EBA launches consultation on new reporting guidelines under MiCAR

Posted on July 20, 2024 by Editor

Earlier this week the European Banking Authority (EBA) launched a consultation on draft guidelines for reporting requirements under the Markets in Crypto-assets Regulation (MiCAR). These guidelines aim to standardise data reporting across Member States, ensuring a unified supervisory approach with consistent templates. {Yes - we are confused about the name too: we don't understand if it's "MICA or MiCAR"!}

MiCAR is a regulatory framework developed by the European Union to govern the issuance, offering, and provision of services related to crypto-assets. MiCAR aims to create a unified approach to crypto-asset regulation across all EU Member States, ensuring a high level of consumer protection, market integrity, and financial stability within the crypto-asset market.

The EBA has developed these guidelines to ensure competent authorities receive sufficient and comparable information to supervise compliance with MiCAR and to facilitate the EBA's significance assessments under the regulation. The new guidelines address gaps in the data provided by issuers of asset-referenced tokens (ARTs) and some e-money tokens (EMTs).

MiCAR mandates issuers of ARTs and EMTs to report certain information - however, current reporting is insufficient for the competent authorities and the EBA to fully perform their supervisory duties. The draft guidelines propose common templates and instructions for issuers, as well as for the data collection from relevant Crypto-Asset Service Providers.

This is part of EBA's broader effort to enhance supervisory convergence and create a level playing field in the Single Market. By specifying the content and uniform formats for data submissions, the EBA aims to streamline the reporting process, improve the quality of data, and support effective supervision.

Stakeholders are encouraged to participate in the consultation process by submitting their comments by 15 October 2024.

Read more and submit your response here.