Article 501d
Transitional provisions on the prudential treatment of crypto-assets
1.
By 30 June 2025, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and to the Council to introduce a dedicated prudential treatment for crypto-asset exposures, taking into account the international standards and Regulation (EU) 2023/1114. That legislative proposal shall include the following:
(a)
criteria for assigning crypto-assets to different crypto-asset categories based on their risk characteristics and compliance with specific conditions;
(b)
specific own funds requirements for all risks entailed by different crypto-assets;
(c)
an aggregate limit for exposures to specific types of crypto-assets;
(d)
specific leverage ratio requirements for crypto-asset exposures;
(e)
specific supervisory powers as regards crypto-asset exposure assignment, monitoring and calculation of the own funds requirements;
(f)
specific liquidity requirements for crypto-asset exposures;
(g)
disclosure and reporting requirements.
2.
Until the date of application of the legislative act referred to in paragraph 1, institutions shall calculate their own funds requirements for crypto-asset exposures as follows:
(a)
crypto-asset exposures to tokenised traditional assets shall be treated as exposures to the traditional assets that they represent;
(b)
exposures to asset-referenced tokens whose issuers comply with Regulation (EU) 2023/1114 and that reference one or more traditional assets shall be assigned a risk weight of 250 %;
(c)
crypto-asset exposures other than those referred to in points (a) and (b) shall be assigned a risk weight of 1 250 %.
By way of derogation from the first subparagraph, point (a), crypto-asset exposures to tokenised traditional assets whose values depend on any other crypto-assets shall be assigned to point (c).
3.
The value of an institution’s total exposure to crypto-assets other than those referred to in paragraph 1, points (a) and (b), shall not exceed 1 % of the institution’s Tier 1 capital.
4.
An institution that exceeds the limit set out in paragraph 3 shall immediately notify the competent authority of the breach and shall demonstrate to the satisfaction of the competent authority a timely return to compliance.
5.
EBA shall develop draft regulatory technical standards to specify the technical elements necessary for institutions to calculate their own funds requirements in accordance with the approaches set out in paragraph 2, points (b) and (c), including how to calculate the value of the exposures and how to aggregate short and long exposures for the purposes of paragraphs 2 and 3.
In developing those draft regulatory technical standards, EBA shall take into consideration the related internationally agreed standards developed by the BCBS as well as existing authorisations in the Union under Regulation (EU) 2023/1114.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2025.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
6.
For the calculation of their own funds requirements for crypto-asset exposures, institutions shall not apply the deduction referred to in Article 36(1), point (b).