{"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/recitals/53","url":"https://www.headlesslaw.com/mica/recitals/53","title":"Recital 53","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":null,"application":null,"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/eli/reg/2023/1114/oj/eng","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"e117ea5f99dfc9b4","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/recitals/53/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/recitals/53/versions/2024-01-09/rev/e117ea5f99dfc9b4","versions_url":"https://www.headlesslaw.com/mica/recitals/53/versions","relations_url":"https://www.headlesslaw.com/mica/recitals/53/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"92853ee125ad6904f382fab427586d899f0bea87386ed420deeb407ffb1cc76f","markdown_sha256":"d87396730a9f581afa27b0debaf6eefce821a062575a26f3b710c3b86111b519"},"units":[],"markdown":"*In force · Regulation (EU) 2023/1114, OJ L 150, 9.6.2023 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)*\n\nTo address the risks to the financial stability of the wider financial system, issuers of asset-referenced tokens should be subject to own funds requirements. Those requirements should be proportionate to the issuance size of the asset-referenced tokens and therefore calculated as a percentage of the [reserve of assets](https://www.headlesslaw.com/definitions/mica/reserve-of-assets) that back the value of the asset-referenced tokens. Competent authorities should however be able to increase the amount of own funds required based on, inter alia, the evaluation of the risk-management process and internal control mechanisms of the issuer, the quality and volatility of the reserve assets backing the asset-referenced tokens, or the aggregate value and number of transactions settled in asset-referenced tokens.\n"}