Art. 6 Type of stress testing | RTS on stress test programmes | MiCA

1. Issuersmeans 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 shall implement a solvency stress test and a liquidity stress test.
1. The solvency stress test shall capture the impact of certain developments including macro or microeconomic scenarios, on the overall capital position 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, including on its minimum or additional own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; requirements, by means of projecting the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;’ capital resources and requirements, highlighting the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’ vulnerabilities and assessing its capacity to absorb losses and the impact on its solvency positions.
1. The liquidity stress test shall capture the impact of certain developments including macro or microeconomic scenarios, from a funding and market risk perspective and shocks to the liquidity of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; and to the overall liquidity position 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, including to its minimum or additional liquidity requirements.
1. The specific design, complexity and level of detail of the stress test methodologies shall be appropriate to the nature of the asset-referenced tokenmeans 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 token, including redemption rights’ nature, scale and size, as well as the complexity, concentration and composition of its reserve assets.