EBA Issues Ten Consultation Papers under MiCAR

SzerzőAndrea EgertzKategória:cryptoCímkék:, , , , , , , ,

Today EBA switched to a higher gear regarding MiCAR and issued ten consultation papers.

Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the EU. It came into force on 29 June 2023, and the provisions relating to offering to the public and admission to trading of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) will be applicable from 30 June 2024.

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Three consultations on draft Regulatory Technical Standards (RTS) specify the liquidity requirements of the reserve of assets, the highly liquid financial instruments in the reserve of assets and the minimum content of the liquidity management policy and procedures of relevant issuers of tokens. Further consultation documents specify own funds requirements and stress testing of issuers and set guidelines of recovery plans. One of papers focuses on the reporting of transactions with ARTs and EMTs denominated in a non-EU currency and one specifies the criteria for determining the composition of supervisory colleges for each issuer of a significant ART or of a significant EMT.

The consultation papers published today form part of the third batch of MiCAR policy products. All consultations run until 08 February 2024.

Közzétéve: Andrea Egertz

I am a Hungarian attorney at law practicing in Budapest. I specialize in real property law and real property financial lease transactions. Besides, I have done some research on fintech law while studying EU law at Kings College London. I focused on the changing legislation on electronic payments in the financial industry, the second Payment Services Directive (PSD2). Currently I am engaged in understanding the regulatory framework of the crypto industry with focusing on the MicaR and its background. I regularly follow EBA’s newsletters, the technical standards and guidelines it issues. I also had the chance to advise an industry leading pharmaceutical company regarding MAs, SOPs and advertisement of pharmaceutical products for human use. I also advised a company selling and marketing animal pharmaceuticals. Besides, I am also familiar with the compliance requirements of insurance brokers. I have advised the affiliate of an Austrian based industry leading insurance broker company regarding compliance issues; I represented them before the MNB (the Hungarian National Bank acting as supervisory authority), prepared SOPs and settled disputes of complaints before the Conciliation Board. I like solving problems, finding the best option for clients.

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