The EBA supervises significant issuers while national authorities handle the rest.
The page is updated as technical standards and guidelines are adopted.
Who this applies to: Stablecoin issuers, banks and e-money institutions, and compliance and regulatory affairs teams
Implementation status: EBA supervisory page
Determine whether the issuer is 'significant' and thus directly supervised by the EBA.
Build reserves, governance and reporting to EBA standards.
Track continuing technical standards and guidelines.
Contents
Asset-referenced and e-money tokens (MiCA)
Issuers of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) are required to hold the relevant authorisation to carry out activities in the EU. The relevant requirements are set out in the Markets in Crypto-assets Regulation (MiCAR) and are complemented by technical standards and guidelines developed by the EBA.
Documents
Statement on the application of MiCAR to ARTs and EMTs | Priorities for the supervision of for ART and EMT issuers
Statement on timely preparatory steps towards the application of MiCAR to asset-referenced and e-money tokens | Template
Links
Status of implementation of MiCAR
Markets in Crypto-assets
Markets in Crypto-assets Regulation
Consumer protection and financial innovation
Other topics
Financial Innovation and FinTech
Technical Standards, Guidelines & Recommendations
Technical standards
Regulatory Technical Standards on the calculation and aggregation of crypto exposure values
Regulatory Technical Standards on requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens (ARTs) under MiCAR
Regulatory Technical Standards to specify the highly liquid financial instruments in the reserve of assets under MiCAR
Regulatory Technical Standards further specifying the liquidity requirements of the reserve of assets under MiCAR
Regulatory Technical Standards to specify the minimum contents of the liquidity management policy and procedures under MiCAR
Regulatory Technical Standards to specify the adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens and of e-money tokens under MiCAR
Regulatory Technical Standards on the procedure and timeframe to adjust own funds requirements for ‘significant’ issuers under MiCAR
Regulatory Technical Standards on the use of ARTs and EMTs denominated in a non-EU currency as a means of exchange (MiCAR)
Regulatory Technical Standards on supervisory colleges under MiCAR
Implementing Technical Standards on the reporting on ARTs and EMTs denominated in a non-EU currency under MiCAR
Guidelines
ESAs Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets under MiCAR
Guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under MiCAR
Guidelines on redemption plans under MiCAR
Guidelines on liquidity stress testing under MiCAR
Guidelines on recovery plans under MiCAR
Guidelines on internal governance arrangements for issuers of ARTs under MiCAR
Joint EBA and ESMA Guidelines on the suitability assessment of shareholders and members with qualifying holdings in issuers of ARTs and in CASPs
Joint EBA and ESMA Guidelines on the suitability assessment of the members of the management body of issuers of ARTs and of CASPs
Opinions, Reports and other Publications
Opinions
Opinion on the end of the No-action Letter transition period
Opinion RTS to further specify the liquidity requirements of the reserve of assets
Opinion on the interplay between PSD2 and MiCA in relation to crypto-asset service providers that transact electronic money tokens
Opinion on European Commission's proposed amendment to RTS authorisation ARTs under MiCAR
Opinion on EC changes on RTS on conflicts of interests for issuers of asset-referenced tokens under MiCAR
EBA-Op-2014-08 Opinion on Virtual Currencies.pdf
Decisions
Annex 4 reporting for issuers of ARTs and EMTs - templates
Decision on procedure for significance assessment MiCAR
Reports
Joint Report on recent developments in crypto-assets (Art 142 MiCAR)
Report on tokenised deposits
Other publications
Supervisory cooperation MoU between the NYDFS and the EBA on stablecoin activities
Letter to EC regarding EBA Opinion on EC changes to RTS authorisation ART issuers under MiCAR
Joint EBA and ESMA factsheet on Crypto lending, borrowing and staking
Joint EBA and ESMA factsheet on Decentralised Finance (DeFi)
Explainer - MiCAR templates
EBA statement on the application of MiCAR to ARTs and EMTs
Priorities for the supervision of for ART and EMT issuers
EBA advice on MICAR CfA on significance criteria and supervisory fees.pdf
Official English source text captured for the public library.