Source: OJ L 150, 9.6.2023, pp. 40–205

Current language: EN

Article 85 Identification of significant crypto-asset service providers

Summary What does Article 85 of the MiCA regulation say?

This article establishes the criteria for classifying a crypto-asset service provider as "significant" and sets out the corresponding notification and supervisory reporting obligations that follow from that classification.

The threshold is quantitative and user-based: a provider crosses into "significant" territory once it reaches an average of 15 million active Union users over a calendar year.

Once that threshold is met, a chain of notifications is triggered — first from the provider to its competent authority, and then from the competent authority to ESMA.

The article also establishes an ongoing information-sharing structure, requiring home Member State competent authorities to keep ESMA's Board of Supervisors updated on key supervisory developments concerning significant providers, including authorisations, withdrawals, and the exercise of specific supervisory powers.

Important points:

  • Notify your competent authority within two months of reaching an average of 15 million active Union users in a calendar year, as this triggers the "significant" classification.
  • Competent authorities of home Member States are required to provide ESMA's Board of Supervisors with at least annual updates on supervisory developments relating to significant crypto-asset service providers.
  • ESMA retains the ability to deploy its powers under Regulation (EU) No 1095/2010 where appropriate in the context of significant providers.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

    1. A crypto-asset service provider shall be deemed significant if it has in the Union at least 15 million active users, on average, in one calendar year, where the average is calculated as the average of the daily number of active users throughout the previous calendar year.

    1. Crypto-asset service providers shall notify their competent authorities within two months of reaching the number of active users as set out in paragraph 1. Where the competent authority agrees that the threshold set out in paragraph 1 is met, it shall notify ESMA thereof.

    1. Without prejudice to the responsibilities of competent authorities under this Regulation, the competent authorities of the home Member States shall provide ESMA’s Board of Supervisors with annual updates on the following supervisory developments in relation to significant crypto-asset service providers:

      1. ongoing or concluded authorisations as referred to in Article 59;

      2. ongoing or concluded processes of withdrawal of authorisations as referred to in Article 64;

      3. the exercise of supervisory powers set out in Article 94(1), first subparagraph, points (b), (c), (e), (f), (g), (y) and (aa).

    2. The competent authority of the home Member State may provide ESMA’s Board of Supervisors with more frequent updates, or notify it prior to any decision taken by the competent authority of the home Member State with regard to the first subparagraph, point (a), (b) or (c).

    1. The update referred to in paragraph 3, second subparagraph, may be followed by an exchange of views at ESMA’s Board of Supervisors.

    1. Where appropriate, ESMA may make use of its powers under Articles 29, 30, 31 and 31b of Regulation (EU) No 1095/2010.

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