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The European financial authority has released a set of technical standards and guidelines for token issuers in accordance with the MiCA bill. These new regulatory guidelines pertain to asset-referenced token (ART) and electronic money token (EMT) issuers that are registered within the EU.
The European Banking Authority (EBA) has introduced a collection of regulatory guidelines and technical standards as part of the Market in Crypto-assets Regulation (MiCA) bill. These regulatory rules focus on collateralization, liquidity, and the recovery of tokens whose value is supported by various asset classes or fiat currencies.
According to MiCA, ARTs (Asset-Referenced Tokens) are tokens that are backed by commodities, real estate, or a combination of different assets. EMTs (Electronic Money Tokens) are tokens that maintain a stable value through backing by fiat currencies and are utilized for payment purposes.
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The EBA’s regulatory guidance package includes technical standards for ART and EMT issuers, which encompass:
- requirements for issuers to adjust their funds to 3% of their average asset reserve;
- criteria for classifying companies as “high risk”;
- establishing a minimum set of requirements for issuers to create and execute stress testing programs;
- determining the minimum number of deposits in each official currency;
- liquidity management strategies to ensure minimum creditworthiness and diversification of bank deposits in the issuers’ reserves;
- identifying the highest quality category of liquid assets based on the liquidity coverage ratio (LCR);
- outlining the process for identifying, measuring, and managing liquidity risks;
- specifying the format and content of the recovery plan that issuers are required to develop and follow.
All technical standards and guidelines were developed in close collaboration with the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB). Digital asset service providers must ensure their firms comply with the new requirements by July 1, 2026.
The MiCA bill received approval from the European Parliament in 2023 and is set to be fully implemented by the end of this year, while investors will gain complete protection in 2026. In this context, numerous EU nations are aligning their regulatory frameworks with MiCA. Concurrently, the set of regulatory restrictions for stablecoin issuers under the bill continues to expand.
Сообщение New MiCA Standards for Token Issuers Come Into Force in EU появились сначала на CoinsPaid Media.
