EBA issues opinion on MiCAR RTS changes

The European Banking Authority (EBA) has issued an opinion on proposed changes to the draft Regulatory Technical Standards (RTS) concerning the authorization of public offers or trading of asset-referenced tokens under the Markets in Crypto-Assets Regulation (MiCAR). This announcement was made in a press release dated February 27.

According to the press release, the EBA has accepted the European Commission's proposed amendments to its draft RTS on asset-referenced tokens (ARTs) under MiCAR. The EBA recommends modifying the Level 1 text to incorporate requirements related to market policy abuse, third-party audits of Distributed Ledger Technology (DLT), and a more comprehensive definition of "good repute."

This opinion is based on Regulation (EU) No 1093/2010 and responds to the European Commission’s amendments to the draft RTS. The RTS, which aim at regulating ART market access, were initially submitted by the EBA in May 2024. The European Commission endorsed them with amendments in January 2025.

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According to the European Union, MiCA establishes uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. It aims to ensure transparency, consumer protection, and market stability, with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. The regulation will be effective from December 30, 2024, and includes provisions on governance, disclosure, and preventing market abuse, with oversight by EU authorities like the EBA and ESMA.

The EBA is an independent EU agency responsible for ensuring effective and consistent regulation and supervision within the European banking sector. Its primary mission is to enhance the stability and integrity of the EU financial system through transparent and fair regulation. The EBA contributes to creating harmonized prudential rules for financial institutions and promotes convergence in supervisory practices. It also conducts risk assessments, oversees digital and operational resilience, and works to prevent financial crime. Additionally, it provides advice to EU institutions and resolves cross-border financial disputes.