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.
EBA publishes final draft technical standards under MiCAR
(3 min read)
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).
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