European Union: Closed consultation on draft regulation for EBA’s supervisory powers on issuers of significant asset-referenced tokens and e-money tokens under MiCA

On 6 December 2023, the European Commission closed its consultation for a draft regulation on the procedural rules for the exercise of the power to impose fines or periodic penalty payments by the European Banking Authority on issuers of significant asset-referenced tokens and issuers of significant e-money tokens within the framework of the Markets in Crypto-Assets Regulation (MICA). The draft regulation introduces supervisory measures on product intervention powers, specifies procedural rules for the European Banking Authority (EBA) to impose fines, and introduces rules on the supervisory fees charged by the EBA. In addition, it specifies the criteria for an asset-referenced token or e-money token to be classified as significant.