> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mica/articles/23.md).

# Article 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange

*In force · Consolidated version of 9 January 2024 · Checked against EUR-Lex on 2 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)

1. Where, for an [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token), the estimated quarterly average number and average aggregate value of transactions per day associated to its uses as a means of exchange within a single currency area is higher than 1 million transactions and EUR 200 000 000 , respectively, the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) shall:

   **(a)** stop issuing that [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token); and

   **(b)** within 40 working days of reaching that threshold, submit a plan to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) to ensure that the estimated quarterly average number and average aggregate value of those transactions per day is kept below 1 million transactions and EUR 200 000 000 respectively.
2. The [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) shall use the information provided by the [issuer](https://www.headlesslaw.com/definitions/mica/issuer), its own estimates, or the estimates provided by the ECB or, where applicable, by the central bank referred to in [Article 20](/mica/articles/20.md)(4), whichever is higher, in order to assess whether the threshold referred to in paragraph 1 is reached.
3. Where several issuers issue the same [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token), the criteria referred in paragraph 1 shall be assessed by the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) after aggregating the data from all issuers.
4. The [issuer](https://www.headlesslaw.com/definitions/mica/issuer) shall submit the plan referred to in paragraph 1, point (b), for approval to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority). Where necessary, the competent authority shall require modifications, such as imposing a minimum denomination amount, in order to ensure a timely decrease of the use as a means of exchange of the [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token).
5. The competent authority shall only allow the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) to issue the asset-referenced token again when it has evidence that the estimated quarterly average number and average aggregated value of transactions per day associated to its uses as a means of exchange within a single currency area is lower than 1 million transactions and EUR 200 000 000 respectively.

#### Related

* [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) — definition used in this article
* [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article
* [issuer](https://www.headlesslaw.com/definitions/mica/issuer) — definition used in this article

***

[Title III — Asset-referenced tokens](/mica/titles/iii.md) › Chapter 1 — Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading · [← Article 22](/mica/articles/22.md) · [Article 24 →](/mica/articles/24.md)


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