EU crypto-asset regulation reporting obligations clarified under MiCA

• The European Banking Authority (EBA) has introduced new reporting obligations for issuers and crypto-assets service providers under the Markets in Crypto-Assets Regulation (MiCA).
• Issuers must submit reports directly to the EBA through its shared technical platform, with data made available to relevant competent authorities.
• Reporting obligations follow fixed quarterly reference and remittance dates, supporting risk monitoring related to issuance activity and coordinated supervision.
• Competent authorities have specific obligations to notify the EBA under MiCA, including notifications on changes in ownership or control and significant events related to ARTs and EMTs.

The significance of an ART or EMT is determined by the EBA based on a set of criteria.

The European Banking Authority (EBA) has introduced new reporting obligations for issuers and crypto-assets service providers under the Markets in Crypto-Assets Regulation (MiCA, Regulation 2023/1114). These obligations aim to support risk monitoring related to issuance activity, assessment of significant asset-referenced tokens (ARTs) and electronic money tokens (EMTs), and their coordinated supervision. The EBA will receive reports directly from issuers through its shared technical platform, with data made available to relevant competent authorities (CAs).

The significance of an ART or EMT is determined by the EBA based on a set of criteria. An issuer meets the significance threshold if at least three out of six criteria are met, including quantitative thresholds established in MiCA and qualitative indicators specified in Commission Delegated Regulation (EU) 2024/1506. The Crypto Asset Standing Committee (CASC) supports the EBA in its assessment, ensuring coordinated and consistent supervision across CAs.

The EBA conducts regular onsite-offsite supervisory activities on specific issuers under its supervision. Off-site supervision involves ongoing monitoring at the EBA's premises, while on-site inspections target specific items or risk areas in depth. Article 22 of MiCA sets out default reporting obligations for issuers and CASPs, which support risk monitoring and coordinated supervision. These obligations follow fixed quarterly reference and remittance dates, with harmonised templates and instructions provided by the Commission Implementing Regulation (EU) 2024/2902 and EBA Guidelines EBA/GL/2024/16.

Competent authorities have specific obligations to notify the EBA under MiCA. Currently, the EBA receives notifications from CAs on various matters, including changes in ownership or control and significant events related to ARTs and EMTs. For further details on notification requirements and templates, please refer to the Information regarding notification requirements for Member States under MiCA.

Lawyers and compliance officers should be aware of the new reporting obligations under MiCA, including fixed quarterly reference and remittance dates, to ensure timely submission of reports to the EBA through its shared technical platform.

Source: Original reporting via Markets in Crypto-assets