--- title: "Article 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" shortTitle: "Article 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: Regulation (EU) 2023/1114 instrument: mica celex: 32023R1114 text_version: "Consolidated version of 9 January 2024" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" check_status: matched verified: true last_checked: 2026-11-09 --- *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)* 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](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](../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)