Wu said that the European Banking Authority (EBA) and the European Central Bank (ECB) have jointly developed and issued a series of technical standards and guidelines for the Crypto-Asset Market Regulation (MiCAR), which aims to regulate the asset reference tokens (ARTs) and electronic money tokens (EMTs) markets in the EU. These technical standards and guidelines cover adjustments to own capital requirements, stress testing plans, reserve asset liquidity requirements, highly liquid financial instruments, and liquidity management policies and procedures.
