ESMA and EBA consult on technical rules under MiCA
On 12 July 2023, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published for public consultation various draft technical standards that they are mandated to develop under Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA). Whilst the draft rules published by ESMA focus on the relevant requirements for crypto-asset service providers (CASPs) and financial institutions providing services in crypto-assets, the draft set of technical standards published by the EBA mainly addresses requirements for the issuers of asset-referenced tokens (ARTs). In addition, the EBA published a statement encouraging financial institutions and other undertakings intending to undertake activities concerning ARTs and e-money tokens (EMTs) to take timely preparatory steps towards the application of the MiCA regime, which in respect of ARTs and EMTs is 30 June 2024.