Source: OJ L, 2025/1264, 3.10.2025

Artikel 1 Geltungsbereich

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.

Diese Verordnung gilt für die folgenden Emittenten von vermögenswertereferenzierten Token und E-Geld-Token:

Emittenten signifikanter vermögenswertereferenzierter Token;
E-Geld-Institute, die signifikante E-Geld-Token ausgeben;
Emittenten nicht signifikanter vermögenswertereferenzierter Token, wenn eine zuständige Behörde dies nach Artikel 35 Absatz 4 der Verordnung (EU) 2023/1114 verlangt;
E-Geld-Institute, die nicht signifikante E-Geld-Token ausgeben, wenn eine zuständige Behörde dies nach Artikel 58 Absatz 2 der Verordnung (EU) 2023/1114 verlangt.

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Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.