> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-3/article-77.md).

# Article 77

|                 |                                                                                 |
| --------------- | ------------------------------------------------------------------------------- |
| **Instrument**  | Regulation (EU) 2023/1114 (MiCA)                                                |
| **Source**      | [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114) |
| **Status**      | In force                                                                        |
| **Review rule** | Legal-text changes require human review                                         |

### Exchange of crypto-assets for funds or other crypto-assets

1. [Crypto-asset service providers](https://headlesslaw.com/definitions/mica/crypto-asset-service-provider/) exchanging crypto-assets for [funds](https://headlesslaw.com/definitions/mica/funds/) or other crypto-assets shall establish a non-discriminatory commercial policy that indicates, in particular, the type of [clients](https://headlesslaw.com/definitions/mica/client/) they agree to transact with and the conditions that shall be met by such clients.
2. [Crypto-asset service](https://headlesslaw.com/definitions/mica/crypto-asset-service/) providers exchanging crypto-assets for [funds](https://headlesslaw.com/definitions/mica/funds/) or other crypto-assets shall publish a firm price of the crypto-assets or a method for determining the price of the crypto-assets that they propose to exchange for funds or other crypto-assets, and any applicable limit determined by that [crypto-asset service provider](https://headlesslaw.com/definitions/mica/crypto-asset-service-provider/) on the amount to be exchanged.
3. [Crypto-asset](https://headlesslaw.com/definitions/mica/crypto-asset/) service providers exchanging crypto-assets for [funds](https://headlesslaw.com/definitions/mica/funds/) or other crypto-assets shall execute [client](https://headlesslaw.com/definitions/mica/client/) orders at the prices displayed at the time when the order for exchange is final. [Crypto-asset service](https://headlesslaw.com/definitions/mica/crypto-asset-service/) providers shall inform their clients of the conditions for their order to be deemed final.
4. [Crypto-asset](https://headlesslaw.com/definitions/mica/crypto-asset/) service providers exchanging crypto-assets for [funds](https://headlesslaw.com/definitions/mica/funds/) or other crypto-assets shall publish information about the transactions concluded by them, such as transaction volumes and prices.

### Related

* [exchange of crypto-assets for funds](https://headlesslaw.com/definitions/mica/exchange-of-crypto-assets-for-funds/) — definition used in this article
* [crypto-asset service provider](https://headlesslaw.com/definitions/dora/crypto-asset-service-provider/) — definition used in this article
* [crypto-asset service provider](https://headlesslaw.com/definitions/mica/crypto-asset-service-provider/) — definition used in this article
* [crypto-asset service provider](https://headlesslaw.com/definitions/tofr/crypto-asset-service-provider/) — definition used in this article
* [crypto-asset service](https://headlesslaw.com/definitions/mica/crypto-asset-service/) — definition used in this article
* [crypto-asset](https://headlesslaw.com/definitions/mica/crypto-asset/) — definition used in this article
* [crypto-asset](https://headlesslaw.com/definitions/tofr/crypto-asset/) — definition used in this article
* [client](https://headlesslaw.com/definitions/mica/client/) — definition used in this article


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