After the Markets in Crypto-Assets Regulation (MiCA) became fully applicable on the 30th of December 2024, the following Regulatory Technical Standards were published in the Official Journal and have entered into force:
(1) RTS on adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs) subject to such requirements
This RTS outlines procedures for issuers of ARTs and significant EMTs to adjust their own funds when deemed higher risk. It specifies criteria for competent authorities to assess such risks and mandates stress testing programs to evaluate solvency and liquidity under plausible stress scenarios. Issuers must submit compliance plans and may be granted up to six months to meet increased capital requirements.
(2) RTS specifying the minimum content of the governance arrangements on the remuneration policy of issuers of significant asset-referenced tokens
This RTS specifies the minimum content of governance arrangements regarding the remuneration policies of issuers of significant ARTs and EMTs. It aims to ensure that remuneration practices promote sound and effective risk management and do not encourage excessive risk-taking.
(3) RTS to specify the procedure and timeframe to adjust the own fund requirements for issuers of significant ARTs or of EMTs subject to such requirements
This RTS details the process for issuers of significant ARTs and EMTs to increase their own funds from 2% to 3% of average reserve assets, as required under MiCA. It mandates the submission of a compliance plan and allows competent authorities to grant up to six months for issuers to meet the higher capital requirements.
(4) RTS specifying the data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable
This RTS sets out the data requirements necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable. It facilitates the accessibility and comparability of information, enhancing transparency and investor protection.
These RTS collectively strengthen the EU's regulatory approach to crypto-assets, promoting financial stability, investor protection, and market integrity. As the majority of EU Member States are currently undergoing their transition to MiCA, we await the entry into force of additional RTS to provide more enhanced clarity to regulators, issuers and service providers alike.
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