Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data

1 Crypto-asset service providers operating a trading platform for crypto-assets shall publish the information on the operating rules for their trading platform free of charge and in a manner that is easily accessible, non-discriminatory, prominent, comprehensible, fair, clear, not misleading and facilitates understanding.

2 Crypto-asset service providers operating a trading platform for crypto-assets shall publish the operating rules for their trading platform in a single document on the crypto-asset service provider’s website.

1 Crypto-asset service providers operating a trading platform for crypto-assets shall make public any bid and ask prices and the depth of trading interest at those prices, as referred to in Article 76(9) of Regulation (EU) 2023/1114, in accordance with the type of trading systems they operate as listed in Table 1 of Annex I to this Regulation.

2 When the objective market conditions referred to in point (a) occur, crypto-asset service providers operating a trading platform for crypto-assets shall make public the orders that meet all of the following conditions: (a) the orders are contingent on the occurrence of objective market conditions which are pre-defined by the trading system’s protocol; (b) the orders cannot interact with other trading interests prior to the disclosure to the order book operated by the trading platform; (c) once disclosed to the order book, the orders interact with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.

3 Crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each order for crypto-assets as set out in Tables 2 and 3 of Annex I.

1 Crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each transaction as referred to in Article 76(10) of Regulation (EU) 2023/1114 as set out in Tables 1 and 2 of Annex II.

2 Where a previously published trade report is cancelled, crypto-asset service providers operating a trading platform for crypto-assets shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II.

3 Where a previously published trade report is amended, crypto-asset service providers operating a trading platform for crypto-assets shall make the following information public: (a) a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II; (b) a new trade report that contains all the details of the original trade report with all necessary details corrected, and the amendment flag specified in Table 3 of Annex II.

For transactions executed on their crypto-asset trading platforms, crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each transaction as set out in Tables 1, 2 and 3 of Annex II as close to real-time as is technically possible and in any case within thirty seconds after the execution of the transaction.

1 Crypto-asset service providers operating a trading platform for crypto-assets shall make the information published in accordance with Articles 2 and 3 available to the public by publishing pre-trade and post-trade transparency data separately.

2 Crypto-asset service providers operating a trading platform for crypto-assets shall upon request by any interested party make the data published in accordance with Articles 2 and 3 available to the public by presenting pre-trade and post-trade data disaggregated for each crypto-asset.

3 In addition to presenting the data in accordance with paragraph 2, crypto-asset service providers operating a trading platform may present the data referred to in paragraph 2 in bundles of crypto-assets.

4 Paragraphs 2 and 3 shall not apply where the information referred to in Articles 2 and 3 is made available free of charge.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.