CySEC publishes Policy Statement on fees and reporting for MiCAR compliance
Key highlights of MiCAR
MiCAR introduces a unified regulatory framework for crypto-assets that are fungible but not classified as financial instruments. It affects individuals, businesses, and other entities involved in crypto-asset issuance, public offerings, trading, or related services. MiCAR categorises crypto-assets into:
- Asset-Referenced Tokens (ARTs): Similar to stablecoins and regulated under Title III of MiCAR.
- E-Money Tokens (EMTs): Comparable to electronic money, regulated under Title IV, and outside CySEC’s supervisory scope.
- Other Crypto-Assets: A residual category regulated under Title II.
“Significant” ARTs and EMTs under MiCAR, face additional requirements, including oversight by the European Banking Authority (EBA).
Regulated activities under MiCAR
- Initial offerings and admission of crypto-assets to trading.
- Provision of crypto-asset services.
- Authorisation and compliance obligations for ART and EMT issuers.
- Market abuse prevention and prohibition related to crypto-assets.
Implementation and fee structure
CySEC’s Policy Statement follows a consultation process initiated in June 2024. The fees payable and reporting details have been refined based on industry feedback.
CySEC’s Policy Statement provides the feedback received and outlines the applicable fees.
CySEC has also published supporting Level 2 and Level 3 regulatory measures on its website, providing detailed guidance.
For more information CySEC’s press release can be found here and the Policy Statement can be accessed here.
