Act No. 31 / 2025 Coll.
Law on the implementation of European Union regulations in the field of financial market digitisation (Act on financial market digitisation)
Valid
Effective from 15.02.2025
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31
THE LAW
of 22 January 2025
on the implementation of European Union financial market digitisation regulations (Financial Market Digitisation Act)
Parliament has decided on this law of the Czech Republic:
INTRODUCTORY PROVISIONS
Subject matter
This law regulates following directly applicable European Union1)
(a) certain rights and obligations of persons covered by a directly applicable European Union regulation governing cryptoasset markets;
(b) the scope and supervision of the Czech National Bank; and
(c) offences.
CERTAIN PROVISIONS RELATING TO THE OFFICIAL COLLECTION OR PROVISION OF SERVICES RELATING TO CYPRUS ACTIVITIES
Certain obligations of electronic cash tokens publishers
(1) Section 74 and 80 of the Payment Act do not apply to the publisher of the significant electronic money token, which is an electronic money institution.
(2) Article 74 and 80 of the Payment Act shall not apply to the issuer of electronic money token, which is an electronic money institution, if the Czech National Bank so decides pursuant to Article 58 (2) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council.
Reserve assets
(1) The reserve of assets of the issuer of the pool tied to assets and the proceeds associated with the investment of the reserve of assets are not subject to enforcement or execution on the assets of the issuer of the pool linked to assets.
(2) The restriction referred to in paragraph 1 shall not apply to the remaining part of the asset reserve and the proceeds associated with that part of the asset reserve, provided that the exchange plan referred to in Article 47 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council has been implemented and that all eligible asset-linked token holders have been fully satisfied under that plan.
(3) Paragraphs 1 and 2 shall apply mutatis mutandis to the reserve assets of the major electronic money token issuer, which is an electronic money institution, and the electronic money token issuer, which is an electronic money institution, and for which the Czech National Bank has decided to create an asset reserve pursuant to Article 58 (2) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council.
Protection of entrusted funds
(1) For the purposes of this Act, the funds entrusted are:
(a) cryptoassets;
(b) means of access to cryptoassets;
(c) funds entrusted to the cryptoasset service provider.
(2) The funds entrusted are not subject to enforcement or execution of decisions on the property of the service provider associated with cryptoassets.
(3) Where a decision is taken on the bankruptcy of a cryptoasset service provider, the special insolvency administrator shall issue the funds entrusted to the customer without undue delay, including the proceeds from the funds entrusted.
(4) Where cryptoassets that are interchangeable are not sufficient to satisfy all customers who are entitled to issue them pursuant to paragraph 3, the special insolvency administrator shall issue to each customer a proportional share of those cryptoassets. If cryptoassets cannot be divided, the special insolvency administrator shall monetize those cryptoassets and issue each customer a share of the funds received corresponding to the extent to which the customer has not been satisfied.
(5) To the extent that the right to issue the funds entrusted cannot be satisfied, the claim in question shall be deemed to be in good time and duly registered under the bankruptcy law and its methods of resolution.
Verification of the protection of entrusted funds
The provider of cryptoasset services providing custody and management of cryptoasset on behalf of customers shall ensure at least once a year a verification of the adequacy of the measures taken to protect the entrusted funds by the auditor under the law governing audit activities. The Cryptoasset-related service provider shall provide the Czech National Bank with a report on the verification of the adequacy of the measures taken by the Cryptoasset-related service provider in order to protect the entrusted funds without undue delay after its completion.
Presentation of accounts
The Cryptoasset-related service provider shall submit to the Czech National Bank the proper financial statements as they were verified by the auditor and the audit report on its verification no later than 4 months after the end of the financial year.
Professional competence
(1) Professional competence for providing advice on cryptoassets is the expertise and skills necessary for providing advice on cryptoassets which include:
(a) knowledge of the regulation of the provision of services related to cryptoassets; and
(b) the ability to properly explain to the customer the nature of cryptoassets and information relating to cryptoassets or services related to cryptoassets and to make recommendations.
