common format in accordance with the ISO 20022 standard.

3. By way of derogation from paragraph 2 of this Article, where the data set out in the Annex is included in the crypto- asset white paper referred to in Article 6, Article 19 or Article 51 of Regulation (EU) 2023/1114, the data set out in the Annex to this Regulation may be provided in the same machine-readable format in which the crypto-asset white paper was prepared in accordance with Implementing Regulation (EU) 2024/2984.

Article 2 Legal Entity Identifiers When using the ISO 17442 Legal Entity Identifier, persons drawing up a crypto-asset white paper referred to in Articles 6, Article 19 or Article 51 of Regulation (EU) 2023/1114 shall ensure that the identifier is:

(a) valid and issued in accordance with the terms of any of the Local Operating Units of the Global Legal Entity Identifier System;

(b) included in the Global Legal Entity Identifier database maintained by the Central Operating Unit appointed by the Regulatory Oversight Committee.

(3) Commission Implementing Regulation (EU) 2024/2984 of 29 November 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regards to forms, formats and templates for the crypto-asset white papers (OJ L, 2024/2984, 3.12.2024, ELI: http://data.europa.eu/eli/reg_impl/2024/2984/oj).

(4) 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).

2/7 ELI: http://data.europa.eu/eli/reg_del/2025/421/ojEN OJ L, 24.3.2025 Article 3 Identification of the crypto-asset and the related white paper

1. When the ISO 24165 Digital Token Identifier is provided, the crypto-asset white paper shall be identified with a valid identifier of type 3 pertaining to the group of crypto-assets to which the white paper relates.

2. When the ISO 24165 Digital Token Identifier is provided, the crypto-asset or crypto-assets to which the crypto-asset white paper relates shall be individually identified with a valid identifier assigned to each of the crypto-assets to which the white paper relates.

3. When the ISO 24165 Digital Token Identifier is not available, the crypto-asset white paper shall identify the crypto- assets to which the crypto-asset white paper relates, by using a digital token identifier approved by ESMA at Union level,

which meets all of the following characteristics:

(a) unique;

(b) neutral;

(c) reliable;

(d) open source;

(e) scalable;

(f) accessible;

(g) available at a reasonable cost basis; and

(h) is subject to an appropriate governance framework.

Article 4 Entry into force and application 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 apply from 23 December 2025.

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

Done at Brussels, 16 December 2024.

For the Commission The President Ursula VON DER LEYEN

ELI: http://data.europa.eu/eli/reg_del/2025/421/oj 3/7EN OJ L, 24.3.2025 ANNEX Data necessary for the classification of crypto-asset white papers in the register referred to in Article 109 of Regulation (EU) 2023/1114 Legend SYMBOL DATA TYPE DEFINITION {ALPHANUM-n} Up to n Free text field.

alphanumerical characters {DATE_TIME_FOR- ISO 8601 date and Date and time in the following format:

MAT} time format YYYY-MM-DDThh:mm:ss.ddddddZ. — ‘YYYY’ is the year, — ‘MM’ is the month, — ‘DD’ is the day, — ‘T’ – means that the letter ‘T’ shall be used, — ‘hh’ is the hour, — ‘mm’ is the minute, — ‘ss.dddddd’ is the second and its fraction of a second, — Z is UTC time.

Dates and times shall be recorded in UTC. {DATEFORMAT} ISO 8601 date Dates shall be formatted in the following format: YYYY-MM-DD. format {DECIMAL-n/m} Decimal number of Numerical field for both positive and negative values.

up to n digits in — decimal separator is ‘.’ (full stop), total of which up to — negative numbers are prefixed with ‘-’ (minus); Values are rounded and m digits can be not truncated. fraction digits {DTI} 9 alphanumerical Digital Token Identifier as defined in ISO 24165 standard characters {FFG DTI} 9 alphanumerical Code to identify a group of equivalent Digital Token Identifiers as defined in characters ISO 24165 standard type 3 {INTEGER-n} Integer number of Numerical field for both positive and negative integer values.

up to n digits in total {LEI} 20 alphanumerical Legal entity identifier as defined in ISO 17442 characters {MIC} 4 alphanumerical Market identifier as defined in ISO 10383 characters 4/7 ELI: http://data.europa.eu/eli/reg_del/2025/421/ojEN OJ L, 24.3.2025 Number Field Content Form and standards 1 Type of crypto-asset white The type of crypto-asset white paper notified. Choice from list of

paper predefined values:

Where the crypto-asset white paper concerns ‘ARTW’ asset-referenced tokens, the code ‘ARTW’ shall ‘EMTW’ be used. ‘OTHR’ Where the crypto-asset white paper concerns e-money tokens, the code ‘EMTW’ shall be used.

