MiCA Significant ART/EMT rules regulation

Regulation · PageRank 0.0030

Also known as: Significant Token regime

Overview

MiCA provides for asset-referenced tokens and e-money tokens to be classified as "significant" when they meet at least three of a set of quantitative thresholds — for example where the value of the token issued, its market capitalisation or the size of the asset reserve exceeds EUR 5 billion. Significance signals that a token poses greater potential systemic risk, and triggers additional prudential, liquidity and governance requirements on its issuer. Once a token is designated significant, supervisory responsibility for the issuer transfers to the European Banking Authority. The EBA has published a decision setting out the procedural aspects of the significance assessment and the transfer of supervision, and MiCA Article 119 requires the EBA to establish a supervisory college for each significant ART or EMT issuer.

Within the DeFi Intel graph, MiCA Significant ART/EMT rules connects to 4 tracked entities, most strongly to EU Markets in Crypto-Assets Regulation, European Banking Authority, Circle.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 4 of 4 total).

Frequently asked questions

How many criteria must a token meet to be classified as significant under MiCA?

At least three of the specified thresholds, one of which is a token value, market capitalisation or reserve size exceeding EUR 5 billion.

What changes when a token is designated significant?

The issuer becomes subject to additional requirements and supervisory responsibility transfers to the European Banking Authority.

What does MiCA Article 119 require?

It requires the EBA to set up a supervisory college for each issuer of a significant asset-referenced token or significant e-money token.