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The European Banking Authority (EBA) has provided new clarifications on the application of the Markets in Crypto-Assets (MiCA) Regulation regarding public offerings and trading admissions of asset-referenced tokens (ARTs) and e-money tokens (EMTs).
The guidance, published via a Q&A, addresses legal obligations following the regulation's Titles III and IV enforcement from June 30 last year.
The EBA points out that under Articles 16 and 48 of MiCA, only authorised issuers can offer ARTs or EMTs to the public or seek their admission to trading in the EU.
Other entities may do so only with written consent from the authorised issuer, and operators of trading platforms listing non-compliant tokens are considered to be seeking admission to trading on their own initiative, in violation of the MiCA framework.
In addition, the EBA says in its response to law firm Kramer Levin that certain crypto-asset services, such as exchange services or order execution, may be deemed public offerings if promotional activities are involved, requiring case-by-case assessments.
Since the June 30 implementation date, offering or trading non-compliant ARTs and EMTs, including tokens initially offered or traded before the enforcement date, has been prohibited.
