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Central Bank crypto expectations set out

The Central Bank has updated its Markets in Crypto Assets Regulation (MiCAR) information in light of the new EU framework for the regulation of crypto-assets.

As competent national authority, the Central Bank has set out its policies, and expectations of crypto firms under the MiCAR authorisation process.

The updated information will assist existing issuers of Asset Reference Tokens (ARTs) and Electronic Money Tokens (EMTs) and potential crypto-asset service providers CASPs.

MiCAR applies to issuers of ARTs and EMTs since 30 June and will apply to CASPs from year-end.

Any entity with plans to offer or trade ARTs/EMTs is asked to contact the regulator.

Expectations

The Central Bank has also flagged the European Banking Authority (EBA) statement of 5 July setting out compliance expectations.

On 31 July, the European Securities and Markets Authority (ESMA) also addressed the risks presented by global crypto firms seeking authorisation under MiCAR, while still keeping a substantial part of their group activities outside EU regulatory scope.

ESMA said that regulators should be vigilant during authorisation, and scrutinise the business structures of global firms to ensure that they were compliant, for an orderly functioning of the crypto market.