(2) The expertise referred to in paragraph 1 (a) shall include:
(a) knowledge to the extent of the professional minimum on the financial market;
(b) basic knowledge of the structure, entities and functioning of the cryptoasset market;
(c) knowledge of the regulation on the marketing of cryptoassets to the public and the provision of services related to cryptoassets; and
(d) knowledge of ethical standards for the provision of cryptoasset-related services, if any.
Information obligation
(1) The asset-linked token issuer, the electronic money token issuer and the cryptoasset-related service provider provide the Czech National Bank with the information needed to assess compliance with prudential requirements under the directly applicable European Union regulation governing cryptoasset markets.
(2) The form, time limits and method of providing the information referred to in paragraph 1 shall be laid down by the Czech National Bank by decree.
SURVEILLANCE
Competent authority
The Czech National Bank is the competent authority under the directly applicable European Union regulation governing the digital operational resilience of the financial sector and the directly applicable European Union regulation governing cryptoassets markets.
Persons subject to supervision
The Czech National Bank shall supervise compliance with the obligations laid down by this Act or directly applicable European Union regulations in the field of financial market digitisation (1) by a person subject to obligations or prohibitions under the directly applicable European Union regulation governing the digital operational resilience of the financial sector or the directly applicable European Union regulation governing cryptoasset markets.
Measures to remedy
(1) If the person subject to supervision infringes the obligation laid down by this law or by a directly applicable European Union regulation in the field of the digitisation of the financial market1), the Czech National Bank may, depending on the nature and gravity of the deficiency found, impose on it measures to remedy the obligation within the prescribed time limit.
(a) remedy; or
(b) to draw up exceptional accounts and have an extraordinary audit carried out at its expense.
(2) The person to whom the Czech National Bank has imposed the remedies provided for in paragraph 1 shall inform the Czech National Bank without undue delay of the method of redress.
Powers of the Czech National Bank in the field of digital operational resilience of the financial sector
The Czech National Bank shall be entitled to exercise the powers referred to in Article 50 (2) (a) to (c) or Article 50 (4) (b) or (c) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council in the exercise of its supervision of compliance with the obligations laid down by the directly applicable European Union Regulation on the digital operational resilience of the financial sector and to require the person against whom the power has been exercised to inform it, without undue delay, of the fulfilment of the obligation imposed.
Powers of the Czech National Bank in the field of cryptoassets markets
(1) The Czech National Bank is entitled to exercise the powers under Article 94 (1), Article 94 (3) (a) to (c), (g) or (h), Article 111 (4) or Article 111 (5) (c) to (g) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council and to impose on the person to whom the power has been exercised without undue delay to inform it of the fulfilment of the obligation imposed.
(2) The Czech National Bank is authorised, in the exercise of its supervision of compliance with the obligations laid down in Title VI of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council, to order interim measures
(a) whoever holds the cryptoassets of the person against whom the jurisdiction referred to in paragraph 1 applies, takes measures to remedy or imposes administrative penalties to prevent the transfer of such cryptoassets;
(b) those who hold cryptoassets which have been transferred by a person against whom the power referred to in paragraph 1 is exercised shall take measures to remedy or impose administrative penalties or transferred by another party to proceedings in order not to carry out the transfer of such cryptoassets;
(c) the person who has in custody the persons against whom the power referred to in paragraph 1 is exercised shall take measures to remedy or impose administrative penalties or other parties to proceedings in order not to transfer the resources conferred;
(d) a bank, a branch of a foreign bank or a savings and credit cooperative which is maintained by a person against whom the jurisdiction referred to in paragraph 1 is exercised, takes measures to remedy or impose administrative penalties, or an account to another party to proceedings, in order not to pay the funds from that account or to charge them or otherwise, or
(e) a bank, a branch of a foreign bank or a savings and credit cooperative which holds an account to which they have been transferred by a person against whom the jurisdiction referred to in paragraph 1 applies, takes measures to remedy or impose administrative penalties, or other parties to proceedings, to make money out of their accounts so that they do not pay the funds from that account, to set them off or otherwise to set them up.
