EBA final report — RTS use of ARTs and EMTs as a means of exchange

EBA final report — RTS use of ARTs and EMTs as a means of exchange EBA/RTS/2024/13 19 June 2024 Final Report Draft Regulatory Technical Standards on the methodology to estimate the number and value of transactions associated to uses of asset-referenced tokens as a means of exchange under Article 22(6) of Regulation (EU) No 2023/1114 (MiCAR) and of e-money tokens denominated in a currency that is not an official currency of a Member State under Article 58(3) of that Regulation FINAL REPORT ON DRAFT RTS ON THE USE OF ARTS AND EMTS DENOMINATED IN A NON-EU CURRENCY AS A MEANS OF EXCHANGE UNDER MICAR Contents 1.

Abbreviations 3 2.

Executive Summary 4 3.

Background and rationale 5 4.

Draft regulatory technical standards 14 5.

Accompanying documents 21 2 FINAL REPORT ON DRAFT RTS ON THE USE OF ARTS AND EMTS DENOMINATED IN A NON-EU CURRENCY AS A MEANS OF EXCHANGE UNDER MICAR 1.

Abbreviations ART Asset-referenced token CASP Crypto-asset service provider CP Consultation paper EBA European Banking Authority ECB European Central Bank EU European Union EMT E-money token FTR Funds Transfer Regulation (Regulation (EU) 2023/1113) ITS Implementing technical standards MiCAR Regulation on markets in crypto-assets (Regulation (EU) 2023/1114) RTS Regulatory Technical Standards 3 FINAL REPORT ON DRAFT RTS ON THE USE OF ARTS AND EMTS DENOMINATED IN A NON-EU CURRENCY AS A MEANS OF EXCHANGE UNDER MICAR 2.

Executive Summary Articles 22(1)(d) and 58(3) of Regulation (EU) 2023/1114 (MiCAR) require the issuer of an asset- referenced token (ART) or of an e-money token (EMT) denominated in a non-EU currency to report to the competent authority, on a quarterly basis, an estimate of the average number and average aggregate value of transactions per day, during the relevant quarter, that are associated to uses of that token “as a means of exchange within a single currency area”.

In support of these provisions, Article 22(6) of MiCAR mandates the EBA to develop, in close coop- eration with the European Central Bank, draft regulatory technical standards (RTS) specifying the methodology to estimate the quarterly average number and average aggregate value of transac- tions per day that are associated to uses of an ART “as a means of exchange within a single currency area”.

In accordance with Article 58(3) of MiCAR, these draft RTS apply to both ARTs and EMTs denominated in a non-EU currency.

On 8 November 2023, the EBA published a Consultation Paper (CP) with its proposals on the draft RTS, for a 3-months consultation period, which ran until 8 February 2024.

The EBA received 9 re- sponses to the CP, which raised around 20 distinct issues and requests for cl EBA · regulatory_technical_standards_final_report · final_draft_technical_standard

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