EBA – Consultation with ESMA on Suitability Assessments under MiCAR

On October 20th, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published a consultation document on two joint guideline drafts that aim at  providing the national  Authorities with a common methodology to assess the suitability of board members, shareholders, holders of qualifying holdings in ART (Asset Referenced Token) issuers and CASP (crypto-asset service provider).

With regard to the new MiCAR (Market in Crypto-Assets Regulation) EU regulation on cryptocurriencies, NFTs, and other related activities, EBA and ESMA deemed it necessary to provide useful guidelines clarifying the criteria to be  used to assess the adequacy of all subjects involved.

Indeed, the published Guidelines outline common criteria to assess the adequacy of the expertise , knowledge and experiences of shareholders or-direct or indirect-  partners with qualifying holdings in ART issuers or CASP to ensure their appropriateness and the integrity of the crypto market.

Comments and observations on the draft can be submitted until January 22, 2024, by clicking the dedicated button on the EBA website.