Enforcement fine
(1) Compliance with the remedies provided for in § 11 or the obligation imposed under § 12 or 13 is enforced by the Czech National Bank by the gradual imposition of enforcement fines.
(2) The amount of the individual coercive fine may not exceed CZK 5 000 000. The total amount of fines may not exceed CZK 20 000 000.
(3) Enforcement fines are collected and enforced by the customs office. The income from coercive fines is the income of the state budget.
General measures
The Czech National Bank may provide for a prohibition or restriction under Article 105 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council by general measures.
Provision of operational and localisation data
(1) A person providing a public communications network or providing a publicly available electronic communications service will provide operational and localisation data to the Czech National Bank at its request after prior written permission by the President of the Senate of the Supreme Court in Prague. The provision of such data shall be possible only if the conditions laid down in Article 50 (4) (d) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council or in Article 94 (3) (e) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council are met.
(2) A person providing a public communications network or providing a publicly available electronic communications service shall provide operational and localisation data to the European Banking Authority (2), to the European Insurance and Occupational Pensions Authority (3) or to the European Securities and Markets Authority (4) upon their request, upon prior written authorisation by the President of the Supreme Court Chamber in Prague. The provision of such data shall be possible only if the conditions laid down in Article 38 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council or in Article 123 (6) and (7) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council are met.
Lists
(1) The Czech National Bank keeps a list in electronic form
(a) white books on cryptoassets other than assets and electronic cash tokens notified to the Czech National Bank pursuant to Article 8 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(b) publishers of asset-related tokens to which they have granted authorisation to operate;
(c) asset-related tokens publishers who have notified the Czech National Bank of their intention to offer asset-linked tokens publicly and fulfil the conditions laid down in Article 17 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(d) publishers of tokens linked to assets established in another Member State of the European Union who are entitled to offer asset-linked tokens in the Czech Republic;
(e) publishers of electronic cash tokens who have notified the Czech National Bank of their intention to offer electronic money tokens publicly and fulfil the conditions laid down in Article 48 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(f) publishers of electronic cash tokens who are entitled to publicly offer electronic money tokens in the Czech Republic,
(g) providers of cryptoasset-related services to whom it has granted authorisation to operate;
(h) Cryptoasset-related service providers who have notified the Czech National Bank of their intention to provide Crypto-related services and fulfil the conditions laid down in Article 60 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council; and
(i) providers of cryptoasset-related services authorised to provide cryptoasset-related services in the Czech Republic.
(2) The Czech National Bank shall publish the lists referred to in paragraph 1 on its website.
(3) If the Czech National Bank becomes aware of the change in the data entered in the lists referred to in paragraph 1, it shall update those lists without undue delay. In the event of changes, previous data shall remain permanently published.
TRANSFERS
Transfers of a financial entity consisting of an infringement of the European Union Regulation on digital operational resilience of the financial sector
(1) The financial entity referred to in Article 2 (2) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council commits an infringement by:
(a) fails to fulfil any of the obligations relating to the ICT risk management framework referred to in Article 6 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(b) not establish a policy to maintain the operation of information and communication technologies pursuant to Article 11 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(c) fails to fulfil one of the obligations relating to the policy of maintaining the operation of information and communication technologies pursuant to Article 11 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(d) fails to comply with a notification obligation under Article 19 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(e) fails to fulfil any of the obligations relating to digital resistance testing under Chapter IV of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(f) fail to fulfil one of the risk management obligations in the field of information and communication technologies associated with third parties under Chapter V, Section I of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(g) fails to comply with any of the risk management obligations in the field of information and communication technologies referred to in Articles 5, 7 to 10, 12 to 14 or 16 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(h) fails to comply with any of the obligations relating to the incident management process related to information and communication technologies pursuant to Article 17 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(i) fail to fulfil any of the obligations relating to the classification of incidents related to information and communication technologies and cyber threats pursuant to Article 18 of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(j) infringes the obligation imposed by a decision adopted pursuant to Article 42 (6) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council;
(k) fails to comply with the notification requirement of Article 45 (3) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council; or
(l) does not provide the Czech National Bank with the required cooperation in the exercise of supervision carried out pursuant to Article 50 (2) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council.
