New RTS on liquidity management
On 3 October 2025, another RTS supplementing the Regulation on Markets in Crypto-Assets (MiCA) was published. What is worth knowing?
Obligations concerning liquidity management
The RTS supplements the Regulation on Markets in Crypto-Assets with regard to the requirements imposed on token issuers concerning liquidity management.
Not only significant token issuers
The RTS applies to issuers of significant asset-referenced tokens and significant e-money tokens, as well as – where required by the competent authority – to issuers of the above-mentioned types of tokens that are not significant.
Content of the liquidity management policy
The RTS specifies the minimum content of the issuer’s policy and procedures regarding liquidity management, including, among others, the obligation to maintain an adequate level of reserve assets.
Separation of policies and procedures
The liquidity management policies and procedures covered by the RTS must be separate from the policies and procedures concerning liquidity related to the issuer’s activities other than those related to the issuance of asset-referenced or e-money tokens.
Entry into force
According to the final provision, the regulation enters into force on 23 October 2025.
