Paxos
Paxos Europe
MiCA CASP EMT Data Reporting for USDG
Background
The EU Commission has published an Implementing Regulation (IR) under Markets in Crypto-Assets Regulation (MiCA) to ensure uniform reporting requirements for Crypto-Asset Service Providers (CASPs) and issuers of e-money tokens (EMTs). While this Regulation covers only EMTs denominated in a currency that is not an official currency of a Member State, the European Banking Authority (EBA) has adopted additional guidelines that cover all reporting obligations on EMTs, including for those EMTs that reference EU currencies.
Since USDG is a regulated EMT under MiCA, CASPs providing services in relation to USDG must share both quarterly and daily data points with Paxos Issuance Europe Oy’s (PIE) as USDG’s issuer. This page outlines how regulated CASPs under MiCA in the EU should report these quarterly and daily data points to PIE.
Reporting Obligations and Frequency
CASPs are required to report data on both a quarterly and daily basis:
Quarterly Reporting:
Data Points: Information on token holders, transaction volumes, transactions associated to its uses as means of exchanges, amongst others.
Deadlines: Data must be submitted by the 21st of April, July, October, and January for the previous quarter.
Additional information: More can be found in Annex 3 (Reporting for CASPs - templates) and Annex 4 (Reporting for CASPs - instructions) of the EU Commission Implementing Regulation and the EBA Guidelines also linked below.
Daily Reporting:
CASPs must provide end-of-business day (6:00 PM Eastern European Time (EET), FINLAND) information on token holdings (see S.08.00 in the CASP reporting template and find more information in the instructions).
PIE requires these data points to fulfill its regulatory obligations under MiCA.
How to Report
CASPs must send their data to the reporting email address below. Please ensure that all date reports are compliant with the specified templates and formats outlined in the EU Commission IR and EBA Guidelines.
Email for Reporting: usdg-mica-reporting@paxos.com
For queries or assistance regarding reporting requirements, you may also reach out to the same email address usdg-mica-reporting@paxos.com.
FAQ
What format should CASPs use for theirpa periodic MICA EMT reports?
CASPs should use the template provided at Annex III.
Which conversion rate should be used?
See general remarks on the template at Sec. VII(14), which PIE will follow.
Items that are not denominated in the reporting currency must be converted into the reporting currency by using the ECB spot exchange rate applicable on the reporting reference date.
What is the cut off time & timezone for quarterly reporting?
By close of business (UCT+2 - Eastern European Time) on the 21st of April, July, October, and January for the previous quarter. If the remittance day is a public holiday in the Member State of the competent authority to which the report is to be provided, or a Saturday or Sunday, data shall be submitted on the following working day.
