S.L. 647.1 Art. 5Payment of fees in relation to asset- referenced tokens.

(1) Credit institutions, upon the submission of a crypto-asset white paper to the competent authority for its approval in accordance with Article 17(1)(a) of the MiCA Regulation and article 10(2)(a) of the Act, shall pay to the competent authority an assessment fee of three thousand euro (€3,000) with respect to such crypto-asset white paper.

(2) Legal persons or other undertakings, other than credit institutions, that intend to offer to the public or seek the admission to trading of asset-referenced tokens, upon the submission of an application to the competent authority for authorisation in accordance with Article 18(1) of the MiCA Regulation and article 11(2) of the Act, shall pay to the competent authority an application fee of eight thousand euro (€8,000) with respect to such application.

(3) The provisions of sub-regulations (1) and (2) shall also apply where issuers that issued asset-referenced tokens before 30 June 2024 in accordance with the applicable law submit to the competent authority, in accordance with Article 143(4) or (5) of the MiCA Regulation and article 58(3) or (4) of the Act, as applicable:

(a) a crypto-asset white paper for its approval in accordance with Article 17(1)(a) of the MiCA Regulation and article 10(2)(a) of the Act; or

(b) an application for authorisation in accordance with Article 18(1) of the MiCA Regulation and article 11(2) of the Act.

(4) Without prejudice to sub-regulations (1) to (3), with respect to crypto-asset white papers as referred to in sub-regulation (1) and applications as referred to in sub-regulation (2) submitted to the competent authority in accordance with the relevant provisions prior to the coming into force of these regulations, and which remain pending upon the coming into force of the said regulations, the applicable assessment or application fee shall be paid to the competent authority within one (1) month from the day of the coming into force of the said regulations.

(5) Issuers of asset-referenced tokens that have been authorised under Article 18 of the MiCA Regulation and article 11 of the Act in relation to one (1) asset-referenced token, upon the submission of an application to the competent authority for authorisation in accordance with the said provisions in relation to another asset-referenced token, shall pay to the competent authority an application fee of three thousand euro (€3,000) with respect to such application.

(6) Where a crypto-asset white paper drawn up by an issuer of asset-referenced tokens is modified in accordance with Article 25(2) of the MiCA Regulation, such issuer, upon the submission of the notification of the modified crypto-asset white paper in accordance with the said Article, shall pay to the competent authority a modification fee of one thousand euro (€1,000) with respect to such modified crypto-asset white paper.

(7) Issuers of asset-referenced tokens that have been authorised in accordance with Article 21 of the MiCA Regulation and article 11 of the Act or granted approval in accordance with Article 17(1)(a) of the said Regulation and article 10(2)(a) of the said Act shall, subject to the provisions of sub-regulation (9), pay to the competent authority an annual supervisory fee which amounts to zero point zero one per cent (0.01%) of the average outstanding asset-referenced tokens up to a maximum of two hundred and fifty thousand euro (€250,000): Provided that where such amount is less than two thousand euro (€2,000) for a particular year, the annual supervisory fee due for that year shall be two thousand euro (€2,000).

(8) Notwithstanding sub-regulation (7), the first annual supervisory fee due to the competent authority shall be the aggregate of the following:

(a) eight thousand euro (€8,000) prorated according to the period remaining between the date when an issuer of asset-referenced tokens is authorised or granted approval, as applicable, in accordance with the relevant provisions of the MiCA Regulation and the Act, and the end of the calendar year in which such authorisation or approval was granted; and

(b) eight thousand euro (€8,000) prorated according to the period between the start of the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation (9).

(9) The first annual supervisory fee due in accordance with sub-regulation (8) shall be paid to the competent authority on the date when an issuer of asset-referenced tokens is granted authorisation or approval, as applicable, in accordance with the relevant provisions of the MiCA Regulation and the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation (7) shall be paid to the competent authority on the 30th July of each calendar year.