Article 44 Voluntary classification of asset-referenced tokens as significant asset-referenced tokens

Summary What does Article 44 of the MiCA regulation say?

This article establishes a voluntary opt-in mechanism that complements the mandatory classification process set out in Article 43.

Rather than waiting to be classified as significant after launch, applicant issuers of asset-referenced tokens can proactively request the "significant" classification at the point of applying for authorisation or submitting their notification.

The article then sets out the procedural chain that follows such a request: the competent authority notifies EBA, the ECB and relevant central banks, EBA assesses the programme of operations against the Article 43 criteria, and a final classification decision is reached within 60 working days.

Crucially, if the classification is granted, supervisory responsibility transfers from the national competent authority to EBA at the point of authorisation or white paper approval.

Important points:

Applicant issuers of asset-referenced tokens can voluntarily request significant classification during their authorisation or notification process, but must demonstrate through their programme of operations that they are likely to meet at least three of the criteria in Article 43(1).
EBA is responsible for issuing a final classification decision within 60 working days of the initial notification, after consulting with the competent authority, the ECB, and relevant central banks.
Upon a positive classification decision, supervisory responsibility over the issuer transfers from the national competent authority to EBA, effective from the date of authorisation or white paper approval.

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

1. Applicant issuers of asset-referenced tokens may indicate in their application for authorisation pursuant to Article 18, or in their notification pursuant to Article 17, that they wish for their asset-referenced tokens to be classified as significant asset-referenced tokens. In that case, the competent authority shall immediately notify such request of the applicant issuer to EBA, to the ECB and, in the cases referred to in Article 43(4), to the central bank of the Member State concerned.
2. In order for an asset-referenced token to be classified as significant under this Article, the applicant issuer of the asset-referenced token shall demonstrate, through a detailed programme of operations referred to in Article 17(1), point (b)(i), and Article 18(2), point (d), that it is likely to fulfil at least three of the criteria set out in Article 43(1).
1. EBA shall, within 20 working days of the notification referred to in paragraph 1 of this Article, prepare a draft decision containing its opinion based on the programme of operations whether the asset-referenced token fulfils or is likely to fulfil at least three of the criteria set out in Article 43(1) and notify that draft decision to the competent authority of the applicant issuer’s home Member State, to the ECB and, in the cases referred to in Article 43(4), second subparagraph, to the central bank of the Member State concerned.
2. Competent authorities of issuers of such asset-referenced tokens, the ECB and, where applicable, the central bank of the Member State concerned, shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
1. EBA shall take its final decision on whether to classify an asset-referenced token as a significant asset-referenced token within 60 working days of the notification referred to in paragraph 1 and immediately notify that decision to the applicant issuer of such asset-referenced token and its competent authority.
1. Where asset-referenced tokens have been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 3 of this Article, the supervisory responsibilities with respect to issuers of those asset-referenced tokens shall be transferred from the competent authority to EBA on the date of the decision of the competent authority to grant the authorisation referred to in Article 21(1) or on the date of approval of the crypto-asset white paper pursuant to Article 17.

Table of contents

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.

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