On 13 December 2024, the European Commission adopted a draft Delegated Regulation supplementing the Regulation on markets in crypto-assets (MiCAR) with regard to regulatory technical standards (RTS) specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of asset-referenced tokens (ARTs) or of e-money tokens (EMTs).

The draft Delegated Regulation:

  • Further specifies the procedure and timeframe to be followed by a Member State competent authority (NCA) and the issuer of ARTs or, where applicable, EMTs in case the issuer needs to adjust to higher own funds requirements (up to 20% above the requirement set out in Article 35(1)(b) of MiCAR due to the assessment of the NCA of a higher degree of risk.
  • Establishes the steps needed for the NCA to produce the assessment of higher degree of risk and provide for the issuer of ARTs or, where applicable, EMTs to submit a plan to adjust its own funds.
  • Include the (maximum) timeframes which the NCA may provide to the issuer of ARTs or, where applicable EMTs to implement the plan to increase its own funds, having regard to the materiality of its higher degree of risk.
  • Establishes the criteria for the NCA when making the determination referred to in Article 35(3) of MiCAR to produce an assessment of higher degree of risk.
  • Include specific minimum requirements for issuers of ARTs or, where applicable, EMTs for the design of stress testing programmes from a capital and liquidity prospective, setting minimum frequencies and considering proportionality. To ensure the robustness and application of the stress testing exercises, the draft RTS include provisions on internal governance arrangements, relevant data infrastructure and guidance on the methodology, common reference parameters and plausibility of assumptions.

Next steps

The draft Delegated Regulation will be published in the Official Journal of the EU and enter into force if the European Parliament or the Council of the EU do not object to it, in accordance with Article 290(2) of the Treaty on the Functioning of the EU. The scrutiny period lasts generally 2 months following the adoption of the act (the precise period is specified in the basic legislative act empowering the Commission to adopt the delegated act).