Amendment of the TVTG and TVTV as of February 1

The Act on Tokens and TT Service Providers (TVTG) and the corresponding ordinance (TVTV) underwent various amendments on February 1, 2024. In particular, the following changes were made:

• The registration requirement for token issuers who publicly offer tokens in their own name (so-called self-issuers) will be abolished. At the same time, Art. 3 para. 1 let. s and Art. 3 para. 3 let. h DDA will be repealed, which means that the application of due diligence obligations to such self-issuers will no longer apply. Nevertheless, proprietary issuers must comply with Article 38a TVTG and must therefore notify the FMA of token issues in advance and, if legally required, publish basic information.
• For certain financial intermediaries already approved by the FMA, Art. 19a ff. TVTG introduces a simplified registration procedure.
• The existing roles of VT key custodian, VT token custodian, and VT protector are combined into the role of VT custodian. The definition of VT custodian will now also include so-called “irregular custody.”
• Various new service provider roles will be introduced, mainly in preparation for the implementation of MiCAR. At the same time, a distinction will now be made between tokens and crypto assets, with fungible tokens being considered crypto assets. Some service provider roles will therefore only be subject to the TVTG in relation to crypto assets and not to all tokens. The special internal control mechanisms under Art. 17 TVTG will also be adjusted.

The FMA's guidelines and information on the website will be amended accordingly.

(Already registered) service providers are encouraged to review their business model with regard to these changes and to take into account the transitional provisions of the TVTG, in particular the reporting obligations set out therein. Attention is drawn to the possibility of submitting a request for subordination in accordance with Art. 43 para. 2 let. b TVTG.

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