The European Banking Authority (EBA) has introduced new guidelines for companies that issue certain types of crypto tokens in Europe. This is part of putting the Markets in Crypto-Assets (MiCA) regulation into practice across the EU.
The guidelines cover six key areas stress testing programs, asset reserves, and recovery plans. Under MiCA, there are two main types of tokens being regulated:
- Asset-Referenced Tokens (ARTs) – These are tokens backed by real-world assets like commodities, real estate, or a basket of different assets.
- E-Money Tokens (EMTs) – These are designed to hold a steady value by being pegged to traditional currencies like the euro or dollar, similar to stablecoins used for payments.
One of the major rules is that token issuers must have enough financial resources set aside, called “own funds,” to cover potential risks. The EBA has set levels for when issuers may face higher risk and need to increase these reserve funds.
There are also new minimum percentages for the asset reserves based on short-term obligations coming due daily and weekly. Issuers can’t concentrate too many highly liquid assets, like cash, in these reserves either.
The EBA laid out deadlines for issuers to adjust their own funds to 3% of the average asset reserves classified as significant, with 25 days to provide a plan and up to 6 months for full compliance.
These standards are mandatory for all digital asset service providers in Europe by July 1, 2026, as part of the broader MiCA regulation roll-out across the continent.
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