(2) A penalty may be imposed in respect of an offence:
(a) 10 000 000 CZK if the offence referred to in paragraph 1 (k) or (l) is committed,
(b) 20 000 000 CZK if the offence referred to in paragraph 1 (g) to (j) is committed; or
(c) 50 000 000 CZK if the offence referred to in paragraph 1 (a) to (f) applies.
(3) The publication of an infringement decision may be imposed for the offence referred to in paragraph 1.
Transfers of third party information and communication technology service providers and critical third party information and communication service providers
(1) The third-party provider of information and communication technology services referred to in Article 3 (19) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council commits an infringement by not providing the Czech National Bank with the required cooperation in the exercise of its supervisory functions pursuant to Article 50 (2) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council.
(2) The critical third party information and communication technology provider referred to in Article 3 (23) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council commits an infringement by:
(a) does not provide the main supervisory authority with the required synergies pursuant to Articles 37 (4), 38 (4) or 39 (6) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council; or
(b) does not provide the Czech National Bank with the required cooperation in the exercise of supervision carried out pursuant to Article 50 (2) of Regulation (EU) 2022 / 2554 of the European Parliament and of the Council.
(3) A penalty may be imposed in respect of an offence:
(a) 10 000 000 CZK if the offence referred to in paragraph 1 is committed; or
(b) 20 000 000 CZK if the offence referred to in paragraph 2 is committed.
(4) The publication of an infringement decision may be imposed for the offence referred to in paragraph 1 or 2.
Transfers of natural and commercial natural persons consisting of infringements of the European Union Regulation on cryptoasset markets
(1) A natural or entrepreneurial natural person commits an offence by:
(a) offer publicly a cryptoasset other than a token linked to assets or an electronic cash token without meeting the conditions laid down in Article 4 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(b) request the admission to trading of a cryptoasset other than a token linked to assets or an electronic money token without meeting the conditions laid down in Article 5 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(c) provide services related to cryptoassets without being authorised to do so under Article 59 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(d) fails to fulfil any of the obligations for the acquisition, increase and withdrawal of a qualified participation in a service provider associated with cryptoassets pursuant to Article 83 (1) or (2) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(e) fails to fulfil any of the obligations relating to the disclosure of inside information pursuant to Article 88 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council; or
(f) fails to fulfil any of the obligations relating to the prevention and prohibition of market abuse involving cryptoassets pursuant to Article 89 to 92 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council.
(2) The offence referred to in paragraph 1 (a) to (c) may be fined by:
(a) 16 587 000 CZK, or
(b) twice the amount of undue benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeds the amount referred to in (a).
(3) A fine may be imposed for the offence referred to in paragraph 1 (e) until:
(a) 23 695 000 CZK, or
(b) the amount of three times the amount of undue benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeds the amount referred to in (a).
(4) A fine may be imposed for the offence referred to in paragraph 1 (f) until:
a) 118 475 000 CZK, or
(b) the amount of three times the amount of undue benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeds the amount referred to in (a).
(5) A fine of up to 10 000 000 CZK may be imposed for the offence referred to in paragraph 1 (d).
(6) The publication of an infringement decision may be imposed for the offence referred to in paragraph 1.
