S.L. 647.1 Art. 6Payment of fees in relation to crypto- asset service providers.     Cap. 590.

(1) Where a legal person or undertaking submits an application to the competent authority to act as a crypto-asset service provider in accordance with Article 62(1) of the MiCA Regulation and article 28(2) of the Act, upon submission of such application, shall pay to the competent authority the following application fee, as applicable, with respect to such application:

(a) where such legal person or undertaking intends to provide any one (1) or more Class 1 crypto-asset services, ten thousand euro (€10,000);

(b) where such legal person or undertaking intends to provide any one (1) or more Class 2 crypto-asset services, twenty thousand euro (€20,000); or

(c) where such legal person or undertaking intends to provide a Class 3 crypto-asset service, twenty-five thousand euro (€25,000):

Provided that where such legal person or undertaking intends to provide crypto-asset services falling under different Classes, only the highest application fee applicable with respect to those crypto-asset services shall apply.

(2) Where a VFA service provider submits an application to the competent authority to act as a crypto-asset service provider in accordance with Article 62(1) of the MiCA Regulation and article 28(2) of the Act between 30 December 2024 and 1 July 2026, upon submission of such application, it shall pay to the competent authority the following application fee, as applicable, with respect to such application:

(a) where such VFA service provider intends to provide any one (1) or more Class 1 crypto-asset services, five thousand euro (€5,000);

(b) where such VFA service provider intends to provide any one (1) or more Class 2 crypto-asset services, ten thousand euro (€10,000); or

(c) where such VFA service provider intends to provide a Class 3 crypto-asset service, twelve thousand and five hundred euro (€12,500):

Provided that where such VFA service provider intends to provide crypto-asset services falling under different Classes, only the highest application fee applicable with respect to those crypto-asset services shall apply:

Provided further that for the purposes of this sub-

regulation, "VFA service provider" means any person who, on 30

December 2024, is licensed in accordance with the Virtual Financial

Assets Act to provide, or hold themselves out as providing, one or more VFA services as defined in the said Act.

(3) Where a legal person or undertaking authorised to act as a crypto-asset service provider under Article 63 of the MiCA Regulation and article 28 of the Act intends to provide one (1) or more crypto-asset services in addition to those which it is authorised to provide, it shall, upon the submission of an application to the competent authority to modify its authorisation accordingly, pay to the competent authority the application fee established in sub-regulation (1), as applicable, which application fee shall be reduced by twenty-five per cent (25%).

(4) Where a legal person or undertaking authorised to act as a crypto-asset service provider under Article 63 of the MiCA Regulation and article 28 of the Act, intends to stop providing one (1) or more, but not all, of the crypto-asset services which it is authorised to provide, it shall, upon the submission of a request to the competent authority to modify its authorisation accordingly, pay to the competent authority a modification fee of one thousand euro (€1,000).

(5) A legal person or undertaking authorised to act as a crypto-asset service provider under Article 63 of the MiCA Regulation and article 28 of the Act shall, subject to the provisions of sub-regulation (7), pay to the competent authority an annual supervisory fee which shall be the aggregate of the following, as applicable:

(a) where such legal person or undertaking is authorised to provide:

(i) any one (1) or more Class 1 crypto-asset services, ten thousand euro (€10,000);

(ii) any one (1) or more Class 2 crypto-asset services, twenty-five thousand euro (€25,000); or

(iii) a Class 3 crypto-asset service, fifty thousand euro (€50,000):

Provided that where such legal person or undertaking is authorised to provide crypto-asset services falling under different Classes on the date when the annual supervisory fee is due in accordance with sub-regulation (7), only the highest amount applicable with respect to those crypto-asset services shall apply; and

(b) two thousand euro (€2,000) for every service which such legal person or undertaking is authorised to provide on the date when the annual supervisory fee is due in accordance with sub-regulation (7); and

(c) zero point zero five per cent (0.05%) of the transaction volume of such person up to a maximum of two hundred and fifty thousand euro (€250,000).

(6) Notwithstanding sub-regulation (5), the first annual supervisory fee due to the competent authority shall be the aggregate of the following:

(a) the fees established in paragraphs (a) and (b) of sub-regulation (5), as applicable, prorated according to the period remaining between the date when a legal person or undertaking is granted authorisation to act as a crypto-asset service provider under the MiCA Regulation and the Act, and the end of the calendar year in which such authorisation was granted; and

(b) the fees established in paragraphs (a) and (b) of sub-regulation (5), as applicable, 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 (7).

(7) The first annual supervisory fee due in accordance with sub-regulation (6) shall be paid to the competent authority on the date when a legal person or undertaking is granted authorisation to act as a crypto-asset service provider under 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 (5) shall be paid to the competent authority on the 30th July of each calendar year.