EBA encourages timely preparatory steps towards the application of MiCAR to asset-referenced and electronic money tokens

The statement includes ‘guiding principles’ to which financial institutions (and other undertakings) carrying out ART/EMT activities are encouraged to have regard until the application date.

Metadata

Provider:

EBA

URL:

https://www.eba.europa.eu/eba-encourages-timely-preparatory-steps-towards-application-micar-asset-referenced-and-electronic

Retrieved on:

Thursday, July 13, 2023

Information

Tags:

Crypto, Emergency medical technician, EMT, Market, Risk management, European Banking Authority, EBA, ART, ESMA, The, European, Attention, EIOPA, Cryptocurrency, Medical device, EU

Geotags:

EUROPEAN UNION

Summary

Key Points:

The statement includes ‘guiding principles’ to which financial institutions (and other undertakings) carrying out ART/EMT activities are encouraged to have regard until the application date.
It came into force on 29 June 2023, and the provisions relating to asset-referenced tokens (ARTs) and electronic money tokens (EMTs) will be applicable from 30 June 2024.
Among the activities within the scope of MiCAR are the activities of offering to the public or seeking admission to trading of ARTs and EMTs and issuing such tokens.
Supervision tasks are conferred on the EBA for ARTs and EMTs that are determined by the EBA to be significant.