On 30 June 2024, Titles III and IV of the Market in Crypto Assets Regulation (MiCA) concerning asset-referenced tokens and e-money tokens enters into force. The Regulation applies to crypto-asset issuers and crypto-asset service providers and outlines additional obligations to crypto-asset issues classified as "significant". The “significant asset-referenced tokens" are defined as entities that have more than 10 million holders of their asset-referenced token, have a market capitalisation of over EUR 5 billion, have more than 2'500'000 daily transactions with a value exceeding EUR 500 million, or as defined as "gatekeepers" based on Digital Markets Act. The issuers have to meet three criteria in their first reporting to be classified as such. Furthermore, the Regulation gives the Commission the power to designate issuers as "significant" even if they don't meet all the criteria. The issuers of crypto assets classified as "significant" have to provide fair remuneration to ensure effective risk management, implement liquidity management strategies and have a minimum of 3% of own capital as reserve assets.
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