Where the crypto-asset white paper concerns crypto-assets other than asset-referenced tokens and e-money tokens the code ‘OTHR’ shall be used.

2 Name of the issuer Name of the issuer Free alphanumerical text 3 Legal form of the issuer Legal form ISO standard 20275 ‘Financial Services – Entity Legal Forms (ELF)’ 4 Legal entity identifier of the Legal entity identifier of the issuer, where {LEI} issuer, where available available 5 Other identifier of the issuer Other identifier of the issuer required pursuant Free alphanumerical text required pursuant to to applicable national law, where available applicable national law, where available 6 Legal entity identifier of the Legal entity identifier of the entity that drew up {LEI} entity that drew up the the crypto-asset white paper, where available crypto-asset white paper, where available 7 Other identifier of the entity Other identifier of the entity that drew up the Free alphanumerical text that drew up the crypto-asset crypto-asset white paper required pursuant to white paper required applicable national law pursuant to applicable national law, where available 8 Identifier of operator of the Segment market identifier code (MIC) for the {MIC} trading platform trading platform operated by the crypto-asset service provider (CASP), where available, otherwise operating MIC 9 Commercial name or trading Commercial name or trading name of the Free alphanumerical text name of the issuer, where issuer, where available available 10 Physical address of the issuer Physical address of the issuer Free alphanumerical text 11 Telephone number of the Telephone number of the issuer, where Free alphanumerical text issuer, where available available

ELI: http://data.europa.eu/eli/reg_del/2025/421/oj 5/7EN OJ L, 24.3.2025 Number Field Content Form and standards 12 Email of the issuer, where Email of the issuer, where available Free alphanumerical text available 13 Website of the issuer Website of the issuer Free alphanumerical text 14 Home Member State Home Member State as defined in Article 3, Closed list of EU Member point (33), of Regulation (EU) 2023/1114 States 15 Host Member States Host Member State as defined in Article 3, point Closed list of EU Member

(34), of Regulation (EU) 2023/1114. States 16 Starting date of offer to the Starting date or, if not available at the time of YYYY-MM-DD public or admission to the notification by the competent authority, the trading intended starting date of offer to the public or admission to trading 17 Any other services provided Any other services provided by the issuer not Free alphanumerical text by the issuer covered by Regulation (EU) 2023/1114, with a reference to the applicable Union or national legal acts regulating that service, where applicable 18 The date of authorisation, The date of authorisation by the competent YYYY-MM-DD where applicable authority, where applicable 19 The date of withdrawal of The date of withdrawal of authorisation by the YYYY-MM-DD authorisation, where competent authority, where applicable applicable 20 Publication date Effective or intended publication date of the YYYY-MM-DD crypto-asset white paper or of the modified crypto-asset white paper, as applicable 21 Date and time of notification Date and time of the latest notification of the YYYY-MM-DD

white paper to the competent authority Thh:mm:ss.ddddddZ.

22 Language or languages of the Language or languages in which the crypto- Closed list of EU crypto-asset white paper asset white paper is drafted. languages Where multiple languages have been used, this field shall be reported as many times as necessary 23 Record identifier Unique identifier of the uploaded record, {ALPHANUM-500} assigned by the sending competent authority 24 Data file reference Reference code needed to link the data file with {ALPHANUM-500} corresponding metadata file 25 The type of submission Type of submission NEWT = New MODI = Modify EROR = Error CORR = Correction 26 Version Version of the dataset (data and metadata) {INTEGER-50} 6/7 ELI: http://data.europa.eu/eli/reg_del/2025/421/ojEN OJ L, 24.3.2025 Number Field Content Form and standards 27 Digital Token Identifier used Code used to uniquely identify the crypto-asset ISO 24165 Digital Token to uniquely identify the or each of the several crypto assets to which the Identifier {DTI} crypto-asset or each of the crypto-asset white paper relates, where several crypto assets to which available the white paper relates, where available 28 Functionally Fungible Code used to uniquely identify the functionally ISO 24165 [FFG DTI] Group Digital Token fungible group to which the digital asset Identifier, where available belongs (i.e. common to each of the several assets to which the crypto-asset white paper relates), i.e. code used to identify the white paper ISO 24165 DTI of type = 3 (i.e.

functionally fungible group), where available 29 Personal data flag Flag indicating if the submitted crypto-asset ‘true’ – Yes white paper contains personal data ‘false’ – No

ELI: http://data.europa.eu/eli/reg_del/2025/421/oj 7/7