MiCA regulation is being developed under the newest guidelines from the EBA
As MiCA implementation progresses, the European Banking Authority has issued a series of technical standards and guidelines. The European Banking Authority (EBA) has issued a complete set of technical standards and recommendations under the Markets in Crypto-Assets (MiCA) law, which provides regulatory guidance for asset-referenced tokens (ARTs) and e-money tokens (EMTs) throughout Europe.
The package covers six themes: stress testing programmes, asset reserves, and recovery strategies. MiCA defines ARTs as tokens backed by commodities, real estate, or a basket of assets. In contrast, EMTs retain a constant value by being tied to fiat currencies and utilized for payments, similar to stablecoins.
The authority specifically specifies requirements for token issuers, including the requirement for enough financial resources (own cash) to handle potential risks. It also creates measures to assess whether an issuer is facing a higher level of risk, which should lead to an increase in its own fund reserves.
The EBA’s publications detail the mechanism and timeline for issuers to adjust their own capital to 3% of the average reserve of assets categorized as substantial. The implementation plan must be provided within 25 working days, with compliance completed within a maximum of six months. In addition, the European Commission is establishing minimum asset reserve percentages based on daily and weekly maturities, as well as limiting issuers’ concentration of highly liquid financial products. One of the drafts
“The minimum amount of deposits with credit institutions to be held in the reserve of assets related to tokens that are not significant and are referenced to official currencies should be kept to 30% of the amount referenced, or to 60% if the token is significant, and not raised any higher.”
Tokens tied to assets other than official currencies, such as commodities or real estate, may also be deemed extremely liquid. The EBA also imposes limits on the quantity of these highly liquid financial products that a single issuer can provide.
In terms of recovery strategies, the regulator is taking views from the consultation period into account, as well as specifying communication and disclosure content. It also adds a new phrase to explain that requirements for asset reserves do not apply to EMT issuers who are currently exempt from the legislation. The MiCA rule is being implemented in part through the standards guidelines. By July 1, 2026, providers of digital asset services must have met the new standards.
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