# ANNEX D - REGULATORY REFERENCES

> Balanced Exchange Framework (BEF) - Framework Version 1.0, 2026-08-22.
> Source of record: https://balancedexchangeframe.work/doc/annex-d

### Primary legal references for Framework Version 1.0 (verification freeze: 18 August 2026)

- Regulation (EU) 2023/1114 (MiCA): Article 2 (scope); Article 4 (public offers and limited-network exemption, Article 4(5)); Articles 6-7 (white paper / marketing); Articles 13-14 (retail withdrawal and offeror conduct); Articles 59-81 (CASP framework, including Article 77 exchange for funds); Articles 86-92 (market abuse); Annex I disclosures.

- MiCA sustainability disclosure: kjer je formalni white paper ali CASP disclosure relevanten, uporabiti tudi takrat veljavne delegated/implementing technical standards glede sustainability indicators in principal adverse impacts consensus mechanisms.

- ESMA Guidelines ESMA75453128700-1323 (19 March 2025): conditions and criteria for qualification of crypto-assets as financial instruments; substance-over-form and MiFID II boundary.

- Directive (EU) 2015/2366 (PSD2): Article 3(j) technical-service exclusion; Article 3(k) limited-network instruments; Article 37 notification above EUR 1,000,000; payment-service definitions including money remittance and payment initiation.

- PSD3 / Payment Services Regulation package: provisional political agreement reached in 2025 and Coreper confirmation in April 2026; not treated in Framework 1.0 as a replacement for currently applicable PSD2 until final adoption/application.

- Regulation (EU) 2023/1113 (Transfer of Funds Regulation): information accompanying crypto-asset transfers and self-hosted-address controls where a CASP is involved.

- Directive (EU) 2015/849 as amended and Regulation (EU) 2024/1624 (AMLR): current national AML regimes remain relevant until the new directly applicable AMLR regime; AMLR applies from 10 July 2027. P21 specifically uses Articles 19/22 (CDD identification and verification), Article 76 (personal data / automated-process safeguards) and Article 77 (record retention).

- Regulation (EU) 2016/679 (GDPR): principles, privacy by design/default, automated decision safeguards and DPIA. EDPB Guidelines 02/2025, final 7 July 2026, used as design guidance for decentralised replicated personal-data architectures.

- Regulation (EU) 2024/1689 (AI Act): AI transparency and, where applicable, human-oversight / high-risk obligations; this BEF does not assume all Digital Beings are high-risk AI.

- Regulation (EU) 2022/2554 (DORA): applies to authorised CASPs and other covered financial entities; ICT risk, continuity, incident and third-party risk management.

- Council Directive (EU) 2023/2226 (DAC8): crypto-asset tax reporting framework applicable from 1 January 2026 to in-scope reporting crypto-asset service providers/operators.

- Regulation (EU) 2020/1503 (ECSP): relevant to lending-based and investment-based crowdfunding for business; grant/donation models require separate classification.

- Directive 2011/61/EU (AIFMD): collective investment perimeter, including undertakings raising capital from a number of investors under a defined investment policy for their benefit.

- Directive (EU) 2023/2673 amending Consumer Rights Directive for distance financial services: Member State measures apply from 19 June 2026, including withdrawal-function rules where applicable.

- Directive (EU) 2023/2225 (Consumer Credit Directive): new regime applies from 20 November 2026; relevant before activation of any Balanced Wallet feature that could constitute consumer credit.

- Slovenia: Zakon o izvajanju Uredbe (EU) o trgih kriptosredstev (ZIUTK) and current guidance of the Securities Market Agency (ATVP); exact NCA allocation remains function-specific.

- EBA/GL/2022/15 - Guidelines on the use of Remote Customer Onboarding Solutions: current supervisory design reference for safe/effective remote onboarding, solution governance and identity-verification controls.

- AMLA draft RTS under Article 28(1) AMLR on customer due diligence (2026 consultation/draft status): used only as forward-looking implementation input and not treated as final binding law until adopted.

- Regulation (EU) 2016/679 (GDPR): Articles 5, 6, 9, 22, 25 and 35 are especially relevant to KYC biometrics, purpose separation, automated decisions, privacy by design and DPIA.

- OpenSanctions commercial-use terms: contractual/data-licensing control rather than EU law; commercial customer/supplier screening requires an appropriate data licence under the provider's current terms.

- United Kingdom - passporting: FCA, Regimes for EEA firms and investment funds that passported to the UK; EEA-based firms can no longer passport into the UK after the transition period. https://www.fca.org.uk/firms/regimes-eea-firms-passported

- United Kingdom - current crypto MLR perimeter: FCA, Cryptoassets: Who needs to register (page checked 18 August 2026; FCA page last updated 7 July 2026); MLR territorial factors, exchange-provider definition and overseas/no-UK-office example. https://www.fca.org.uk/firms/cryptoassets/who-needs-register

- United Kingdom - crypto financial promotions: FCA, Cryptoasset firms marketing to UK consumers; overseas firms are in scope and communications routes under section 21/FPO framework. https://www.fca.org.uk/firms/cryptoassets/marketing-uk-consumers

- United Kingdom - new FSMA crypto regime: The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102); FCA new-regime materials identify 25 October 2027 as expected commencement. https://www.legislation.gov.uk/uksi/2026/102 ; https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation

