Response to consultation on draft RTS on the procedure for the approval of white papers of ARTs issued by credit institutions

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Question 1. Do you agree with the 20-working day period for the assessment of completeness of the crypto-asset white paper, as regulated under Article 3?

We agree with the proposed period of 20 working days but want to bring EBA’s attention to the misalignment in the approach between the assessment of the completeness of the white paper when the entity issuing the ART is a credit institution compared to when it isn’t.

Article 2 (2) requires that the authority shall “immediately” notify the applicant “and indicate the missing required information” without providing a timeframe for the notification to take place. We request that further alignment in the approach and a concrete timeframe be included in all similar Implementing Regulations related to MiCA.

Question 2. Do you agree with the rules, as regulated under Article 4, on the request of missing information to a crypto-asset white paper, including on the 20-working day period for the deadline to provide missing information?

See the answer to Question 1 above.

Question 3. Do you agree with the rule, as regulated under Article 6, that where the ECB and, where applicable, another central bank do not transmit an opinion to the relevant competent authority within the set deadline, the latter may consider this as an indication that there is no negative opinion on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty?

We generally agree with this rule, particularly if it also reflects the unified access to resources, including training and information, provided to the central banks in member states.

Question 4. Do you agree with the possibility that, in the context of the substantive review of the crypto-asset white paper, the competent authority can request of changes to a crypto-asset white paper, and the rules on that request, as regulated under Article 7?

We generally agree with this possibility.

Name of the organization

European Crypto Initiative (EUCI)