On 27 June 2025, the European Commission adopted Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens.
The Regulatory Technical Standards (RTS) were developed on the basis of the delegation set out in Article 45(7) of the MiCA Regulation[1]. They specify, inter alia, the following matters:
- policies and procedures for identifying, measuring and managing liquidity risk;
- contingency policy and liquidity risk mitigation tools;
- segregation of the liquidity management policy and procedures;
- process and procedures to test scenarios of liquidity stress.
The full text of the above-mentioned legal act is available at the following link:
https://webgate.ec.europa.eu/regdel/web/delegatedActs/2696/documents/latest?lang=en
[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).