Markets in Crypto-assets
Pursuant to the EU’s Markets in Crypto-assets Regulation (MiCAR) (Regulation 2023/1114), the EBA is responsible for carrying out assessments of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) in order to identify if they meet the criteria for significance as set out in MiCAR. Where the EBA classifies an ART or EMT as ‘significant’, the EBA is responsible for carrying out relevant supervisory tasks under MiCAR, including establishing, managing and chairing supervisory colleges for all significant ARTs and significant EMTs.
The EBA is responsible for conducting direct supervision of issuers of significant ARTs, while significant EMTs (where issued by electronic money institutions) are subject to dual supervision by the EBA and the respective home competent authority. The EBA will exercise its supervisory powers in close cooperation with any other competent authorities responsible for supervising the respective issuers (in cases where the issuer also carries out other financial services activities).
As part of its supervisory activities, the EBA may request information from issuers, conduct investigations, carry out on-site inspections, take supervisory measures and impose fines.
Member States are subject to certain notification requirements to EBA and ESMA under MiCAR: | ||
Subject | Notification requirement | Deadline (if any) |
Competent authorities (Article 93 MiCAR) | Member States are required to notify the designated competent authorities responsible for carrying out the functions and duties provided for in MiCAR. Where more than one competent authority is designated they need to determine their respective tasks and designate one competent authority as the single point of contact for cross-border administrative cooperation. | Once Member States have designated the competent authorities responsible for carrying out the functions and duties provided for in MiCAR. |
Laws, regulations and administrative provisions implementing Title VII MiCAR (Article 99 MiCAR) | Member States are required to notify the laws, regulations and administrative provisions implementing Title VII MiCAR, including any relevant criminal law provisions, as well as any subsequent amendments thereto. | 30-Jun-25 |
Rules for administrative penalties and other administrative measures (Article 111 MiCAR) | Member States are required to notify, in detail, the rules for administrative penalties and other administrative measures in relation to certain infringements and any subsequent amendment thereto. | 30-Jun-25 |
For further details on the official notification channel and notification template please refer to the Information regarding notification requirements for Member States under MiCAR. | ||