European

EBA Q&A on the passporting procedure for non-credit institution issuers of ARTs

On 5 September 2025, a new Q&A on the passporting procedure for non-credit institution issuers of asset-referenced tokens (ARTs) under the Markets in Crypto Assets Regulation ((EU) 2023/1114) (MiCAR) was published in the European Banking Authority (EBA) Single Rulebook Q&A.

The latest Q&A queried whether National Competent Authorities (NCAs) consider that articles 18, 21, 25 and 109 of MICA regulation set a specific passporting framework for “pure” ART issuers where:

• ART issuers are authorized to market tokens in Member States they declared during the authorization process as soon as they are authorized by home NCAs
• within two working days of granting authorization, home NCAs only have to inform host national competent authorities, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), the European Central Bank (ECB) and competent national central bank of the Member States of the member states where ART issuers intend to market their token
• this information regarding passporting of ART issuers is publicly available on ESMA register

The EBA’s response noted that MiCAR requires a legal person/entity to be established in one Member State in order to offer or seek admission to trading of ARTs in the Union. The home competent authority will communicate to the host Member States, ESMA, EBA, the ECB and, where applicable, the central bank referred to in Article 20(4) of MiCAR, the list of host Member States where the applicant issuer intends to offer or seek admission to trading of ARTs. The ESMA register will make public the list of such host Member States.

RTS and ITS regarding authorisation to offer ARTs to the public or seek their admission to trading published in the Official Journal

On 15 September 2025, the following regulatory technical standards (RTS) and implementing technical standards (ITS) under the MiCAR were published in the Official Journal of the EU:

• Commission Delegated Regulation (EU) 2025/1125 - RTS specifying the information in an application for authorisation to offer ARTs to the public or to seek their admission to trading
• Commission Implementing Regulation (EU) 2025/1126 - ITS on the standard forms, templates and procedures for the information to be included in the application for authorisation to offer ARTs to the public and to seek their admission to trading

Both delegated regulations entered into force on 5 October 2025.

European supervisors tell financial institutions to stay alert to stability risks in uncertain and volatile times

On 19 September 2025, the European Supervisory Authorities (ESAs) issued their autumn 2025 joint committee report on risks and vulnerabilities in the EU financial system. The report highlights how tensions in global trade and the global security architecture have deepened geopolitical uncertainties. The ESAs advise national supervisors, financial institutions and market participants to:

• continue embedding geopolitical risks in their day-to-day business operations and risk assessments, including their dependencies on non-EU markets and service providers
• prepare for short and medium-term challenges amid high uncertainties, such as market corrections, by maintaining adequate provisions and stress testing their liquidity positions
• strengthen vigilance against cyber risks and their potential impact on operational and financial stability, also via third-party service providers
• monitor contagion risks from crypto assets as the market expands and interlinkages between crypto markets and the traditional financial sectors deepen
• play an active role in supporting the savings and investments union initiative while duly considering the liquidity characteristics and risk profiles of alternative investments and their suitability for retail investors

Date published: 29 October 2025

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.