Art. 2 Conditions under which an asset-referenced token or an e-money token is deemed to be used at large scale as referred to in Article 119(2), point (l) of Regulation (EU) 2023/1114 | RTS on consultative supervisory colleges | MiCA

This article defines the precise conditions under which a significant asset-referenced token or significant e-money token is considered to be used "at large scale" in a given Member State.

This determination matters because it feeds directly into Article 119(2), point (l) of Regulation (EU) 2023/1114, which governs which competent authorities qualify for membership of the supervisory college.

The article sets out two quantitative thresholds, either of which can trigger the "large scale" designation, and then clarifies the supporting definitions needed to apply those thresholds consistently, including how to determine the location of holders and what counts as a holder for these purposes.

Important points:

A token is deemed used at large scale in a Member State if either its holders represent at least 20% of that Member State's population on at least one day during the reference period, or daily transactions involving a party in that Member State exceed both 1,250,000 transactions and EUR 250,000,000 in aggregate value.
For location purposes, natural persons are assessed by habitual residence and legal persons by their registered office address.
Competent authorities seeking college membership on this basis are required to submit a reasoned request to EBA supported by data demonstrating that the relevant thresholds are met.

1. For the purpose of Article 119(2), point (l) of Regulation (EU) 2023/1114, a significant asset-referenced token or a significant e-money token shall be deemed to be used at large scale in a Member State, where:
  1. the number of holders of the significant asset-referenced token or of the significant e-money token located in that Member State, on at least one day during the applicable reference period, is of at least 20 % of the population of that Member State; or
  2. the average number and average aggregate value of transactions per day with the significant asset-referenced token or the significant e-money token during the reference period defined in Article 3 of this Regulation, where at least one party to the transactions is located in that Member State, is higher than 1 250 000 transactions and EUR 250 000 000 respectively.
1. For the purpose of paragraph 1, point (a), the holder of the significant asset-referenced token or of the significant e-money token means the holder of that token that benefits of a right of redemption under Regulation (EU) 2023/1114.
1. For the purpose of paragraph 1, the location of a holder of the significant asset-referenced token or of the significant e-money token, or of a party to a transaction with such tokens, refers to any of the following:
  1. for natural persons, their habitual residence;
  2. for legal persons, the registered office address.
1. A competent authority requesting to become a member of the college based on point (l) of Article 119(2) of Regulation (EU) 2023/1114 shall submit a reasoned request to EBA and provide data showing that the criteria mentioned in paragraph 1 are met.