The draft RTS further develop the "relevant capital treatment for credit risk, counterparty credit risk, market risk, and credit valuation adjustment risk for asset reference tokens (ARTs) that reference one or more traditional asset(s) and ‘other’ cryptoasset exposures - including for example ARTs referencing a cryptoasset – and – unbacked cryptoassets, such as Bitcoin."

The draft RTS also include all the relevant "technical elements on the use of netting, aggregating of long and short positions, criteria to allow hedge recognition for other cryptoassets, and the underlying formulas relevant for calculating the exposure value of cryptoassets for the CCR and market risk treatment."

While the existing Payment Services Directive 2 (PSD2) still applies, the letter advises "national competent authorities (NCAs) to enforce authorisation of PSD2 for a specified subset only of cryptoasset service providers (CASPs) that transact EMTs, to do so only after a transition period that ends on 2 March 2026, and then to deprioritise specified PSD2 provisions."

This package will support:

• the assessment and identification of significant cryptoasset providers;
• the centralisation of institutions’ prudential disclosures in the EBA Pillar 3 data hub, which shall facilitate access and usability of this information to all users, including institutions; and
• competent authorities in performing their supervisory duties regarding issuers’ compliance under MiCA.

This framework will apply as of the second half of 2025.

The publication is the EBA and ESMA’s contribution to the European Commission’s report to the European Parliament and Council under Article 142 of the Markets in Crypto-Assets Regulation (MiCA).

These RTS will "address implementation aspects and ensure harmonisation of the capital requirements on cryptoassets exposures by institutions across the EU."

Deadline for comments is 8 April 2025.

The guidelines are addressed to competent authorities, issuers of ARTs and issuers of EMTs. They specify common templates and instructions for issuers to provide competent authorities and the EBA with the necessary information to cover identified reporting data gaps. The guidelines also include common templates and instructions that issuers should use to collect the data they need from relevant CASPs, contained in annexes in section 4 of the report:

• Annex I: Templates for issuers of ARTs and EMTs;
• Annex II: Instructions for issuers of ARTs and EMTs;
• Annex III: Templates for CASPs;
• Annex IV: Instructions for CASPs; and
• Annex V: Data point model (DPM) and validation rules.

The EBA also published a visual explainer providing guidance on which templates should be submitted by the different types of issuers. The EBA states that changes to the draft guidelines were made in the light of the consultation responses received. The guidelines will apply two months after publication on the EBA website of the translations in the EU official languages.