Art. 106 Coordination with ESMA or EBA | MiCA regulation | MiCA

This article directly supports Article 105, which grants national competent authorities the power to prohibit or restrict certain crypto-asset activities in their Member State.

Article 106 establishes the oversight and coordination layer that sits above those national measures, assigning ESMA (or EBA for asset-referenced tokens and e-money tokens) the role of facilitator and coordinator.

The core purpose is to ensure that when national authorities act, they do so in a justified, proportionate, and consistent manner across the Union.

A key mechanism for this is the requirement for ESMA or EBA to issue a published opinion on any notified national measure, and for competent authorities to publicly explain themselves if they deviate from that opinion.

Important points:

ESMA and EBA are required to issue and publish a public opinion on whether a national competent authority's prohibition or restriction under Article 105 is justified and proportionate.
ESMA and EBA must ensure consistency, justification, and proportionality across measures taken by national competent authorities.
Competent authorities that act contrary to an ESMA or EBA opinion must immediately publish a notice on their website fully explaining their reasons.

1. ESMA or, for asset-referenced tokens and e-money tokens, EBA, shall perform a facilitating and coordinating role in relation to measures taken by competent authorities pursuant to Article 105. ESMA or, for asset-referenced tokens and e-money tokens, EBA, shall ensure that measures taken by a competent authority are justified and proportionate and that a consistent approach is taken by competent authorities, where appropriate.
1. After receiving notification in accordance with Article 105(3) of any measure to be taken pursuant to that Article, ESMA or, for asset-referenced tokens and e-money tokens, EBA, shall issue an opinion on whether the prohibition or restriction is justified and proportionate. If ESMA or, for asset-referenced tokens and e-money tokens, EBA, considers that the taking of a measure by other competent authorities is necessary to address the risk, it shall state this in its opinion. The opinion shall be published on the website of ESMA or, for asset-referenced tokens and e-money tokens, EBA.
1. Where a competent authority proposes to take, or takes or declines to take measures contrary to an opinion issued by ESMA or EBA pursuant to paragraph 2, it shall immediately publish on its website a notice fully explaining its reasons therefor.