EBA publishes final draft technical standards under MiCAR

(3 min read)

On 7 May 2024 the European Banking Authority (EBA) published further technical standards under the Markets in Crypto-Assets Regulation (MiCAR). These technical standards are key to regulate access to the EU market by applicant issuers of asset-referenced tokens (ARTs) and persons intending to exercise significant influence on these undertakings via the acquisition of qualifying holdings.

In accordance with Article 18(6) of Markets in Crypto-Assets Regulation (MiCAR), the European Banking Authority (EBA) has published on 7 May 2024 the following three sets of draft RTS and one set of implementing technical standards (ITS):

RTS on authorisation: These RTS set out the requirements to be included in an application for authorisation to offer to the public or seek admission to trading of asset-referenced tokens (ARTs).
ITS on authorisation: These ITS provide a template for the application letter and clarify the assessment process of the application file.
RTS on detailed information content: These RTS set out the information requirements in the case of a proposed acquisition of an issuer of ARTs.
RTS on approval of white paper: These RTS set out the timeframes to be followed by relevant institutions and competent authorities in the process of approving a crypto-asset white paper (i.e. an information document containing mandatory disclosures about the crypto-asset to inform potential holders of crypto-assets about the characteristics, functions and risks of the products they intend to acquire).