Commission Delegated Regulation (EU) 2025/1264

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THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to 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^note, and in particular Article 45(7), fourth subparagraph, thereof,Whereas:

(1)Pursuant to Article 35(4) and Article 58 of Regulation (EU) 2023/1114, the requirements laid down in Article 45(3) of that Regulation apply not only to issuers of significant asset referenced tokens, but also to electronic money institutions issuing significant e-money tokens and, where required by their competent authorities, to issuers of asset referenced tokens that are not significant and to electronic money institutions issuing e-money tokens that are not significant.

(2)In accordance with Regulation (EU) 2023/1114, the Commission is to specify the minimum contents of the liquidity management policy and procedures for managing the liquidity risk of issuers of asset-referenced tokens or e-money tokens ensuring that the value of the reserve of assets can meet requests for redemption by holders of such tokens under normal and stress scenarios ensuring the normal continuity of the business. In order to meet requests for redemption, issuers of asset-referenced tokens or e-money tokens should pay particular attention to the volatility of the assets referenced relative to the reserve of assets and should perform a subsequent analysis of the necessary overcollateralisation. To mitigate any counterparty risk, issuers of asset-referenced tokens or e-money tokens should avoid risks of concentration of the custodians of the reserve of assets.

(3)Issuers of asset-referenced tokens or e-money tokens should establish a liquidity contingency plan with early warning signals and liquidity risk mitigation tools. In particular, issuers of asset-referenced tokens or e-money tokens should monitor as an early warning signal the volatility of assets referenced relative to the reserve of assets and the evolution of any gap between the market value of the tokens and the market value of the assets referenced, in order to anticipate potential material redemption requests, particularly in view of any potential underestimation of the market value of tokens in the market. Given that an overestimation of the market value of a token might create an incentive to sell it, issuers of asset-referenced tokens or e-money tokens should pay attention to transaction volumes and prices in order to be ready to react to any adverse evolution in the market of the tokens.

(4)As a reserve of assets for one asset-referenced token or e-money token is segregated from a reserve of assets of other such tokens, the liquidity management policy and procedures related to each of them should also be set out seperately.

(5)In order to ensure the reserve assets have a resilient liquidity profile that enables issuers of asset-referenced tokens or e-money tokens to continue operating normally also under scenarios of liquidity stress, a detailed description of the risks covered, the parameters identified and their calibration for the purposes of testing scenarios of liquidity stress, should be included in the liquidity management policy. The review of that information, which should be updated for each liquidity stress testing exercise, is expected to allow supervisors to decide on appropriate measures to strengthen the issuers’ liquidity requirements if necessary.

(6)This Regulation is based on the draft regulatory technical standards, developed in close cooperation with the European Securities and Markets Authority, submitted to the Commission by the European Banking Authority.

(7)The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37(1) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council^note,

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Commission Delegated Regulation (EU) 2025/1264

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