Art. 4 Criteria | RTS on stress test programmes | MiCA

When adopting the decision referred to in Article 35(3) of Regulation (EU) 2023/1114, the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; shall consider all the following risk assessment criteria:

whether the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 is likely to breach the requirements referred to in Article 34(1), (8) and (10) and Articles 36 to 39 of Regulation (EU) 2023/1114 within the following 12 months by assessing whether there are potential deficiencies or weaknesses of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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 in applying all the requirements set out in Article 34 and in Articles 36 to 39 of Regulation (EU) 2023/1114;
whether redemption at par value and market value is ensured in normal or in stressed market circumstances;
whether there is an increased risk of a significant deterioration of the value of the reserve assets or the financial situation of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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;
whether there is an increased operational risk arising from systems including the underlying distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; and any trading platform, market infrastructure or payment system used for the issuance or the transfer of the token and from other third party crypto assets service providers such as custodians, which the tokens or reserve assets might rely on.