European Union: Commission Delegated Regulation (EU) 2025/1125 on regulatory technical standards for applications to offer asset-referenced tokens enters into force

On 5 October 2025, the European Commission's Delegated Regulation (EU) 2025/1125, establishing information requirements for applications to authorise asset-referenced tokens under the Markets in Crypto-Assets Regulation entered into force. The regulation applies to legal persons and undertakings seeking to offer asset-referenced tokens to the public or admit them to trading in EU markets. Applicant issuers must provide comprehensive documentation, including corporate identity details with ISO 17442 legal entity identifiers, a three-year business plan with financial projections and stress scenarios and organisational charts and governance arrangements. It also requires internal control frameworks that demonstrate compliance with digital operational resilience requirements, as well as policies on reserve asset management that cover composition, custody, investment, and segregation. It also requires suitability assessments and source of funds verification for shareholders with qualifying holdings, and anti-money laundering risk assessments, including controls by involved crypto-asset service providers.