The EBA consults on the reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency under MiCAR

EBA has launched consultations under MiCA on draft RTS and ITS covering the reporting of transactions involving ARTs and EMTs denominated in non-EU currencies. These consultations aim to provide support for issuers on reporting transactions associated with the use of these tokens „as a means of exchange.“
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The draft RTS on on the methodology to estimate the number and value of transactions associated to uses of ARTs as a means of exchange under Article 22(6) MiCA and of EMTs denominated in a non- EU currency (EBA/CP/2023/31) focus on clarifying the scope of transactions related to the use of ARTs and EMTs denominated in non-EU currencies, specifying the methodology for issuers to estimate the number and value of such transactions. The primary goal is to contribute to MiCA’s objective of monitoring and preventing risks associated with the widespread use of these tokens on monetary policy transmission and monetary sovereignty within the EU.
The proposed RTS cover both ARTs and EMTs denominated in a non-EU currency, specifying the methodology for reporting transactions per single currency area, emphasizing the responsibility of issuers to ensure the accuracy and completeness of reported information. The draft RTS also addresses the reconciliation of data from CASPs and proposes reporting templates.
Interested stakeholders can contribute until 8 February 2024, and a public hearing is scheduled for 17 January 2024.
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In addition to the RTS, the EBA is also consulting on [draft ITS on the reporting on ARTs under Article 22(7) MiCA and on EMTs denominated in a non- EU currency (EBA/CP/2023/32),]() which offer specific templates and instructions for issuers of ARTs and EMTs denominated in non-EU currencies to fulfill their reporting obligations. These templates also cover the information that CASPs must provide to issuers of these tokens.
MiCA mandates the reporting by ART issuers on aspects such as the number of holders, token value, reserve size, and transaction details. CASPs are also required to furnish necessary information to issuers.
The reporting includes quarterly disclosure of information, and the draft ITS specify templates and reporting requirements for issuers and CASPs. The rationale behind this reporting is to ensure market integrity, financial stability, and the protection of crypto-asset holders, particularly retail holders. The consultation outlines reporting objectives, methodologies, and templates for data on token holders, token value, reserve size, and transactions. The proposed reporting covers transactions both settled on and off the distributed ledger. EBA emphasizes the need for data quality and reconciliation between issuers and CASPs. EBA will also develop a data point model, XBRL taxonomy, and validation rules based on the final draft ITS.
Interested stakeholders can contribute until 8 February 2024, and a public hearing is scheduled for 17 January 2024.
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MiCA, in effect since 29 June 2023, regulates crypto-asset issuance and services in the EU. The consultations aim to refine the regulatory framework, with the relevant provisions applicable from 30 June 2024. EBA emphasizes the importance of these standards in ensuring correct and complete reporting by issuers, with a focus on reconciling data received from CASPs and other sources.