The EBA consults on Guidelines on redemption plans under the Markets in Crypto-Assets Regulation
The European Banking Authority (EBA) launched a consultation on the Guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto assets Regulation (MiCAR). The Guidelines specify the content of the redemption plan, the timeframe for review and the triggers for its implementation. The Guidelines are addressed to issuers of asset-referenced tokens (ART) and of e-money tokens (EMT), and to competent authorities under MiCAR. The consultation run until 10 June 2024.
In particular, the draft Guidelines:
. clarify the main principles governing the redemption plan, such as the equitable treatment of token holders, and describe the main steps for the orderly and timely implementation of the plan, including the communication plan, the content of the redemption claims and the distribution plan;
. cover the case of pooled issuance, where the same token is issued by multiple issuers; and
. outline the triggers for the activation of the plan by the competent authority and the cooperation with the prudential and resolution authorities.
Background
Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the European Union (EU). It came into force on 29 June 2023, and the provisions relating to ARTs and EMTs will be applicable from 30 June 2024.
Among the activities within the scope of MiCAR are the activities of offering to the public or seeking admission to trading of ARTs and EMTs and issuing such tokens. Supervision tasks are conferred on the EBA for ARTs and EMTs that are determined by the EBA to be significant. Additionally, the EBA is mandated to develop 17 technical standards and guidelines under MiCAR to further specify the requirements for ARTs and EMTs, and an additional 3 mandates jointly with ESMA (and, in one case, also with the European Insurance and Occupational Pensions Authority – EIOPA).
_______________
Documents
Consultation paper on draft Guidelines on redemption plans under MiCAR (467.12 KB – PDF) – Download
Related content
Consultation10 JUNE 2024
Consultation on Guidelines on redemption plans under MiCAR
Public hearing – 22/05/2024 – 14:00 – 22/05/2024 – 16:00
Public hearing on draft Guidelines on redemption plans under MiCAR
Regulatory activityUnder consultation – Guidelines on redemption plans under MiCAR
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
