The European Banking Authority (EBA) has announced a public consultation on new draft Guidelines intended to standardize reporting requirements under the Markets in Crypto-assets Regulation (MiCAR).
These guidelines are designed to aid competent authorities and the EBA in overseeing compliance and conducting significance assessments of digital-assets. Stakeholders are invited to submit their comments by 15 October 2024, as part of a comprehensive effort to ensure consistent regulatory practices across the EU.
The proposed Guidelines focus on creating uniform data reporting templates to facilitate a harmonized supervisory approach. This initiative aims to close the current gaps in data availability, thereby ensuring that all member states are equipped to maintain a level playing field in the Single Market. Such measures are expected to enhance supervisory convergence and contribute to the overall stability of the financial market.
Issuers of asset-referenced tokens (ARTs) and certain e-money tokens (EMTs) will be required to adhere to these detailed reporting protocols as outlined in Article 22 of MiCAR. The lack of comprehensive data has been identified as a significant challenge in the supervision of these digital assets, prompting the need for these tailored guidelines.
The consultation process is complemented by a virtual public hearing scheduled for 20 September 2024, where stakeholders can discuss the proposed Guidelines directly with the EBA. Interested parties need to register by 18 September 2024 to participate. The EBA emphasizes that all contributions to the consultation will be made publicly available, unless explicitly requested otherwise.
These Guidelines are being developed under the legal framework of Regulation (EU) No 1093/2010, which mandates the EBA and national authorities to ensure compliance with EU financial regulations. MiCAR, which provides a structured regulatory environment for digital-assets, underpins these guidelines, emphasizing the need for robust oversight mechanisms.
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