Today the Bank of Italy has published a document containing useful information for entities intending to issue e-money tokens (EMTs) or asset-reference tokens (ARTs), as regulated by Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR).
To smooth the transition to the new regime, as the decree implementing MiCAR comes into effect, the entities intending to start to issue ARTs or EMTs are urged to contact the national competent authorities well in advance of submitting their formal notification or application for authorization, so as to present their initiatives and receive clarification on the information and documents to be submitted, as well as on the applicable legislation. The document published today contains the contact information to request an informal dialogue and to then formalize the notifications and applications for authorization.
The document notes that only once the decree implementing MiCAR enters into force will the Bank of Italy accept formal applications for the authorization to operate as ART issuers, as well as notifications for their issuance from banks and class 1 investment firms, and to initiate, in agreement with CONSOB and within the bounds of their respective remits, the relevant assessment processes.
The banks and electronic money institutions (EMIs) intending to issue EMTs have been able to submit their notifications to the Bank of Italy since 30 June 2024.
Moreover, the document draws attention to the Bank of Italy's Communication of 22 July 2024 and urges entities to take into account, going forward, the regulatory technical standards (RTS) and implementing technical standards (ITS), as well as the guidelines currently being drafted by the European authorities (EBA and ESMA) and submitted for public consultation. Finally, the entities intending to issue EMTs or ARTs should read the 'Priorities for ART/EMT issuers supervision' published by the European Banking Authority (EBA) on 5 July 2024.
