Five regulations concerning crypto-assets have been published in the OJ as of today.
The first one (Commission Delegated Regulation (EU) 2025/415) establishes technical standards for adjusting own funds requirements and stress testing for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs). Competent authorities must assess risks posed by these tokens, including financial stability concerns due to large-scale redemptions, asset devaluation, or systemic market disruptions. The regulation requires stress tests focusing on liquidity and solvency risks, with specific testing frequencies—quarterly for significant issuers and semi-annually for non-significant ones. Additionally, stress tests should simulate plausible financial and operational stress scenarios to ensure issuers maintain adequate capital reserves.
The second regulation (Commission Delegated Regulation (EU) 2025/418) sets governance standards for remuneration policies of significant ART and EMT issuers. The goal is to promote sound risk management by aligning incentives with long-term financial stability. Issuers must implement frameworks similar to those used for investment firms, ensuring variable pay is linked to risk-adjusted performance. The regulation also incorporates Environmental, Social, and Governance (ESG) considerations, requiring issuers to align remuneration with sustainability objectives, including climate impact from blockchain technology. The framework prevents excessive risk-taking by imposing stricter rules on staff bonuses, deferrals, and clawbacks.
The third one (Commission Delegated Regulation (EU) 2025/419) defines procedures and timeframes for issuers to adjust their own funds when required by authorities. Issuers must develop a compliance plan, subject to review and approval by regulators. Authorities will set deadlines based on issuer-specific risks and financial stability concerns. The regulation emphasizes that adjustments must be made promptly and efficiently to ensure the resilience of issuers and prevent market disruptions.
The fourth regulation (Commission Delegated Regulation (EU) 2025/420) establishes rules for the composition and functioning of joint examination teams (JETs) under the EU’s digital operational resilience framework. These teams, made up of staff from European Supervisory Authorities (ESAs) and national regulators, oversee critical ICT service providers in the financial sector. The regulation ensures that JET members have the necessary expertise, allows them to oversee multiple providers, and mandates regular assessments to maintain effectiveness. The Lead Overseer determines team composition based on technological dependencies, geographical distribution, and sectoral representation. It also sets rules for confidentiality, conflict of interest, and financial arrangements to reimburse national authorities for their contributions. The regulation aims to enhance financial stability by improving cooperation and oversight efficiency.
Finally, Commission Delegated Regulation (EU) 2025/421 supports the implementation of the Markets in Crypto-Assets Regulation (MiCA) by specifying data requirements for classifying crypto-asset white papers and ensuring machine-readable formats. It mandates that white papers follow a structured format to allow automated processing, aiding regulatory supervision. Legal Entity Identifiers (LEIs) and Digital Token Identifiers (DTIs) must be used to classify issuers and assets. The regulation aligns with existing EU frameworks to ensure consistency in reporting and enhance market transparency. It helps authorities enforce compliance, improves accessibility of crypto-asset data, and strengthens investor protection.