On 27 June 2025, the European Commission adopted a Delegated Regulation supplementing the Regulation on markets in crypto assets (MiCA) with regard to regulatory technical standards (RTS) specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens.
The provisions in the Delegated Regulation specify the minimum contents of the liquidity management policy and procedures. The draft RTS under Article 36(4) of MiCA establish the minimum amount of deposits in each official currency referenced, including also for the cases of significant tokens under Article 45(7) for consistency reasons. Within the specification of the minimum contents of the liquidity management policy and procedures, the draft RTS set out procedures for identifying, measuring and managing liquidity risk. Furthermore, they envisage a contingency policy and mitigation tools and outline minimum aspects of liquidity stress testing.
Next steps
The Delegated Regulation enters into force on the twentieth day following that of its publication in the Official Journal of the European Union.