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ARTICLE · 15 NOVEMBER 2023

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MiCA Updates: EBA's Third Consultation Package And The Commission's Delegated Acts

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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On 8 November 2023, the European Commission (Commission) published four draft delegated acts under the Regulation on markets in crypto-assets ((EU) 2023/1114) (MiCA)...

European UnionTechnology
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
John O'Connor
John O'Connor
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On 8 November 2023, the European Commission (Commission) published four draft delegated acts under the Regulation on markets in crypto-assets ((EU) 2023/1114) (MiCA) and the European Banking Authority (EBA) published its third and final consultation package on technical standards and guidelines under MiCA.

William Fry's Financial Regulation and Fintech teams examine these developments.

Commission delegated acts

The European Commission's delegated acts are intended to supplement MiCA by:

  • Specifying criteria for an asset-referenced token (ART) or e-money token (EMT) to be classified as significant (Article 43(11) MiCA).
  • Introducing criteria and factors to be taken into account by the European Supervisory and Markets Authority (ESMA), the EBA, and competent authorities in relation to product intervention powers (e.g. the ability of a body/authority to restrict or ban the sale of crypto-assets or related activities) (Articles 103(8), 104(8) and 105(7) MiCA).

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