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.

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 the 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.