On 27 February 2025, the European Banking Authority (EBA) issued its opinion responding to the European Commission’s (Commission) proposed changes to its draft regulatory technical standards (RTS) on the information to be provided to Member State competent authorities when authorising the offer to the public of asset-referenced tokens (ARTs) or the admission to trade them under the Markets in Crypto-Assets Regulation (MiCAR).

In substance, the EBA accepts the envisaged changes from the Commission, and in particular with those of them considered as substantive, but at the same time invites the Commission to consider amending the Level 1 text at the next available opportunity, to include the following elements that were set out in the draft RTS, given their importance from a supervisory perspective. Namely, the requirements of a market policy abuse, of an independent third-party audit about the issuer’s proprietary distributed ledger technology that is operated by the issuer or by a third-party operator, and a comprehensive notion of good repute aligned with the rest of the financial sector.