EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is the EBA's role under MiCA?
The European Banking Authority (EBA) supervises significant Asset-Referenced Token issuers and significant E-Money Token issuers under MiCA, sets binding technical standards, and coordinates AML/CFT supervisory practice for crypto-asset service providers. ESMA covers the CASP-regime and market-conduct dimensions; EBA covers the stablecoin and AML dimensions.
What is the exact legal definition?
MiCA Articles 43-58 establish EBA's role in supervising significant ART and EMT issuers. Article 102 provides for EBA to develop draft regulatory technical standards and implementing technical standards on stablecoin-related questions. Source: Articles 43-58 and 102 MiCA.
What does it actually mean in practice?
Significant ART issuers. Article 43 triggers significance for ART issuers crossing specified thresholds in number of holders, value of issuance, transaction volume, or banking-system interconnections. Significant issuers are supervised jointly with EBA, with the home NCA retaining the primary authorisation relationship.
Significant EMT issuers. Article 56 triggers significance for EMT issuers above the parallel thresholds. Significant EMT issuers face additional restrictions, including potential caps on circulating supply or interest payments if monetary-stability or financial-stability concerns arise.
Technical standards. EBA develops Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) on stablecoin reserves, governance, redemption, and reporting. These are adopted by the European Commission and become binding EU law alongside MiCA.
AML/CFT coordination. EBA chairs the cross-EU coordination on anti-money-laundering supervision, including for CASPs. The forthcoming EU AML Authority (AMLA) will assume some of these functions; until AMLA is fully operational, EBA holds the role.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Article 43 significance triggers (ARTs) | Multiple criteria: holders, issuance value, transaction volume, banking interconnections |
| Article 56 significance triggers (EMTs) | Parallel criteria for single-currency tokens |
| EBA-issued standards | RTS and ITS on stablecoin reserves, governance, redemption |
| AML/CFT role | Coordination across national AML supervisors for CASPs |
What else do users ask about this?
Does the EBA authorise CASPs?
No. CASP authorisation under Article 63 is by the home Member State NCA. EBA's MiCA role centres on stablecoin issuers and AML coordination.
How are 'significant' thresholds set?
Articles 43 and 56 set the criteria; EBA publishes RTS that operationalise the thresholds. A token crossing one or more criteria may be designated 'significant' with a formal procedure involving the home NCA, EBA, and the European Commission.
Who supervises ESG-criterion compliance for stablecoin reserves?
Reserve-composition rules under Articles 36-38 are supervised by the home NCA, with EBA oversight for significant issuers. ESG criteria are not yet directly codified in MiCA.
Which sources is this entry based on?
- MiCA Articles 43 and 56 - Significant ART/EMT criteria
- MiCA Article 102 - Powers of the EBA
- EBA - MiCA stablecoin landing page
- EBA - Crypto-asset AML/CFT supervision
Glossary entries on The Crypto Register are sourced from primary legal texts (Regulation (EU) 2023/1114, ESMA guidelines, national regulator publications). They are not legal advice. Last verified .