The EBA publishes regulatory products under MiCAR

The European Banking Authority (EBA) has published the package of technical standards and guidelines under Markets in Crypto-Assets Regulation​ (MiCAR) on the topics of reporting, liquidity stress testing, and supervisory colleges. This package completes the delivery of EBA technical standards under MiCAR.

The package of EBA regulatory products comprises:

• Regulatory Technical Standards (RTS) on asset-referenced tokens (ARTs) and electronic money tokens (EMTs): Methodology for issuers to estimate transaction numbers and values, ensuring monitoring of monetary policy impacts;

• Implementing Technical Standards (ITS) on reporting: Templates and instructions for issuers and crypto-asset service providers (CASPs) to meet reporting obligations, assess token significance, and determine issuance restrictions;

• Guidelines on liquidity stress testing: Risk coverage and stress test parameters to help supervisors strengthen liquidity requirements;

• RTS on supervisory colleges: Conditions for determining relevant entities and significant tokens, and guidelines for the functioning of supervisory colleges.

Legal basis and next steps

Under MiCAR, the European Banking Authority (EBA) has developed draft Regulatory Technical Standards (RTS) for asset-referenced tokens (ARTs) and electronic money tokens (EMTs) denominated in non-EU currencies, in accordance with Article 22(6). This collaboration with the European Central Bank (ECB) focuses on defining methodologies to estimate transaction volumes and values associated with ARTs used as means of exchange within a single currency area. Importantly, these standards are adapted, with necessary adjustments, to encompass EMTs in non-EU currencies as well, ensuring comprehensive regulatory coverage across digital financial instruments.

Furthermore, MiCAR mandates the EBA to draft Implementing Technical Standards (ITS) under Article 22(7) for reporting obligations of ART and EMT issuers, and crypto-asset service providers (CASPs). These standards establish standardised templates and formats for reporting, facilitating compliance with Article 22(1) and enabling CASPs to report to issuers as per Article 22(3). Similarly, these ITS are applied mutatis mutandis to EMTs in non-EU currencies, ensuring consistent regulatory reporting requirements across digital finance sectors. This structured approach enhances transparency and regulatory oversight, supporting the broader objectives of MiCAR in fostering stability and innovation within the EU financial markets.