MiCAR introduces a dedicated and a harmonised framework to provide specific rules for activities and services related to crypto-assets. In particular, MiCAR lays down uniform requirements for the offer to the public and admission to trading on a trading platform and for the provision of services relating to e-money tokens, asset-referenced tokens, and crypto-assets other than asset-referenced tokens and e-money tokens.
Crypto-asset is a ‘digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology’
Electronic Money Token (EMT) is a ‘crypto-asset that purports to maintain a stable value by referencing the value of one official currency’.
Asset Referenced Token (ART) is a ‘crypto-asset that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies’.
Crypto assets other than ARTs and EMTs are crypto assets not falling under the definition of ARTs and EMTs.
MiCAR amends Directive 2013/36/EU (known as ‘CRD IV’), in order to include the following to the list of activities that may be provided by credit institutions:
- Issue of electronic money including electronic-money tokens;
- Issue of asset-referenced tokens;
- Crypto-asset services.
With respect to credit institutions (‘CIs’) and electronic money institutions (‘EMIs’), MiCA establishes rules that cover:
- transparency and disclosure requirements for the issuance of ARTs and EMTs;
- the notification process that CIs and EMIs have to follow if they intend to provide crypto-asset services;
- the supervision, organisation and governance of CIs and EMIs that provide crypto-asset services upon notification to the NCA;
- the operation, organisation and governance of CIs and EMIs when issuing ARTs and EMTs and/or when providing crypto-asset services;
- the protection for holders of crypto-assets and clients of CIs and EMIs that provide crypto-asset services.
TECHNICAL STANDARDS
ESMA Final Report: Draft Technical Standards specifying certain requirements of the Markets in Crypto Assets Regulation– first package – of 25 March 2024 in relation to:
- The information required to be submitted by CIs and EMIs when they notify their intent to provide crypto-asset services; and
- How CIs and EMIs that provide crypto-asset services should address complaints.
ESMA Final Report on draft RTS under the Markets in Crypto-Assets Regulation – second package– of 4 July 2024 in relation to:
- Sustainability indicators for crypto-asset consensus mechanisms;
- Business continuity measures for CIs and EMIs that provide crypto-asset services;
- Trade transparency for CIs that operate a trading platform for crypto-assets;
- Content and format of order-books and record-keeping by CIs and EMIs that provide crypto-asset services; and
- Machine readability of white papers and the register of white papers of crypto-asset token issued by CIs or EMIs.
ESMA GUIDELINES
EBA STATEMENTS
EBA REPORTS
EBA Report on priorities for the supervision of ART and EMT issuers
ESMA Notification Questionnaire
Notification of intention of provision of crypto asset services under Article 60 of MiCAR
Pursuant to Article 60 of MiCAR, CIs and EMIs have the option to provide certain crypto-asset services in the Union equivalent to the services and activities for which they are authorised by the Central Banks of Cyprus.
ESMA carries out a survey in order to understand to what extent firms with a relevant authorisation are planning to notify MiCAR services. In this respect, ACIs and EMIs are requested to fill out the questionnaire provided by ESMA, regarding their plans under MiCAR, directly, using the following link: Notification of crypto asset services under article 60 of MiCA
The Questionnaire contains sixteen questions and it is expected to take between 15 and 30 minutes to complete. If the answer to the fifth question (are you considering to provide crypto related services) is ‘no’, it is not required to complete the other questions.
The deadline for the submission of the answers to the Questionnaire is Friday 26 July.
