Markets in Crypto-assets

Pursuant to the EU’s Markets in Crypto-assets Regulation (MiCAR) (Regulation 2023/1114), the EBA is responsible for carrying out assessments of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) in order to identify if they meet the criteria for significance as set out in MiCAR. Where the EBA classifies an ART or EMT as ‘significant’, the EBA is responsible for carrying out relevant supervisory tasks under MiCAR, including establishing, managing and chairing supervisory colleges for all significant ARTs and significant EMTs.

The EBA is responsible for conducting direct supervision of issuers of significant ARTs, while significant EMTs (where issued by electronic money institutions) are subject to dual supervision by the EBA and the respective home competent authority. The EBA will exercise its supervisory powers in close cooperation  with any other competent authorities responsible for supervising the respective issuers (in cases where the issuer also carries out other financial services activities).

As part of its supervisory activities, the EBA may request information from issuers, conduct investigations, carry out on-site inspections, take supervisory measures and impose fines.