{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/articles/23","url":"https://www.headlesslaw.com/mica/articles/23","title":"Article 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange","family":"l1_hand","work_id":"mica","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":"2024-06-30","application":{"state":"applicable","next":null,"dates":[{"at":"2024-06-30","note":"Article 149(3)"}]},"version_label":"Consolidated version of 9 January 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"4ae3969a7a72482e","change_date":null,"nearest_versions":["2023-06-09","2024-01-09"],"first_text_date":"2023-05-31","correction_applies":false,"versions":["2023-06-09","2024-01-09"],"version_url":"https://www.headlesslaw.com/mica/articles/23/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/articles/23/versions/2024-01-09/rev/4ae3969a7a72482e","versions_url":"https://www.headlesslaw.com/mica/articles/23/versions","relations_url":"https://www.headlesslaw.com/mica/articles/23/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"14667a58a90184b8651058f3fcf455c13e37a6316e764904e13b1bca9e7d9a1a","markdown_sha256":"688ec87bd2e3959b5d233abbfa8372243d3dcd3d599cf4feeb7bab27e2d0226d"},"units":[{"locator":"mica/art/23","kind":"article","status":"in_force","label":null,"heading":"Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mica/art/23/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"Where, for an 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 shall:","marks":[],"revision":1,"text_hash":"545f0b2c8d0d446e654f554f6b055d3b2c3a20903454fc6674d9b6b3946ffeb2","reason":null},{"locator":"mica/art/23/para/1/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"stop issuing that asset-referenced token; and","marks":[],"revision":1,"text_hash":"38265018ecef4c85b70c90190a8648694ac095f79bc448abce2b453e059353ef","reason":null},{"locator":"mica/art/23/para/1/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"within 40 working days of reaching that threshold, submit a plan to the 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.","marks":[],"revision":1,"text_hash":"86f155cc25828c1b416dd7073421c88d6a75cbf8d138851faf9e93d2ebbdf4b1","reason":null},{"locator":"mica/art/23/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"The competent authority shall use the information provided by the issuer, its own estimates, or the estimates provided by the ECB or, where applicable, by the central bank referred to in Article 20(4), whichever is higher, in order to assess whether the threshold referred to in paragraph 1 is reached.","marks":[],"revision":1,"text_hash":"6690dd4f821b7372ef225394a1e32a638a2704d0178fbf68af06bb82498b4ece","reason":null},{"locator":"mica/art/23/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Where several issuers issue the same asset-referenced token, the criteria referred in paragraph 1 shall be assessed by the competent authority after aggregating the data from all issuers.","marks":[],"revision":1,"text_hash":"755c8f5ac27082367d0028a884608f186e7e8885ed47016d9121e83d9c476309","reason":null},{"locator":"mica/art/23/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"The issuer shall submit the plan referred to in paragraph 1, point (b), for approval to the 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.","marks":[],"revision":1,"text_hash":"498ede61b5fcda5868401e1194c57f16e88f58624923b241b9181069eaa0e972","reason":null},{"locator":"mica/art/23/para/5","kind":"paragraph","status":"in_force","label":"5.","heading":null,"text":"The competent authority shall only allow the 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.","marks":[],"revision":1,"text_hash":"ca9cbf57b3c53322e4a6bc9f29e035fec1acbf92b2c684387498e8c4e2feefcc","reason":null}],"markdown":"*In force · Consolidated version of 9 January 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)*\n\n1. <a id=\"p-1\"></a>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:\n\n    <a id=\"p-1-a\"></a>**(a)** stop issuing that [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token); and\n\n    <a id=\"p-1-b\"></a>**(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.\n2. <a id=\"p-2\"></a>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](20.md)(4), whichever is higher, in order to assess whether the threshold referred to in paragraph 1 is reached.\n3. <a id=\"p-3\"></a>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.\n4. <a id=\"p-4\"></a>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).\n5. <a id=\"p-5\"></a>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.\n\n### Related\n\n* [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) — definition used in this article\n* [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article\n* [issuer](https://www.headlesslaw.com/definitions/mica/issuer) — definition used in this article\n\n***\n\n[Title III — Asset-referenced tokens](../titles/iii.md) › Chapter 1 — Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading · [← Article 22](22.md) · [Article 24 →](24.md)\n"}