EBA Drives Regulatory Standards For Asset Reference Token Under MiCAR

Key Points:

• EBA Initiates Consultations on ART Standards: The European Banking Authority (EBA) has begun consultations on draft technical standards under MiCAR, aimed at ensuring fair and consistent handling of complaints from asset reference token (ART) holders. 
• By encouraging preparatory action, the EBA aims to minimize disruptive business model adjustments and promote regulatory convergence, ultimately enhancing consumer protection in the crypto market.

On July 12, the EBA announced its consultations on draft technical standards under the “Encrypted Assets Market Regulation” (MiCAR), demonstrating its commitment to fairness and consumer protection in the crypto market.

The EBA’s release of the consultation paper on draft Regulatory Technical Standards (RTS) for processing procedures is a strong indication of its intention to ensure efficient and consistent handling of complaints from asset reference token (ART) holders and other concerned parties. The draft RTSs are set to create a framework that guarantees prompt resolution and fair treatment for all stakeholders involved.

Additionally, the EBA has opened consultations on two sets of draft Regulatory Technical Standards (RTS) and a set of Implementing Technical Standards (ITS). These address the authorization of ART issuers and the criteria for assessing acquisitions related to the market regulation of cryptoassets (MiCAR). By establishing clear and transparent guidelines, the EBA aims to regulate the access to the ART market within the European Union, enabling a level playing field for aspiring issuers and individuals seeking influence.

Furthermore, the EBA has issued a statement emphasizing the importance of timely compliance with MiCAR regulations for financial institutions and businesses involved in Asset Reference Token (ART) or Electronic Money Token (EMT) activities. By encouraging proactive measures and preparedness, the organization seeks to minimize potential disruptions and abrupt adjustments to business models. This approach not only promotes regulatory convergence but also safeguards consumer interests, fostering a stable and secure environment.

The EBA’s commitment to driving regulatory standards for ARTs under MiCAR underscores its dedication to fostering a well-regulated and consumer-friendly crypto market. These initiatives aim to ensure fairness, transparency, and accountability, establishing a solid foundation for the future of encrypted assets in the European Union.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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