MiCA issuer threshold checker
Three separate thresholds govern an ART or EMT issuer, and they do very different things. One starts quarterly reporting. One moves your supervisor from the national authority to the EBA. One requires you to stop issuing. This tests all three at once.
MiCA Art. 22 reporting · Art. 43 / 56 significance · Art. 23 means of exchange · nothing stored
Assess one token
Runs in your browser · nothing uploadedAssess a single asset-referenced token or e-money token. Figures are the quarterly averages you would report under Article 22 — not point-in-time snapshots. Leave anything you do not know blank.
Reporting threshold
Article 22 · quarterly reporting to the competent authoritySignificance criteria
Article 43 for ARTs, Article 56 for EMTs · at least three must be metMeans of exchange
Article 23 · within a single currency areaEvery figure tested here is a template in your quarterly return. The MiCA module maps holder counts, reserve composition, transaction volumes and the significance-assessment data to the EBA framework and validates before export — for one regulated entity.
Create free account →They do entirely different things
Firms routinely conflate the reporting threshold with the significance test. Crossing one has nothing to do with crossing another.
You start reporting
Above €100 million issued, quarterly reporting to your competent authority becomes mandatory. Below it, the authority may still require the template. This changes your workload, not your supervisor.
Your supervisor changes
Meet at least three of seven criteria and the EBA may classify the token as significant. Supervision moves from your national authority to the EBA, own funds rise from 2% to up to 3% of average reserve assets, and liquidity stress testing and interoperability obligations attach.
You stop issuing
Where use as a means of exchange within a single currency area exceeds one million transactions and €200 million per day, the issuer must cease issuing and submit a plan within 40 working days to bring the average back below.
Rules reviewed 21 August 2026 · Regulation (EU) 2023/1114 Art. 22, 23, 43, 56 and 58 · significance indicators further specified by Commission delegated act
What this checker does
It applies published thresholds to figures you supply. It does not classify anything — significance is the EBA’s decision, not yours and not ours.
It doesTest all three thresholds
- Applies the €100 million Article 22 reporting threshold.
- Counts how many of the seven significance criteria are met, against the requirement for at least three.
- Treats the transaction criterion correctly — both the count and the value limb must be exceeded for it to count once.
- Tests the Article 23 means-of-exchange cap separately, since it carries the most severe consequence.
- Separates criteria you have confirmed from those you marked unsure.
- Sets out what changes if the token is classified significant.
It does notClassify the token
- Classify a token as significant. Only the EBA does that, on its own assessment.
- Apply the delegated act indicators for international scale or interconnectedness.
- Calculate quarterly averages, or exclude personal wallet transactions from the means-of-exchange figures.
- Determine the currency area a transaction belongs to.
- Address Title II crypto-assets, or authorisation and white paper obligations.
- Produce anything you can file. It is a check, not a return.
Already reporting under Article 22?
The MiCA module maps holder counts, reserve composition and maturity, transaction volumes, means-of-exchange estimates and the significance-assessment templates to the current EBA framework.
Nothing you type here leaves your browser
The check runs entirely in your own browser. No figure you enter is sent to REGREP, written to a log, saved to a database, or passed to any analytics tool.
Holder counts and reserve figures are commercially sensitive well before they are reportable. We would rather not be able to see them.
About MiCA thresholds
When does quarterly reporting become mandatory?
Where the value of the token issued exceeds €100 million, measured globally rather than only within the Union. Below that level, reporting is not automatic but the competent authority may still require the template, so the threshold governs the default rather than the possibility.
How many significance criteria do I have to meet?
At least three of the seven. Classification can follow either from an issuer’s first report after authorisation, or from at least two consecutive subsequent reports where the same three criteria are met. It is the EBA that classifies, not the issuer and not the national authority.
The transaction criterion has two numbers. Do I need both?
Yes. Criterion (c) requires more than 2.5 million transactions per day and more than €500 million in average aggregate daily value. Exceeding one limb alone does not satisfy the criterion, and satisfying it counts as one criterion, not two.
What changes if the token is classified as significant?
Supervision transfers from the national competent authority to the EBA. Own funds rise from 2% to up to 3% of average reserve assets, a liquidity management policy and regular liquidity stress testing apply, and interoperability obligations attach. The additional obligations for issuers of significant ARTs are set out in Article 45.
What is the means-of-exchange cap?
Where the estimated quarterly average number and value of transactions per day associated with use as a means of exchange within a single currency area exceeds one million transactions and €200 million respectively, the issuer must stop issuing the token and submit a plan to its competent authority within 40 working days to bring the average back below the threshold. Transactions between personal wallets are excluded from the calculation.
Does any of this apply to EMTs denominated in euro?
The significance criteria in Article 56 mirror Article 43 for e-money tokens. The Article 22 reporting regime applies to ARTs and, through Article 58, to e-money tokens denominated in a currency that is not an official currency of a Member State. EBA guidelines extend comparable reporting to a wider population, so check the position for your specific token rather than assuming denomination decides it.
Do you store the figures I enter?
No. Everything is checked in your browser and discarded when you close or reload the page.
Crossing a threshold changes who supervises you.
Create a free account and track the figures that decide it, quarter by quarter, in the templates the EBA expects.
No card required · free tier on core modules · nothing stored from this checker