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EBA Issuance Guidelines for EU Crypto Token Issuers
The European Banking Authority (EBA) has introduced new guidelines for companies issuing certain types of crypto tokens in Europe. This is part of the implementation of the Cryptocurrency Markets Regulation (MiCA) across the EU.
The guidelines cover six key areas: stress test programmes, capital buffers and recovery plans. Under MiCA, there are two main types of regulated tokens:
- Asset-Related Tokens (ART) – These are tokens backed by real-world assets such as commodities, real estate, or a basket of different assets.
- Electronic Money Tokens (EMT) – These are designed to maintain a constant value by being pegged to traditional currencies such as the euro or dollar, similar to stablecoins used for payments.
One of main rules is that token issuers must have sufficient financial resources set aside, called “equity funds,” to cover potential risks. The EBA has set levels within which issuers may face higher risk and need to increase these reserve funds.
New minimum percentages are also envisaged for capital reserves based on short-term obligations with daily and weekly maturities. Issuers also cannot concentrate too many highly liquid assets, such as cash, in these reserves.
The EBA has set deadlines for issuers to adjust their funds to 3% of average reserves of assets classified as significant, with 25 days to provide a plan and up to 6 months for full compliance.
These standards will be mandatory for all digital asset service providers in Europe from 1 July 2026, as part of the wider implementation of MiCA regulation across the continent.
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