The European Banking Authority (EBA) on Thursday published the final draft of its technical standards on prudential matters for companies under crypto-asset markets (MiCA) legislation. The EBA's standards set out the criteria for a stress testing program and detail liquidity requirements for reserve assets and recovery plans that issuers need to develop. The recently released plan states: "Asset reference token issuers will need to undergo stress testing based on a reasonable financial stress scenario, and authorities will be able to increase equity fund requirements for asset reference token issuers based on the risk outlook and stress testing results."
The draft technical standard was developed in close collaboration with groups of 27 countries, the European Securities and Markets Authority (ESMA) and other bodies such as the European Central Bank (ECB). MiCA is a wide-ranging bespoke rule for the cryptocurrency industry, passed last year. The act sets rules for cryptocurrency companies and stablecoin issuers.
The European Banking Authority has published the final version of the draft technical standard for prudential matters to be followed by businesses under crypto legislation MiCA
2024-06-13 15:48:06
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