MiCA: Requirements for ARTs and EMTs

Commission Delegated Regulation (EU) 2024/1506 specifying certain criteria for classifying ARTs and EMTs as significant

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2024/1504 specifying the procedural rules for the exercise of the power to impose fines or periodic penalty payments by the EBA on issuers of significant ARTs and issuers of significant EMTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2024/1503 specifying the fees charged by the EBA to issuers of significant ARTs and issuers of significant EMTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Technical advice in response to the Commission’s call for advice on two Delegated Acts concerning certain criteria for the classification of ARTs and EMTs as significant and the fees that are to be charged to such issuers

• Status: N/A
• Source: EBA

Decision of the EBA concerning the procedure for the classification of ARTs and EMTs as significant and the transfer of supervisory powers and reporting on those tokens following the classification as significant under MiCA

• Status: N/A
• Source: EBA

Commission Delegated Regulation (EU) 2025/297 with regard to RTS specifying conditions for the establishment and the functioning of supervisory colleges (for each issuer of a significant ART or EMT)

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/418 with regard to RTS specifying the minimum content of the governance arrangements on the remuneration policy of issuers of significant ART or EMTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

EBA response to the European Commission targeted consultation on the review of MiCA — input on the liquidity and reserve requirements framework, including on the minimum deposit percentage and reserve asset quality

• Status: N/A
• Source: EBA

RTS for specifying the highly liquid financial instruments with minimal market risk, credit risk, and concentration risk (of the reserve of assets)

• Status: Final text published — to be adopted
• Source: EBA

RTS for further specifying the liquidity requirements of the reserve of assets

• Status: Final text published — to be adopted
• Source: EBA

Commission Delegated Regulation (EU) 2025/1264 with regard to RTS for specifying the minimum contents of the liquidity management policy and procedures for certain issuers of ARTs and EMTs 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Guidelines on establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred to in Article 45(4) MiCA

• Status: Final text published — applies from 30 November 2024
• Source: EBA

EBA opinion on the Commission’s amendments to the RTS further specifying the liquidity requirements of the reserve of assets  

• Status: N/A
• Source: EBA (in addition see here for the EBA’s letter to the European Commission)

EBA opinion on the Commission’s amendments to the RTS specifying the highly liquid financial instruments with minimal market, credit, and concentration risk 

• Status: N/A
• Source: EBA (in addition see here for the EBA’s letter to the European Commission)
  
   

EBA response to the European Commission targeted consultation on the review of MiCA — input on the prudential regime and capital requirements, including proposals for a risk-based calculation method and enhanced supervisory discretion

• Status: N/A
• Source: EBA

Commission Delegated Regulation (EU) 2025/415 with regard to RTS specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of ARTs or of EMTs subject to such requirements

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/419 with regard to RTS specifying the procedure and timeframe for an issuer of ARTs or EMTs to adjust the amount of its own funds

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

EBA response to the European Commission targeted consultation on the review of MiCA — input on the need for comprehensive reporting mandates for ART/EMT issuers and CASPs, including a harmonised definition of “EU holder”

• Status: N/A
• Source: EBA

Commission Delegated Regulation (EU) 2025/298 with regard to RTS specifying the methodology to estimate the number and value of transactions associated to uses of ARTs as a means of exchange and of EMTs denominated in a currency that is not an official currency of a Member State

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2024/2902 laying down ITS with regard to reporting related to ARTs and related to EMTs denominated in a currency that is not an official currency of a Member State

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under Titles III and IV (ART / EMT reporting requirements)

• Status: In force (subject to relevant transitional period)
• Source: EBA

EBA response to the European Commission targeted consultation on the review of MiCA — input on recovery and redemption planning, including proposals to extend the crisis management toolkit to non-bank issuers

• Status: N/A
• Source: EBA

Guidelines on recovery plans under Articles 46 and 55 (to be drafted by issuers of ARTs / EMTs) 

• Status: In force (subject to relevant transitional period) 
• Source: EBA

EBA response to the European Commission targeted consultation on the review of MiCA — input on the redemption framework, including proposals to clarify maximum redemption timeframes and strengthen disclosure requirements

• Status: N/A
• Source: EBA

Guidelines on redemption plans under Articles 47 and 55 (to be drafted by issuers of ARTs / EMTs)

• Status: In force (subject to relevant transitional period)
• Source: EBA

Commission Delegated Regulation (EU) 2025/1141 as regards RTS specifying the requirements for policies and procedures on conflicts of interest for issuers of ARTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

EBA opinion on European Commission’s amendments relating to regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for issuers of ARTs

• Status: N/A
• Source: EBA (in addition see here for the European Commission’s letter to EBA on the same)

Commission Delegated Regulation (EU) 2025/293 with regard to RTS to further specify the requirements, templates, and procedures for handling complaints (for issuers of ARTs)

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

AMLA response to the European Commission targeted consultation on the review of MiCA — recommendation to review whether ART issuers that are not otherwise obliged entities should be brought within the AMLR

• Status: N/A
• Source: AMLA

Commission Delegated Regulation (EU) 2025/1125 with regard to RTS specifying the information to be contained in an application for authorisation to offer to the public or to admit to trading ARTs

• Status: In force (subject to relevant transitional period)  
• Source: Official Journal

Commission Implementing Regulation (EU) 2025/1126 laying down ITS with regard to the establishment of standard forms, templates, and procedures for the information to be included in the application for authorisation to offer to the public or to admit to trading ARTs

• Status: In force (subject to relevant transitional period) 
• Source: Official Journal

EBA opinion on European Commission’s amendments relating to regulatory technical standards on the information to be contained in an application for authorisation to offer to the public or to admit to trading ARTs

• Status: N/A
• Source: EBA (in addition see here for the EBA’s letter to the European Commission and here for the European Commission’s communication on the same)

Commission Delegated Regulation (EU) 2025/413 with regard to RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of qualifying holdings in issuers of ARTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Joint guidelines on the assessment of the suitability of the members of the management body of issuers of ARTs and of CASPs

• Status: In force (subject to relevant transitional period)
• Source: ESMA

Joint guidelines on the assessment of the suitability of the shareholders or members, whether direct or indirect, with qualifying holdings in issuers of ARTs or of CASPs

• Status: In force (subject to relevant transitional period) 
• Source: ESMA

Guidelines on the minimum content of the governance arrangements for issuers of ARTs under Article 34(13) MiCA

• Status: In force (subject to relevant transitional period)
• Source: EBA

Guidelines on the maintenance of systems and security access protocols in conformity with Union standards for offerors and persons seeking admission to trading of cryptoassets

• Status: In force (subject to relevant transitional period)
• Source: ESMA