Art. 2 Indicators for assessing significance on international scale | Criteria for significance classification | MiCA

1. When assessing whether the criterion set out in Article 43(1), point (e), of Regulation (EU) 2023/1114 is fulfilled, the EBA shall assess all of the following core indicators:
  1. the significance of the market share of value of cross-border transactions in asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or e-money tokens into the Union and from the Union;
  2. the significance of the estimated market share of value of cross-border transactions in asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or e-money tokens into the Union and from the Union that are associated to uses as a means of exchange;
  3. the degree of market capitalisation on an international scale of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or an e-money token on the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation.;
  4. the degree of market capitalisation on an international scale of all asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; and e-money tokens issued by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; or issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; concerned on the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation..

For the purposes of paragraph 1, point (a), the EBA shall consider all of the following sub-indicators:
1. the market share of value of cross-border transactions in asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or e-money tokens into the Union (inflow transactions);
2. the market share of value of cross-border transactions in asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or e-money tokens from the Union (outflow transactions).

The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (a), in accordance with the following formula:

the total aggregate value of transactions of which the payer is outside the Union and the payee is inside the Union in a given asset-referenced token or e-money token during the relevant period

the total aggregate value of transactions of which the payer is outside the Union and the payee is inside the Union in all asset-referenced tokens and e-money tokens during the relevant period

The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (b), in accordance with the following formula:

the total aggregate value of transactions of which the payer is within the Union and the payee is outside the Union in a given asset-referenced token or e-money token during the relevant period

the total aggregate value of transactions of which the payer is within the Union and the payee is outside the Union in all asset-referrenced tokens and e-money tokens during the relevant period

The EBA shall calculate the estimated market share referred to in paragraph 1, point (b), in accordance with the following formula:

the estimated total aggregate value of cross-border transactions in a given asset-referenced token or e-money token into the Union and from the Union that are associated to its uses as a means of exchange during the relevant period

the estimated total aggregate value of cross-border transactions in all asset-referenced tokens and e-money tokens into the Union and from the Union that are associated to their uses as a means of exchange during the relevant period)