On Jun. 19, EBA issued final MiCA regulatory technical standards.
EBA issued package of technical standards, guidelines under Markets in crypto-assets regulation (MiCA Reg 2023/1114) which completes its delivery of technical standards.
On same day EBA issued final guidelines on MiCA liquidity stress testing, see #216559.
Also follows EBA Nov. 2023 draft RTS on ART/EMT transaction reporting, see #190676.
Follows EBA Nov. 2023 draft RTS on supervisory colleges under MiCA, see #190683.
RTS on ARTS/EMTs as Means of Exchange
EBA issued final draft RTS on use of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) denominated in a non-EU currency as a means of exchange.
Specify methodology to be applied by issuers of ARTS/EMTs denominated in a non-EU currency for estimating number/value of transactions of tokens as means of exchange.
Aim to contribute to objective of MiCA of monitoring and preventing risks that wide use of such may have on monetary policy transmission and monetary sovereignty in EU.
ITS on ARTS/EMTs Reporting
EBA also issued final draft ITS on reporting obligations of issuers of ARTs and EMTs denominated in a non-EU currency and of crypto-asset service providers (CASPs).
The templates for ARTs will assist significance assessment of tokens, provide data on whether threshold has been met (therefore restricting issuance), supervisory reports.
CASPs templates and instructions set out reporting frequency, related reference and remittance dates, EBA will develop the related technical package, including DPM and validation rules and publish these with its 4.0 reporting framework release.
RTS on Supervisory Colleges
Final draft RTS on supervisory colleges specify conditions under which certain entities to be deemed most relevant in their category, conditions under which significant ART or EMT to be deemed to be used at large scale, to compose a supervisory college.
Must establish such a college in accordance with MiCA for each significant ART, EMT.
RTS also specify the general conditions for the functioning of supervisory colleges.
Next Steps
The draft RTS and ITS will be submitted to EU CMSN for endorsement, following which they will be subject to scrutiny by EP, EU CNCL before being issued in Official Journal.
In Oct. 2024, EBA issued decision clarifying ARTs, EMTs classification, see #230816.
Nov. 5, 2024 RTS Adoption
On Nov. 5, 2024, EU CMSN issued adopted RTS specifying the conditions for the establishment and functioning of consultative supervisory colleges (C(2024)6911).
Also issued adopted RTS specifying methodology to estimate value of transactions associated to uses of asset-referenced tokens and of e-money tokens denominated in a currency that is not official currency of MS as a means of exchange (C(2024)6910).
Regulations in force on 20th day following that of their publication in Official Journal.
Subject to scrutiny period, usually 2 months, during which EP and council may object.
Nov. 28, 2024 ARTS/EMTs Reporting ITS
On Nov. 28, 2024, EU CMSN issued final Reg 2024/2902, of Nov. 20, in Official Journal.
Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the EU, Dec. 18, 2024; it shall apply from Jan. 1, 2025.
