Scope of the term “trading platform for crypto-assets” in Article 78(5) of MiCA (executing client orders outside of a trading platform)

Yes. The term “trading platform” used in Article 78(5) of MiCA should be interpreted as exclusively referring to entities that are authorized in accordance with Article 59 of MiCA to provide the service of ‘operation of a trading platform for crypto-assets’ as defined in Article 3(1)(18) of MiCA. This interpretation is in line with the purpose of Article 78(5) of MiCA and aims to ensure that clients of CASPs are informed about, and provide their express consent to, the execution of their orders within arrangements that may be subject to lesser regulatory scrutiny or offer a lower level of protection compared to trading platforms authorised under MiCA. Whenever the execution policy of an entity authorized in accordance with Article 59 of MiCA to provide the service of ‘execution of order for crypto-assets on behalf of clients’ as defined in Article 3(1)(21) of MiCA provides for the possibility that client orders might be executed outside of CASPs authorized in accordance with Article 59 of MiCA to provide the service of ‘operation of a trading platform for crypto-assets’ as defined in Article 3(1)(18) of MiCA (e.g., OTC venues, third-country trading platforms, decentralized exchanges), such a CASP “ shall inform their clients about that possibility and shall obtain the prior express consent of their clients before proceeding to execute their orders outside a trading platform, either in the form of a general agreement or with respect to individual transactions ”.