On 19 June 2024 the European Banking Authority (EBA) published a package of technical standards and guidelines under MiCAR[1]. The package concerns reporting, liquidity stress testing and supervisory colleges, and marks the completion of the standards by the EBA.
The package comprises:
- The final draft regulatory technical standards (RTSs) on the use of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) denominated in a non-EU currency as a means of exchange. The draft RTS specify the methodology to be applied by issuers of ARTs and of EMTs denominated in a non-EU currency for estimating the number and value of transactions associated to uses of these tokens “as a means of exchange”, for the purpose of the reporting under MiCAR.
- Final draft Implementing Technical Standards (ITS) on the reporting obligations of issuers of ARTs and EMTs denominated in a non-EU currency, and of crypto-asset service providers (CASPs). The final draft ITS provide specific templates and related instructions for the issuers of ARTs and of EMTs denominated in a non-EU currency to comply with their reporting obligations.
- Guidelines (GLs) on liquidity stress testing. The Guidelines lay out the risks that should be considered in the liquidity stress testing and identify the common reference parameters to be included in the liquidity stress testing.
- Final draft RTSs on supervisory colleges. The draft RTS specify the conditions under which certain entities, such as custodians of the reserve of assets, trading platforms and crypto-asset service providers (CASPs) providing custody and administration of crypto-assets on behalf of clients, are to be deemed “the most relevant” in their category, and the conditions under which a significant ART or EMT is to be deemed to be “used at large scale”, for the purpose of determining the composition of a supervisory college under MiCAR.[2]
More information can be found at:
https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-regulatory-products-under-markets-crypto-assets-regulation-0
[1] Regulation (EU) 2023/1114 on markets in crypto-assets.
[2] https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-regulatory-products-under-markets-crypto-assets-regulation-0