# BEF-P15 - REGULATORY PERIMETER, LEGAL ENTITIES & LICENSING PROTOCOL > Balanced Exchange Framework (BEF) - Framework Version 1.0, 2026-08-22. > Source of record: https://balancedexchangeframe.work/doc/p15 ``` Protocol ID: BEF-P15 | Framework Version: 1.0 ``` ### 1. Namen P15 določa obvezni regulatorni mapping za vsako materialno funkcijo BEF. Cilj je, da decentralizirana arhitektura nikoli ne pomeni decentralizirane oziroma nejasne pravne odgovornosti. ### 2. Function Before Label Vsaka funkcija se pravno presoja po dejanski substance: kdo ponuja, kdo sklepa pogodbo, kdo uporablja lastni kapital, kdo drži funds ali crypto-assets, kdo izvršuje prenos, kdo sprejema naročilo, kdo določa ceno in kdo nosi obveznost. Imena LanaPays, Direct.Fund, Discount, Crowdfunding ali Balanced Wallet sama po sebi ne določajo regulatornega statusa. ### 3. Obvezni Legal Responsibility Record Za vsako produkcijsko funkcijo se vodi najmanj: pravna oseba oziroma odgovorni subjekt; država sedeža; storitev/funkcija; contract counterparty; kdo prejme fiat; kdo prejme crypto; kdo ima custody/private-key control; source of funds; regulatorni status/licenca/izjema; pristojni organ; responsible officer; relevantni BEF Protocol; effective date. ### 4. Classification order Klasifikacija poteka po zaporedju FUNCTION BEFORE LABEL. Najprej se preveri, ali LANA ali posamezni contractual overlay sodi med financial instruments po MiFID II oziroma med druge kategorije, ki jih Article 2 MiCA izključuje ali ureja drug režim (npr. deposit, funds/e-money ali drug reguliran proizvod). Če MiCA ostane relevanten, se dokumentira tudi, ali gre za asset-referenced token, e-money token ali crypto-asset other than ART/EMT. Šele nato se ločeno klasificirajo offer in vsaka storitev. Za underlying LANA in vsak overlay, ki ustvarja dodatne ekonomske pravice, se vodi substance-based classification memo. ### 5. Registered LANA limited-network test MiCA Article 4(3)(d) se lahko uporablja samo, kadar konkretna ponudba dejansko izpolnjuje njegov strogi test: holder ima v relevantnem offer režimu pravico crypto-asset uporabljati only in exchange for goods and services v limited network of merchants, ki imajo contractual arrangements z offerorjem. Evidence pack mora zato po posameznem offerorju opisati merchant contractual nexus, dejanske use rights in vse druge pravice oziroma poti - vključno s transferji, donation/Common Good transferji, deregistration, morebitnim Purchase Interestom oziroma prodajo principal purchaserju. Če katera od teh pravic pomeni, da holderjeva pravica presega zakonski "only" test, se na Article 4(3)(d) za to ponudbo ne opira brez zaključene pravne presoje oziroma stališča pristojnega organa. ### 6. EUR 1,000,000 MiCA notification trigger Če aggregate consideration relevantne Article 4(3)(d) ponudbe posameznega offerorja v Union v kateremkoli 12-mesečnem obdobju od začetka initial offer preseže EUR 1,000,000, se sproži notification workflow pristojnemu organu z opisom ponudbe in razlogi za uporabo limited-network exemption. Prag je notification trigger, ne business cap. ### 7. Same underlying asset / trading-platform gate Ker Registered in Non-Registered LANA uporabljajo isti underlying LanaCoin asset, se limited-network analiza ne uporablja za avtomatičen sklep o custody ali transfer-service exemption. Če obstaja neizvzeta ponudba istega crypto-asseta ali je asset admitted to a trading platform, se posebej uporabi Article 4(5) MiCA in oceni CASP perimeter. ### 8. Limited-network growth characteristic Ker MiCA recital 26 opozarja, da limited-network exemption ni namenjena crypto-assets, ki so tipično zasnovani za continuously growing network of service providers, se rast merchant mreže spremlja kot regulatorni indikator. Cilj širjenja skupnosti sam po sebi ne dokazuje neuporabe izjeme, vendar mora evidence pack pokazati, zakaj je mreža v pravnem smislu še vedno limited in pogodbeno določljiva. Pri materialni širitvi se presoja ponovi. ### 9. Fallback if exemption is unavailable Če Article 4(3)(d) ali druga uporabljena offer exemption za konkreten offer ni razpoložljiva, se ponudba ne nadaljuje pod oznako exempt. Odgovorni offeror mora pred nadaljevanjem izvesti veljavno MiCA Title II pot oziroma drugo pravilno klasificirano pravno pot, vključno z zahtevami glede legal-person statusa, crypto-asset white paperja, notification/publication, marketinga, conducta, safeguarding/return mehanizmov in retail-holder pravic, kjer so te zahteve uporabljive. Prostovoljna priprava dokumenta, ki je po vsebini crypto-asset white paper, se pravno preveri tudi glede Article 4(8). ### 10. Operating companies Vsako operating company, ki prodaja/dobavlja