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EBA Releases Final Draft Technical Standards for Crypto-Assets Regulation in Markets

The European Banking Authority (EBA) has published three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) under Markets in Crypto-Assets Regulation (MiCA).

1. RTS on the procedure for the approval of white papers of Asset-Referenced Tokens (ARTs) issued by credit institutions

The RTS for the approval of white papers for ARTs issued by credit institutions set forth the timelines for credit institutions, competent authorities, and the European Central Bank (ECB) or other central banks to follow during the approval process. Unlike other ART issuers, credit institutions do not require authorization to issue ARTs but must notify their competent authority and submit the white paper for approval. Following the public consultation, the EBA made targeted amendments to the draft RTS, including extending deadlines for competent authorities to request changes or approve white papers, ensuring that requests for changes are duly justified, and clarifying provisions for the substantive assessment of white papers to enhance clarity and give authorities sufficient time for relevant tasks.

2. RTS and ITS on information for authorisation as issuers of ARTs under MiCAR

The RTS on authorization specify the information that must be included when applying for authorization to offer ARTs to the public or to seek their admission to trading. This enables the competent authority to thoroughly assess the application. Key amendments following public consultation include:

  • Only legal entities or undertakings established in the EU can be applicant issuers.
  • Authorization covers the public offering or trading admission, not the issuance itself, and only an issuer can submit an application and be granted authorization.

The ITS on authorization provide a standard application letter and template, detailing the process for the competent authority to assess the application's completeness.

The RTS and ITS on authorisation do not apply to credit institutions.

3. RTS on information for assessment of a proposed acquisition of qualifying holdings in issuers of ARTs under MiCAR

The RTS outline the necessary information for the competent authority to conduct a prudential assessment. This assessment is based on five criteria:

  • The reputation of the proposed acquirer.
  • The suitability of any person who will direct the target undertaking.
  • The financial soundness of the proposed acquirer.
  • The sound and prudent management of the target undertaking post-acquisition.
  • Concerns about potential money laundering or terrorist financing.

In response to the public consultation, recitals emphasizing the need to comply with privacy regulations have been added to both the RTS on authorization and the RTS on information for notification of proposed acquisition of qualifying holdings.

Next steps:

The draft RTS and ITS will be submitted to the Commission for endorsement following which they will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the European Union.

For inquiries please contact:

RBI Regulatory Advisory

Raiffeisen Bank International AG | Member of RBI Group | Am Stadtpark 9, 1030 Vienna, Austria  | Tel: +43 1 71707 - 5923