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."

The rules which have been added or updated seek to apply MiCA Level 2 and Level 3 requirements or clarify the process which should be followed by applicant’s and/or Authorised Persons when submitting certain notifications to the Authority. All amendments are immediately applicable upon publication  of the updated rules. 

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."

These guidelines are issued under Article 16(1) of the ESMA Regulation and Article 2(5) of MiCA. The purpose of these guidelines is to "specify conditions and criteria for determining whether a cryptoasset should qualify as a financial instrument and therefore ensuring the common, uniform and consistent application of the provisions in Article 2(4)(a) of MiCA. Furthermore, these guidelines provide clarifications on certain features of utility tokens, NFTs and hybrid tokens."

The following were published:

• Commission Delegated Regulation (EU) 2025/292 supplementing MiCA with regard to RTS establishing a template document for co-operation arrangements between competent authorities and supervisory authorities of third countries under Article 107(3).
• Commission Delegated Regulation (EU) 2025/293 supplementing MiCA with regard to RTS specifying the requirements, templates and procedures for the handling of complaints relating to ARTs under Article 31(5).
• Commission Delegated Regulation (EU) 2025/294 supplementing MiCA with regard to RTS specifying the requirements, templates and procedures for the handling of complaints by CASPs under Article 71(5).
• Commission Delegated Regulation (EU) 2025/296 supplementing MiCA with regard to RTS specifying the procedure for the approval of a cryptoasset white paper under Article 17(8).
• Commission Delegated Regulation (EU) 2025/297 supplementing MiCA with regard to RTS specifying the conditions for the establishment and functioning of consultative supervisory colleges under Article 119(8).
• Commission Delegated Regulation (EU) 2025/298 supplementing MiCA with regard to RTS specifying the methodology to estimate the number and value of transactions associated to uses of ARTs and of EMTs denominated in a currency that is not an official currency of a member state as a means of exchange under Article 22(6).
• Commission Delegated Regulation (EU) 2025/299 supplementing MiCA with regard to RTS on continuity and regularity in the performance of cryptoasset services under Article 68(10).

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.