- On March 13, the European Banking Authority (EBA) printed draft guidelines for criticism dealing with procedures for Asset-Referred Token (ART) issuers.
- The EBA collaborated with the European Securities and Markets Authority (ESMA) on the draft Regulatory Technical Requirements (RTS).
- These regulatory requirements are a part of MiCA’s provisions on stablecoins.
The European Banking Authority (EBA) has printed draft guidelines outlining the regulatory requirements relevant to stablecoin issuers in relation to shopper complaints.
The EBA labored on the draft Regulatory Technical Requirements (RTS) in cooperation with the European Securities and Markets Authority (ESMA).
“With a view to keep away from divergent criticism dealing with procedures between asset-backed token issuers and third-party entities, complainants ought to be capable to submit their complaints utilizing a harmonized template relevant to asset-backed token issuers’ criticism dealing with procedures no matter the place the issuer is situated finds established or the place the token was distributed“, says the EBA proposal.
The RTS will assist be sure that the EU has “environment friendly and clear procedures for quick, truthful and constant dealing with of complaints.” Additionally it is for a stage taking part in discipline in the case of dealing with complaints throughout the EU.
provisions of MiCA
The regulatory requirements are a part of the mandate for the European Banking Authority (EBA) as set out in Regulation (EU) 2023/1114 of the EU Markets in Crypto Property Act (MiCA).
MiCA entered into drive within the EU on June 29, 2023. One in every of its provisions was for the EBA to suggest guidelines on asset-linked tokens, or stablecoins, pegged to multiple fiat forex or cryptocurrency.
The EBA mentioned in a press launch printed on Wednesday {that a} public session on the draft RTS occurred between 12 July and 12 October 2023.
Draft requirements will now go to the European Fee, the European Parliament and eventually the European Council earlier than being printed within the Official Journal of the European Union.
MiCA provisions on ART will apply from 30 June 2024.