- United Kingdom - regulated cryptoasset activities: FCA, Cryptoasset regulated activities: FSMA and the FCA Handbook; includes dealing in qualifying cryptoassets as principal/agent and arranging. https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/fsma-handbook

- United Kingdom - international firms: FCA Finalised Guidance FG26/7, Approach to international cryptoasset firms (30 June 2026); UK presence and baseline UK legal-entity expectations, including proprietary principal dealing. https://www.fca.org.uk/publication/finalised-guidance/fg26-7.pdf

- United Kingdom - gateway timing: FCA, Cryptoassets: How the gateway will operate; expected application period 30 September 2026 to 28 February 2027 and saving/transitional framework. https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/how-gateway-will-operate

- United Kingdom - payment services: Payment Services Regulations 2017 and FCA PERG 15.5; principal/reseller, commercial-agent, escrow and limited-network payment perimeter guidance. https://www.legislation.gov.uk/uksi/2017/752 ; https://handbook.fca.org.uk/handbook/perg15/perg15s5

- United Kingdom - qualifying cryptoasset limited-use definition for financial promotions: FCA Handbook glossary, qualifying cryptoasset. https://handbook.fca.org.uk/glossary/G3478q

- United Kingdom - Travel Rule: FCA expectations for UK cryptoasset businesses, applicable since 1 September 2023. https://www.fca.org.uk/news/statements/fca-sets-out-expectations-uk-cryptoasset-businesses-complying-travel-rule

- United Kingdom - biometrics/data protection: UK GDPR and Data Protection Act 2018; ICO guidance treats biometric data used for unique identification as special-category data requiring Article 6 and Article 9 analysis. https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/lawful-basis/a-guide-to-lawful-basis/special-category-data/

> _UK reference freeze date for BEF 1.0: 18 August 2026. Future FCA perimeter guidance, final HM Treasury proprietary-trading amendment, commencement instruments or Handbook changes must be checked before production reliance._

- EU - ESMA Q&A 2293 / European Commission answer (6 June 2025), Proprietary trading under MiCA: dealing on own account generally does not involve a client relationship and in those cases CASP licence is not required; proprietary-capital exchange contracts with clients remain CASP exchange services. https://www.esma.europa.eu/publications-data/questions-answers/2293

- United Kingdom - FCA, Cryptoassets: Who needs to register (current page checked 18 August 2026): current MLR registration depends on in-scope service by way of business and carrying on business in the UK; FCA notes an overseas firm with no UK office/agent/other UK activity is not automatically carrying on business in the UK merely because it has UK clients. https://www.fca.org.uk/firms/cryptoassets/who-needs-register

- United Kingdom - HM Treasury, draft Financial Services and Markets Act 2000 (Cryptoassets) (Amendment) Regulations 2026 and Policy Note (21 April 2026): proposed Article 9UA proprietary-trading exclusion from dealing as principal where the activity is not carried on to provide a service to a client related to a regulated activity carried on on that client’s behalf. DRAFT only at the 18 August 2026 verification freeze. https://www.gov.uk/government/publications/policy-note-draft-statutory-instrument-amending-the-cryptoasset-regulations

- United Kingdom - FCA CP26/13, Cryptoasset perimeter guidance (15 April 2026): proposed perimeter guidance includes dealing as principal; FCA stated final perimeter guidance is intended for autumn 2026. Re-check before post-2027 reliance. https://www.fca.org.uk/publications/consultation-papers/cp26-13-cryptoasset-perimeter-guidance

### Legal reference rule

Ta Annex je regulatorna orientacija, ne nadomestilo za entity-specific legal opinion. Če se relevantno pravo spremeni ali začne uporabljati nov režim, P15 Regulatory Change Trigger zahteva ponovno presojo.

### United States - primary regulatory references (source freeze 18 August 2026)

• FinCEN FIN-2014-R002 (30 Jan 2014), Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity - own-account virtual-currency investment / software-assisted purchase analysis.

• FinCEN FIN-2013-G001 (18 Mar 2013), Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies - user / administrator / exchanger and money-transmitter framework.

• SEC Interpretive Release Nos. 33-11412 / 34-105020, File S7-2026-09 (17 Mar 2026; effective 23 Mar 2026), Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets; includes CFTC guidance.

• SEC, Exempt Offerings and Private Funds materials (current 2026) - Reg D, Reg CF, Reg A and private-fund routes where a BEF transaction/overlay is a security.

• Public Law 119-27, GENIUS Act (18 Jul 2025) and implementing materials - payment stablecoin perimeter; P23 does not classify LANA as a payment stablecoin absent stable-value/redemption facts.

• IRS, Instructions for Form 1099-DA (2026), Digital Asset Proceeds From Broker Transactions - broker/customer sales, basis/proceeds, W-9/W-8/TIN and backup-withholding implementation.

• OFAC FAQ 560 and Sanctions Compliance Guidance for the Virtual Currency Industry - digital currency is subject to the same sanctions obligations; tailored risk-based screening controls.

• State primary sources listed in Annex M: state banking/financial regulators, money-transmission statutes, virtual-currency/digital-asset statutes and current guidance. Ambiguous states are not treated as exempt merely because no explicit prohibition was located.