On March 13, the European Banking Authority (EBA) released draft rules on handling complaints for issuers of Assets Referenced Tokens (ART). These regulatory technical standards (RTS) were developed in collaboration with the European Securities and Markets Authority (ESMA) and are part of the provisions outlined in the EU’s Markets in Crypto-Assets (MiCA) law for stablecoins.
To ensure a consistent and fair process for handling complaints from consumers, the EBA drafted these standards. The aim is to avoid discrepancies among issuers and third-party entities and create a level playing field for complaint handling across the EU.
The mandate for these rules comes from Regulation (EU) 2023/1114 of MiCA, which became effective on June 29, 2023. This regulation tasked the EBA with developing guidelines specifically for Asset-Referenced Tokens, which are stablecoins pegged to multiple fiat currencies or cryptocurrencies.
The draft RTS underwent a public consultation period from July 12 to October 12, 2023, and will now be reviewed by the European Commission, the European Parliament, and the European Council before being published in the Official Journal of the European Union. These standards will come into effect on June 30, 2024.
The EBA emphasized the importance of these regulations in ensuring effective and transparent procedures for handling complaints related to ART. The goal is to provide a harmonized template for complainants, regardless of where the issuer is located or where the token was distributed.
In addition to these developments, the EBA also announced that a public consultation on the draft RTS for complaints handling procedures for crypto-asset service providers will be launched in the coming weeks.
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