Other infringements of the European Union Regulation on cryptoasset markets by natural and commercial individuals
(1) A natural or entrepreneurial natural person commits an offence by:
(a) offer publicly an asset-linked token or request its admission to trading without being authorised to do so under Article 16 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(b) fails to fulfil one of the obligations for the acquisition, increase and waiver of qualifying holdings in the asset-linked token issuer referred to in Article 41 (1) or (2) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(c) publicly offer electronic cash tokens or request their admission to trading without being authorised to do so under Article 48 (1) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(d) does not provide the Czech National Bank with the required cooperation in the exercise of supervision carried out pursuant to Article 94 (3) of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council; or
(e) infringes some of the measures taken pursuant to Article 103 to 105 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council.
(2) A fine may be imposed for the offence referred to in paragraph 1 (a) or (c) until:
(a) 16 587 000 CZK, or
(b) twice the amount of undue benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeds the amount referred to in (a).
(3) A penalty may be imposed in respect of an offence:
(a) 10 000 000 CZK if the offence referred to in paragraph 1 (b) or (d) is committed; or
(b) 20 000 000 CZK if it is an offence referred to in paragraph 1 (e).
(4) The publication of an infringement decision may be imposed for the offence referred to in paragraph 1 (a) to (c).
Transfers of legal entities consisting of infringements of the European Union regulation on cryptoasset markets
(1) A legal person commits an offence by failing to fulfil one of the obligations relating to:
(a) cryptoassets other than assets or electronic cash tokens referred to in Article 4 to 14 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(b) the granting of authorisation and the pursuit of the activities of a cryptoasset service provider pursuant to Article 59, 60 or 64 to 83 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council;
(c) disclosure of inside information pursuant to Article 88 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council; or
(d) the prevention and prohibition of market abuse involving cryptoassets pursuant to Article 89 to 92 of Regulation (EU) 2023 / 1114 of the European Parliament and of the Council.
(2) A fine may be imposed for the offence referred to in paragraph 1 (a) until:
a) 118 475 000 CZK,
(b) 3% of the total annual turnover of the offender in accordance with the last consolidated financial statements of the consolidation unit in which he is included or the sound financial statements, unless such consolidated financial statements exceed the amount referred to in (a); or
(c) twice the amount of undue benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeded by the amount referred to in (a) and (b).
(3) A fine may be imposed for the offence referred to in paragraph 1 (b) until:
a) 118 475 000 CZK,
(b) 5% of the total annual turnover of the offender in accordance with the last consolidated financial statements of the consolidation unit in which he is included or the sound financial statements, if such consolidated financial statements do not exceed the amount referred to in (a); or
(c) twice the amount of undue benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeded by the amount referred to in (a) and (b).
(4) For the offence referred to in paragraph 1 (c), a fine may be imposed to:
a) 59 238 000 CZK,
(b) 2% of the total annual turnover of the offender in accordance with the last consolidated financial statements of the consolidation unit in which he is included or the sound financial statements, unless such consolidated financial statements exceed the amount referred to in (a); or
(c) the amount of three times the unjustified benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeded by the amount referred to in (a) and (b).
(5) A fine may be imposed for the offence referred to in paragraph 1 (d) until:
a) 355 425 000 CZK,
(b) 15% of the total annual turnover of the offender in accordance with the last consolidated financial statements of the consolidation unit in which he is included or the sound financial statements, if such consolidated financial statements do not exceed the amount referred to in (a); or
(c) the amount of three times the unjustified benefit obtained by committing such an offence where the amount of undue benefit can be ascertained and exceeded by the amount referred to in (a) and (b).
(6) The publication of an infringement decision may be imposed for the offence referred to in paragraph 1.
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Regulation Information
| Citation | Act No. 31 / 2025 Coll., on the Implementation of European Union Rules on Financial Market Digitisation (Financial Market Digitisation Act) |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 14.02.2025 |
|---|---|
| Effective from | 15.02.2025 |
| Effective until | - |
| Status | Valid |
Parliamentary Paper:
Paper No. 692
The regulation text is for informational purposes only.
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