The amounts and other relevant requirements set by the European Mica Act:

The Crypto-Asset Market Regulation (MiCA) sets specific amounts and other relevant requirements for Asset Reference Tokens (ARTs) and Electronic Money Tokens (EMTs), Crypto-Asset Service Providers (CASPs). The following are the specific amounts and requirements:


(1) Asset Reference Tokens (ARTs)

ARTs are a stablecoin whose value is pegged to multiple currencies, commodities or other crypto assets. MiCA’s specific requirements for ARTs include:

  • Reserve requirements: Companies issuing ARTs must hold sufficient reserves to ensure the stability of the tokens. The reserves should equal or exceed the total value of issued tokens.

  • Amount limit: The daily trading volume of a single ART shall not exceed 5 million euros. If the market value of ART exceeds 500 million euros, the issuing company must report to the regulator and take additional compliance measures.

  • Transparency and reporting: The issuing company needs to disclose detailed information and financial statements of reserves regularly to ensure transparency. Report the issuance and reserves of tokens to regulators on a monthly basis.


(2) Electronic Money Tokens (EMTs)

EMTs are a type of stablecoin whose value is pegged to a single fiat currency. MiCA’s specific requirements for EMTs include:

  • Reserve requirements: Companies issuing EMTs must hold an equivalent amount of fiat currency reserves to ensure the stability of the tokens. The reserves should be equal to or exceed the total value of the issued tokens.

  • Amount limit: The daily trading volume of a single EMT shall not exceed 5 million euros. If the market value of an EMT exceeds 500 million euros, the issuing company must report to the regulator and take additional compliance measures.


(3) Crypto-asset Service Providers (CASP)

CASPs need to comply with minimum requirements regarding their governance, custody of assets, complaints handling, outsourcing, wind-down plans, disclosures and, most importantly, prudential requirements - CASPs need to maintain permanent minimum capital (“own funds”):

  • Trading platforms are required to maintain a minimum permanent capital (“own funds”) of €150,000

  • 125,000 EUR for a custodian and exchange (broker)

  • €50,000 for all other CASPs




Mica Act link: https://eur-lex.europa.eu/eli/reg/2023/1114/2024-01-09