Edited by Fabrizio Cascinelli, Mario Zanin, Francesco Della Scala
On May 7, 2024, the European Banking Authority (EBA) published three final drafts technical standards developed under Regulation (EU) 2023/1114 on crypto-assets, the so-called Market in Crypto-Assets Regulation (MICA), published in the Official Journal of the European Union on June 9, 2023.
With reference to the timeline for applicability of the MICA Regulation, it will be applicable in its entirety from December 30, 2024; however, the requirements set for asset-referenced tokens and e-money tokens will be applicable starting from June 30, 2024.
These technical standards – submitted for public consultation during 2023 – were developed by EBA in close cooperation with ESMA and pertain to issuers of asset-referenced tokens (ARTs).
More specifically, the provisions concern:
- the details of the information required for the competent authority to evaluate plans to acquire qualified interests in an issuer of an asset-referenced token by a prospective acquirer (RTS under Article 42(4), MICAR);
- the procedure for authorization by the Competent Authority of the White Paper on Crypto Assets for the issuance or public offering of an asset-referenced token by a credit institution (RTS under Article 17(8), MICAR);
- the content of the application for authorization to be submitted to the Competent Authority to offer asset-referenced tokens to the public or request their admission to trading by legal entities other than credit institutions (RTS under Article 18(6), MICAR);
- formats, templates and standard procedures for the information to be included in the authorization application referred to above (ITS under Art. 18(7), MICAR).
The final draft technical standards have been submitted to the European Commission for approval; they will then be submitted to the European Parliament and the Council for review before being published in the EU Official Journal.
Final Report on draft RTS on information for assessment of a proposed acquisition of qualifying holdings in issuers of ARTs under MiCAR Download PDF, 530 KB
Final Report on draft RTS on the procedure for the approval of white papers of ARTs issued by credit institutions Download PDF, 444 KB
Final Report on draft RTS and ITS on information for authorisation as issuers of ARTs under MiCAR Download PDF, 805 KB
Press release. The EBA publishes final draft technical standards under the Markets in Crypto-Assets Regulation Visit page