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The European Banking Authority (EBA) issued a statement for individuals interested in issuing, offering, or trading asset-referenced tokens (ARTs) and e-money tokens (EMTs), highlighting priorities for the consistent application of markets in crypto assets (MiCAR). The EBA made this statement on July 5.
The European Banking Authority is an independent EU Authority that works to ensure effective and consistent prudential regulation and supervision in the European banking sector, according to the EBA’s "About Us" page. The organization is dedicated to contributing to the stability and effectiveness of the European financial system.
According to MiCAR, a regime was created to allow for the regulation and supervision of crypto asset issuance and crypto asset service provision in the European Union. The EBA issued a statement focused on MiCAR on July 12. It discusses the guiding principles for financial institutions that may carry out ART/EMT activities and encourages financial institutions to complete a comprehensive legal assessment to ensure that the ART/EMT activities are legal and to determine what legal, regulatory, and supervisory conditions are required where the institution is located. The EBA also suggests conducting a robust assessment of how the ART/EMT activities might affect the organization’s risk management profile.
