European Union: Adopted Technical Standards for Crypto-Assets Regulation

On 13 June 2024, the European Banking Authority (EBA) adopted a comprehensive package of technical standards and guidelines under the Markets in Crypto-Assets Regulation (MiCAR), focusing on prudential matters for digital payment providers, including own funds, liquidity requirements, and recovery plans. This initiative, developed in collaboration with the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB), aims to enhance the regulatory framework for asset-referenced tokens (ARTs) and e-money tokens (EMTs) within the European Union. The package includes final draft regulatory technical standards on the adjustment of own funds, liquidity requirements, and the minimum content of liquidity management policies, alongside guidelines on recovery plans for issuers.