Instrument universe
Maintain a register of crypto-assets admitted to trading, assets with a request for admission to trading, admission status dates, venue references, issuer or offeror links, and source-owner notes.
What Article 86 changes operationally
Scope of the rules on market abuse: Regulation (EU) 2023/1114 Article 86 applies the market-abuse title to acts carried out by any person concerning crypto-assets that are admitted to trading or in respect of which a request for admission to trading has been made.
It also covers any transaction, order or behaviour concerning those crypto-assets, whether or not the transaction, order or behaviour takes place on a trading platform, and it covers actions and omissions in the Union and in third countries.
This page is a control-mapping checklist. It is not a legal interpretation, market-abuse determination, surveillance recommendation, filing guide, broker recommendation, or assurance that any activity is inside or outside MiCA scope.
Market-abuse scope evidence matrix
Order and transaction trail
Preserve order lifecycle records, transaction identifiers, venue or off-venue context, timestamps, cancellations, amendments, rejections, and reconciliation status for scoped crypto-assets.
Behaviour records
Document surveillance triggers, escalation notes, communications, account or wallet links, conflicts context, and rationale for closing or escalating behaviour reviews.
Off-platform coverage
Map workflows where scoped transactions, orders, or behaviour can occur outside a trading platform, including OTC, internalization, routing, transfer, custody, and affiliate dependencies.
Cross-border scope
Tag Union and third-country touchpoints, involved entities, venues, clients, service desks, and outsourced systems so cross-border assumptions are explicit and reviewable.
Control handoffs
Connect Article 86 scoping evidence to Article 66 conduct, Article 68 governance, Article 72 conflicts, Article 73 outsourcing, and Article 76-78 trading and order-flow files.
Review-ready tracker
- Scope owner: named owner for admitted-to-trading lists, request-for-admission status, and market-abuse control mapping.
- Evidence sources: venue rulebooks, admission records, order and transaction systems, communications logs, surveillance case notes, and third-party system outputs.
- Escalation workflow: clear route from surveillance hit or compliance concern to compliance, legal, governance, and competent-authority response ownership where needed.
- Handoff pages: link the scope file to Article 76 trading platform rules, Article 77 exchange services, Article 78 execution of orders, Article 72 conflicts, and Article 73 outsourcing evidence.
FAQ
What does MiCA Article 86 cover?
Article 86 defines the scope of MiCA's market-abuse rules for crypto-assets admitted to trading or where a request for admission to trading has been made, including related transactions, orders, behaviour, actions, and omissions.
Does Article 86 only matter for trading platforms?
No. Article 86 expressly refers to transactions, orders, or behaviour whether or not they take place on a trading platform, so the evidence map should also consider off-platform workflows and dependencies.
How does Article 86 connect to CASP insurance or operational risk?
Market-abuse scope files can expose operational-risk questions around surveillance, communications, conflicts, outsourcing, order records, incident handling, and governance. Those evidence gaps can matter in counsel, auditor, partner, broker, insurer, or internal-risk review, without turning the page into insurance advice.