Registered LANA, mora imeti lasten offeror/product record. Več pravnih oseb je dopustna decentralizacijska arhitektura, vendar se ne sme uporabljati za umetno razdrobljenost z namenom izogibanja pragu, licenci, obveznosti ali regulatornemu nadzoru. ### 11. Lana Discount - own-account test Za Lana Discount se najprej uporabi MiCA Article 3(1)(15) client-service test in European Commission/ESMA Q&A 2293. Dealing on own account, kjer družba trguje v svojem imenu za lasten račun in ne zagotavlja crypto-asset service klientu, praviloma ne zahteva CASP licence. Nasprotno pa contracts with clients, pri katerih družba uporablja proprietary capital za exchange of crypto-assets for funds/other crypto-assets, lahko predstavljajo CASP service in zahtevajo authorisation. P08 zato določa evidence own-purpose, independent acceptance, proprietary risk, no client account/custody/order execution in no standing exchange right. CP-05 mora potrditi, da dejanska implementacija ohranja te značilnosti; Article 77 se aktivira samo kot fallback, če je model reclassified kot CASP exchange. ### 12. Direct.Lana.Fund Pred javnim ali čezmejnim širjenjem posameznega financing rounda mora obstajati formalni classification memo glede narave budgeta in pravic financerja: bilateral financing, repayable funds/deposit risk, financial instrument, AIF/collective-investment risk, investment service ali druga kvalifikacija. Do takrat je širitev novega produkta CONDITIONAL. ### 13. Crowdfunding classification Grant/donation-based projekti se dokumentirajo ločeno od lending-based ali investment-based crowdfunding. Če financer pridobi pravico do vračila, yielda, securityja ali druge investicijske pravice, se pred ponudbo izvede ECSP/MiFID/AIF/consumer-credit perimeter check. Ime Crowdfunding samo po sebi ni klasifikacija. ### 14. Regulatory Change Trigger Nova država, nova funkcija, nov custody model, nov način odkupa, sprememba Split pravila, nova pravica imetnika, admission to trading, sprememba source-of-funds strukture ali nova AI avtonomija sproži P15 re-classification pred produkcijsko aktivacijo. ### 15. UK is a separate jurisdiction EEA-based firms can no longer passport regulated financial-services permissions into the UK. An Estonian MiCA/CASP authorisation may remain relevant evidence of home-state regulation, but it is not treated by BEF as UK authorisation. Every UK-facing material function receives a UK Legal Responsibility Record and P22 classification. ### 16. Current UK MLR territorial test Before the new FSMA regime commences, a business providing in-scope cryptoasset services by way of business and carrying on that business in the UK may require FCA registration under the Money Laundering Regulations. FCA guidance states that an overseas exchange provider with no UK office or agent and no UK activity beyond simply having UK clients would not automatically be regarded as carrying on business in the UK. BEF records this only as a territorial factor, not as a marketing or future-regime exemption. ### 17. UK Financial Promotions gate Cryptoasset financial promotions to UK consumers are tested separately and can apply to overseas firms. Before any UK-targeted promotion, the responsible entity records the lawful communication route, required FCA-rule compliance and consumer-journey controls. A payment/e-money authorisation alone is not treated as sufficient authority to communicate or approve crypto promotions. ### 18. FSMA crypto regime from 25 October 2027 The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 create new regulated cryptoasset activities, including dealing in qualifying cryptoassets as principal, agent and arranging. FCA materials state that the new regime is expected to commence on 25 October 2027. Any BEF function serving the UK is reclassified against the then-current RAO, FCA Handbook and perimeter guidance before that date. ### 19. UK authorisation structure FCA finalised guidance FG26/7 states a baseline expectation that international cryptoasset firms seeking FCA authorisation have UK presence and generally carry regulated cryptoasset activities from a UK legal entity, subject to case-by-case exceptions. For proprietary principal dealing, BEF therefore treats a dedicated UK legal entity as the default design assumption rather than relying on an overseas branch or EEA authorisation. ### 20. Status P15 je READY kot classification process. Končne licence, registrations, exemptions in territorial outcomes ostanejo entity- and jurisdiction-specific ter se vnesejo v Annex G. EU launch ne aktivira UK launcha. UK-facing regulated function brez P22 recorda in relevantnih CP-32 do CP-39 je HOLD za nov launch.