On 3 October 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/1264 of 27 June 2025 supplementing the Regulation on markets in crypto assets (MiCA) with regard to regulatory technical standards (RTS) specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens.
The RTS under Article 36(4) of MiCA establish the minimum amount of deposits in each official currency referenced, including also for the cases of significant tokens under Article 45(7) for consistency reasons. Within the specification of the minimum contents of the liquidity management policy and procedures, the RTS set out procedures for identifying, measuring and managing liquidity risk. Furthermore, they envisage a contingency policy and mitigation tools and outline minimum aspects of liquidity stress testing.
The Delegated Regulation enters into force on the twentieth day following its publication in the OJ (23 October 2025).