In a significant move, the European Commission has adopted a series of Delegated Regulations under the EU Markets in Crypto-Assets Regulation (MiCAR). These regulations aim to enhance the regulatory framework governing digital assets, focusing on asset-referenced tokens and e-money tokens.

The adopted Delegated Regulations include:

• Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying the procedural rules for the exercise of the power to impose fines or periodic penalty payments by the European Banking Authority on issuers of significant asset-referenced tokens and issuers of significant e-money tokens.
• Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying the fees charged by the European Banking Authority to issuers of significant asset-referenced tokens and issuers of significant e-money tokens.
• Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying certain criteria for classifying asset-referenced tokens and e-money tokens as significant.
• Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying the criteria and factors to be taken into account by the European Securities Markets Authority, the European Banking Authority and competent authorities in relation to their intervention powers.

These Delegated Regulations, once adopted, will be subject to scrutiny by the Council of the EU and the European Parliament. Should neither entity raise objections, the regulations will proceed to be published in the Official Journal of the European Union (OJ). Upon publication, the Delegated Regulations will come into force on the twentieth day, marking a pivotal step in strengthening oversight within the rapidly evolving crypto-asset landscape.