If a crypto-asset service provider needs the execution of payment transactions, that crypto-asset service provider itself must have authorisation to provide payment services or it must use a third party authorised to provide payment services. The Regulation introduces stricter supervisory requirements, including direct supervision by the European Banking Authority, for the issuers of so-called ‘significant tokens’ – tokens the total value of which exceeds a certain threshold. The Regulation puts in place rules and requirements to prevent market abuse involving crypto-assets, such as the obligation for disclosing inside information and conditions for delaying disclosure of inside information; prohibitions on insider dealing, on unlawful disclosure of inside information and on market manipulation. 5.3. Proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT)11. This Regulation puts in place requirements for multilateral trading facilities and securities settlement systems which use the distributed ledger technology (DLT) (‘market infrastructures based on DLT’) and have received specific permissions granting one or several exemptions from certain provisions of Directive 2014/65/EU12 and Regulation (EU) No  ‘Asset-referenced token’ means a type of crypto-asset that purports to maintain a stable value by referring to the value of several fiat currencies that are legal tender, one or several commodities or one or several cryptoassets, or a combination of such assets.

Further steps to digitise financial services in the EU The further development of digitisation will continue to be among the main priorities, and the following measures are expected to be taken in order to accelerate these processes and reach their full potential at European level: 4.1. Eliminate the fragmentation of the digital single market by: - Legislative changes aimed at creating opportunities for interoperable use of digital identity throughout the European Union. This will allow easy ‘onboarding’ of new customers entirely online, in full compliance with the requirements for combatting money laundering and terrorist financing; - Facilitating cross-border provision of financial services, including by introduction of a harmonised regime for new activities such as crowdfunding, credit intermediation, and cryptocurrency services; 4.2. Adaptation of EU legislation to facilitate digital innovation: - Regulation of activities with cryptocurrencies and financial instruments based on tokens by introducing a comprehensive regulatory framework by 2024, allowing the implementation in the financial service sector of distributed ledger technology (DLT) and cryptocurrencies, taking into account the related risks;  3  - Promoting cooperation and use of cloud computing infrastructure, including through the development of a legislative framework for the supervision of information and communication technology (ICT) providers for the financial sector; - Promoting the use of artificial intelligence tools in the financial services sector; - Adherence to the principle of technology neutrality of legislation, combined with the issuance of interpretative guidelines on how existing legislation on financial services should be applied to new technologies in order to reduce legal uncertainty. - 4.3.