On 5 June 2025, the European Commission adopted a Delegated Regulation supplementing the Markets in Crypto-Assets Regulation (MiCA) with regard to regulatory technical standards (RTS) specifying the information in an application for authorisation to offer asset-referenced tokens (ARTs) to the public or to seek their admission to trading.
The RTS lay down a list of information to be provided in an application by legal persons or other undertakings (other than credit institutions) seeking to obtain authorisation to offer to the public or to seek admission to trading of ARTs. The RTS follows the structure of licensing regulatory products and covers the:
- Identification details of the applicant issuer.
- Programme of operations, including the main features of the intended issuance.
- Internal governance arrangements and structural organisation.
- Liquidity management, reserve of assets and redemptions rights.
- Suitability of the members of the management body.
- Sufficiently good repute of members of the management body, shareholders or members with direct or indirect qualifying holdings.
Next steps
The Delegated Regulation enters into force on the twentieth day following its publication in the Official Journal of the EU.