On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) specifying the methodology to be applied by issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs) denominated in a non-EU currency for reporting transactions associated to uses of these tokens ‘as a means of exchange’. The mandate under which the EBA has prepared the draft RTS is Article 22(6) of the Markets in Crypto-assets Regulation (MiCA). The EBA is also consulting on draft implementing technical standards (ITS) specifying the related reporting requirements under Article 22(7) of MiCA.
The proposals set out in the draft RTS aim to clarify the scope of the transactions associated to the use of ARTs and EMTs denominated in a non-EU currency as a means of exchange that should be reported by issuers, and how issuers should estimate the number and value of such transactions. The draft RTS also aim at contributing to the objective of MiCA of monitoring and preventing risks that the wide use of ARTs and of EMTs denominated in a non-EU currency as a means of exchange may have on monetary policy transmission and monetary sovereignty within the EU.
The draft ITS, in turn, provide specific templates and related instructions for the issuers of ARTs and of EMTs denominated in a non-EU currency to comply with their reporting obligations. The draft ITS also provide templates and related instructions that crypto-asset service providers must provide to issuers of ARTs and of EMTs denominated in a non-EU currency.
The deadline for feedback to the consultation is 8 February 2024.