In this act Article 2 of 4

Article 2 — Indicators for assessing significance on international scale

Financial servicesLevel 2Delegated RegulationMiCAIn forceOfficial source

1.When assessing whether the criterion set out in Article 43(1), point (e), of Regulation (EU) 2023/1114 is fulfilled, the EBA shall assess all of the following core indicators:

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2(1)(a)

a)the significance of the market share of value of cross-border transactions in asset-referenced tokens or e-money tokens into the Union and from the Union;

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2(1)(b)

b)the significance of the estimated market share of value of cross-border transactions in asset-referenced tokens or e-money tokens into the Union and from the Union that are associated to uses as a means of exchange;

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2(1)(c)

c)the degree of market capitalisation on an international scale of an asset-referenced token or an e-money token on the last calendar day of the relevant period;

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2(1)(d)

d)the degree of market capitalisation on an international scale of all asset-referenced tokens and e-money tokens issued by the issuer or issuers concerned on the last calendar day of the relevant period.\

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2(2)

2.For the purposes of paragraph 1, point (a), the EBA shall consider all of the following sub-indicators:

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2(2)(a)

a)the market share of value of cross-border transactions in asset-referenced tokens or e-money tokens into the Union (inflow transactions);

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2(2)(b)

b)the market share of value of cross-border transactions in asset-referenced tokens or e-money tokens from the Union (outflow transactions).\

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The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (a), in accordance with the following formula:

the total aggregate value of transactions of which the payer is outside the Union and the payee is inside the Union in a given asset-referenced token or e-money token during the relevant period

the total aggregate value of transactions of which the payer is outside the Union and the payee is inside the Union in all asset-referenced tokens and e-money tokens during the relevant period

The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (b), in accordance with the following formula:

the total aggregate value of transactions of which the payer is within the Union and the payee is outside the Union in a given asset-referenced token or e-money token during the relevant period

the total aggregate value of transactions of which the payer is within the Union and the payee is outside the Union in all asset-referrenced tokens and e-money tokens during the relevant period

2(3)

3.The EBA shall calculate the estimated market share referred to in paragraph 1, point (b), in accordance with the following formula:

the estimated total aggregate value of cross-border transactions in a given asset-referenced token or e-money token into the Union and from the Union that are associated to its uses as a means of exchange during the relevant period

the estimated total aggregate value of cross-border transactions in all asset-referenced tokens and e-money tokens into the Union and from the Union that are associated to their uses as a means of exchange during the relevant period)

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