20251006_nbb_2025_07.pdf

The National Bank of Belgium (NBB) issued a communication to credit institutions, electronic money institutions, payment institutions, stockbroking firms, and insurance companies regarding the guidelines of the European Supervisory Authorities on Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR). The main points are:

• MiCAR defines crypto-assets broadly and differentiates between three types: electronic money tokens (EMTs), asset-referenced tokens (ARTs), and other tokens.
• The regulation includes prudential requirements for issuers, offerors, and persons requesting admission to trading of certain crypto-assets.
• The NBB expects regulated entities to inform it sufficiently in advance of their intention to provide crypto-asset services.

The communication also summarizes the guidelines issued by the European Banking Authority (EBA), European Securities and Markets Authority (ESMA), and European Insurance and Occupational Pensions Authority (EIOPA) on various aspects of MiCAR, including:

• Classification of crypto-assets under MiCAR
• Conditions and criteria for qualifying crypto-assets as financial instruments
• Maintenance of systems and security access protocols for offerors and persons seeking admission to trading of crypto-assets other than ARTs and EMTs
• Guidelines for issuers of ARTs and EMTs, including common reference parameters of stress test scenarios, recovery plans, and redemption plans.

The NBB's expectations are that regulated entities already subject to prudential supervision by the NBB will comply with these guidelines and notify it sufficiently in advance of their intention to provide crypto-asset services.