Source: OJ L, 2025/1264, 3.10.2025

Article 1 Scope

Summary What does Article 1 of the RTS on liquidity management policy say?

This is the scope article of the Regulation, defining exactly which entities fall under its obligations.

It establishes that the rules apply to issuers of asset-referenced tokens and e-money tokens, covering both those classified as significant and, under certain conditions, those that are not.

The reach of this Regulation therefore extends beyond just the largest or most systemically important issuers, as competent authorities have the power to bring non-significant issuers within scope by invoking provisions of the overarching Regulation (EU) 2023/1114, commonly known as MiCA.

Important points:

Issuers of both significant asset-referenced tokens and significant e-money tokens are automatically subject to this Regulation.
Non-significant issuers of asset-referenced tokens or e-money tokens can also be brought into scope where a competent authority requires it under Regulation (EU) 2023/1114.
Competent authorities therefore play a key role in determining the practical reach of this Regulation beyond its automatic application.

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

This Regulation applies to the following issuers of asset referenced tokens and e-money tokens:

issuers of significant asset-referenced tokens;
electronic money institutions issuing significant e-money tokens;
issuers of asset-referenced tokens that are not significant, where required by a competent authority under Article 35(4) of Regulation (EU) 2023/1114;
electronic money institutions issuing e-money tokens that are not significant, where required by a competent authority under Article 58(2) of Regulation (EU) 2023/1114.

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