The EBA consults on draft Guidelines on recovery plans for issuers of asset-referenced tokens and e-money tokens under MiCAR

  • News
  • 8 November 2023

The European Banking Authority (EBA) today launched a consultation on draft Guidelines on recovery plans to be drafted by issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs). These draft Guidelines set out the requirements with respect to the format of the recovery plans and the information to be included therein. This consultation together with other consultations papers published today form part of the third batch of MiCAR policy products. The consultation runs until 8 February 2024.

Through recovery planning, issuers of ARTs and EMTs should prepare in advance to face adverse scenarios that may impact their ability to comply with the regulatory requirements applicable to the reserve of assets. The draft Guidelines set out supervisory expectations for issuers to be able to identify and understand the risks they face and lay down possible actions to restore compliance with regulatory requirements.

In specifying the content of the recovery plans, these draft Guidelines build on the existing legislative requirements on recovery planning in financial sector and supervisory experience and adapt them, where relevant, to reflect the specificities of ART and EMT issuers. The draft Guidelines also include provisions on the interaction between the recovery plans drafted by multiple issuers of the same token or by issuers offering two or more tokens to the public, as well as to reduce the burden on credit institutions and investment firms already subject to the recovery planning obligations under the Bank Recovery and Resolution Directive (BRRD).

Consultation process

Comments on the consultation paper can be sent by clicking on the "send your comments" button on the EBA's consultation page. The deadline for the submission of comments is 8 February 2024.

The EBA will hold a public hearing on different consultation papers in the form of a hybrid meeting on 30 January from 10:00 to 12:00 CET, with the consultation paper on recovery plans being discussed in the morning session. The EBA invites interested stakeholders to register using this link by 23 January 2024 at 16:00 CET. The dial-in details will be communicated to those who have registered for the meeting.

All contributions received will be published following the end of the consultation, unless requested otherwise.

Legal basis

The EBA has developed these draft guidelines in accordance with Article 46(6) of Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) after consultation with the European Securities and Markets Authority (ESMA), which mandates the Authority to specify the format of the recovery plan and the information to be provided in the recovery plan.


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).


Consultation paper on Guidelines on recovery plans under MiCAR

(404.07 KB - PDF)

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