The EBA responds to the European Commission’s Call for Advice on significance criteria and supervisory fees under the Markets in Crypto-Assets Regulation

EBA has issued a comprehensive response to a request from the EC concerning two delegated acts under MiCA. These delegated acts focus on defining the criteria for determining the significance of ARTs and EMTs and establishing the supervisory fees that the EBA may charge to issuers of significant ARTs and EMTs.
Firstly, the EBA proposes a detailed set of core and ancillary indicators for assessing the significance of ARTs and EMTs. These indicators are intended to help determine the importance of these tokens in the broader financial ecosystem. They consider various factors, including the level of direct and indirect connections between issuers of tokens and the broader financial system, the extent of transactions involving tokens, and data availability. By providing such criteria, the EBA aims to create a standardized and systematic approach to assess the significance of these crypto-assets.
Secondly, the EBA’s response delves into the subject of supervisory fees. It outlines the criteria that should be followed when allocating costs among issuers. This approach ensures that the full cost-recovery principle specified in MiCA is upheld, meaning that all incurred costs associated with supervising significant ARTs and EMTs can be charged to the issuers. This framework is designed to facilitate the sustainable and effective supervision of these crypto-assets within the EU.
MiCA itself, which officially came into effect on 29 June 2023 (eventid=21482), plays a pivotal role in regulating crypto-assets and their service providers across the EU. This regulation encompasses activities related to offering or trading ARTs and EMTs and the issuance of these tokens. The EBA has been entrusted with supervising significant ARTs and EMTs, developing relevant technical standards, and collaborating with other relevant authorities.
The EBA’s response was informed by public workshops, bilateral engagements with various financial authorities, and discussions within the EBA’s network on crypto-assets.