{"id":"circulars/cssf-25-872","title":"Circular CSSF 25/872","type":"circular","date":"2025-02-17","kind":"circular","html":"<p>Circular CSSF 25/872 is a CSSF circular, published 17 February 2025 and updated 25 February 2025. Subject: Application of the Guidelines of the European Banking Authority on the minimum content of the governance arrangements for issuers of asset-referenced tokens (EBA/GL/2024/06).</p>\n<p>Main topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.</p>\n<h2>Text</h2>\n<p>Circular CSSF 25/872 Application of the Guidelines of the European Banking Authority on the minimum content of the governance arrangements for issuers of asset-referenced tokens (EBA/GL/2024/06)</p>\n<p>Circular CSSF 25/872 Application of the Guidelines of the European Banking Authority on the minimum content of the governance arrangements for issuers of asset-referenced tokens (EBA/GL/2024/06) To all the issuers, as defined in Article 3(1), point 10 of Regulation (EU) 2023/1114 1 (“MiCAR”), of asset-referenced tokens (“ARTs”) as defined in Article 3(1), point 6 of MiCAR.</p>\n<p>Luxembourg, 17 February 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of European Banking Authority (the “EBA”) on the minimum content of the governance arrangements for issuers of ARTs (Ref. EBA/GL/2024/06) (the “Guidelines”), published on 6 June 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.</p>\n<ol>\n<li>The Guidelines The Guidelines are issued by the EBA on the basis of Article 34(13) of MiCAR pursuant to Article 16 of Regulation (EU) No 1093/2010. The Guidelines apply as from 20 December 2024. The Guidelines specify the minimum content of the governance arrangements for issuers of ARTs in particular regarding the monitoring tools for the risks, the business continuity plans, the internal control mechanism, and the audits, including the minimum documentation to be used in the audits. The</li>\n</ol>\n<p>Guidelines</p>\n<p>are</p>\n<p>attached</p>\n<p>this</p>\n<p>circular</p>\n<p>and</p>\n<p>are</p>\n<p>available</p>\n<p>the</p>\n<p>EBA’s</p>\n<p>website</p>\n<p><a href=\"https://www.eba.europa.eu/\" target=\"_blank\" rel=\"noreferrer\">https://www.eba.europa.eu/</a>.</p>\n<ol start=\"2\">\n<li>Scope of application This circular shall apply to all issuers, as defined in Article 3(1), point 10 of MiCAR, of ARTs as defined in Article 3(1), point 6 of MiCAR.</li>\n</ol>\n<p>Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937</p>\n<ol start=\"3\">\n<li>Date of application This circular shall apply with immediate effect.</li>\n</ol>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/circular-cssf-25-872/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/cssf25_872eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}