On 15 September 2025, Commission Delegated Regulation (EU) 2025/1125 of 5 June 2025 supplementing Regulation (EU) 2023/1114 with regard to regulatory technical standards specifying the information in an application for authorisation to offer asset-referenced tokens to the public or to seek their admission to trading was published.
The Regulatory Technical Standards (“RTS”) were developed based on the delegation set out in Article 18(6) of the MiCA Regulation[1]. They specify, inter alia, the following elements of the application:
- information concerning the identity of the issuer applying for authorisation;
- a programme of operations, including information on the business model, strategy and risk profile, as well as financial information on the business plan;
- information on internal governance rules and organisational structure;
- information on the internal control framework;
- liquidity management, reserve of assets and redemption rights;
- the identity of the members of the management body and evidence of their good repute, knowledge, skills, experience and ability to devote sufficient time to the performance of their duties;
- information on shareholders or members holding qualifying holdings.
The text of the above legal act is available at the following link:
https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202501125
[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).