EBA Releases Final Draft Technical Standards for MiCA Regulation

The European Banking Authority (EBA) today published three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) relating to the authorisation as issuer of asset-referenced tokens (ARTs), to the information for the assessment of acquisition of qualifying holdings in issuers of ARTs and to the procedure for the approval of white papers for ARTs issued by credit institutions under the Markets in Crypto-assets Regulation (MiCAR). These technical standards are key to regulate access to the EU market by applicant issuers of ARTs and persons intending to exercise significant influence on these undertakings via the acquisition of qualifying holdings, an EBA press release informed today.

Regulatory Technical Standards (RTS) establish information requirements for ART authorization applications, ensuring thorough assessment by competent authorities. Amendments clarify that only EU-based legal entities may apply for authorization, and issuance itself isn’t subject to authorization; only the public offer or admission to trading requires it.

Instructional Technical Standards (ITS) provide application letter and template guidance, outlining the assessment process. Credit institutions, needing approval solely for white paper publication, are exempt from RTS and ITS.

RTS on qualifying holdings notification detail information needed for prudential assessment in ART issuer acquisitions, covering reputation, suitability of directors, financial soundness, post-acquisition management, and anti-money laundering measures.

Following public consultation, privacy regime reminders were added to RTS. Credit institutions require no ART authorization but must notify authorities and seek white paper approval. RTS on white paper approval by credit institutions defines procedural timeframes for approval.