The EBA consults on draft technical standards on the procedure for the approval of white papers of asset-reference tokens issued by credit institutions under the Markets in Crypto-Assets Regulation

EBA has published a Consultation Paper on draft RTS for the approval procedure of white papers associated with ARTs issued by credit institutions. These draft RTS aim to establish a standardized approval process across the EU, providing a clear framework for credit institutions and competent authorities involved in the issuance of ARTs.
Under MiCA, credit institutions are allowed to issue ARTs without needing specific authorization. Instead, they are required to follow national procedures established under CRD IV regarding organizational, risk management, and prudential requirements. However, they must also submit a white paper that informs potential token holders about the features and associated risks of the ARTs. This white paper needs approval from the relevant competent authority before publication.
The draft RTS sets out a comprehensive procedure for the approval of crypto-asset white papers, which covers several key elements, such as the submission of an application for approval, acknowledgment of receipt and processing by the competent authority, assessment of completeness, and the request for any missing information.
Additionally, the process includes an exchange of information between the competent authority and the ECB or other central banks, if applicable. The substantive assessment and the authority’s ability to request changes to the white paper are also addressed in the draft RTS. The principle of proportionality is integrated into the draft RTS to allow competent authorities flexibility in requesting information and setting deadlines.
These standards have been developed in collaboration with ESMA and ECB, and are designed to harmonize and streamline the approval process for white papers related to ARTs across the EU.
The consultation will run until 22 January 2024 and a virtual public hearing is scheduled for 11 January 2024.