Opinion
News update: EBA statement and 2024/5 priorities for ART/EMT issuers supervision
Both documents aim to promote the timely and consistent application of MiCAR. The MiCAR ART/EMT regime has applied since 30 June 2024. The EBA reminds persons who are issuing, or intend to issue, to the public, to offer to the public, or to seek admission to trading ARTs and EMTs of the new requirements under MiCAR and draws attention to the technical standards and guidelines available on its website. The EBA goes on to highlight the factors consumers can check before deciding whether to acquire an ART, EMT or other type of crypto-asset and reminds consumers of the risks of acquiring crypto-assets that have not been issued in accordance with the applicable provisions of MiCAR.
The EBA’s document on supervisory priorities shares with the competent authorities the priorities for implementation in 2024/2025 in the following four areas:
- internal governance and risk management;
- financial resilience (including, where applicable, own funds requirements and reserve of assets);
- technology risk management; and
- financial crime risk management.
A high level of holder protection and financial stability remain as overarching objectives to consider for all priority areas.
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