> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-23.md). # Article 23 | | | | --------------- | ------------------------------------------------------------------------------- | | **Instrument** | Regulation (EU) 2023/1114 (MiCA) | | **Source** | [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114) | | **Status** | In force | | **Review rule** | Legal-text changes require human review | ### Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange 1. Where, for an [asset-referenced token](https://www.mica.wtf/definitions/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.mica.wtf/definitions/definitions/mica/issuer) shall: 1. stop issuing that [asset-referenced token](https://www.mica.wtf/definitions/definitions/mica/asset-referenced-token); and 2. within 40 working days of reaching that threshold, submit a plan to the [competent authority](https://www.mica.wtf/definitions/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.mica.wtf/definitions/definitions/mica/competent-authority) shall use the information provided by the [issuer](https://www.mica.wtf/definitions/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](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-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://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md), the criteria referred in paragraph 1 shall be assessed by the [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) after aggregating the data from all issuers. 4. The [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) shall submit the plan referred to in paragraph 1, point (b), for approval to the [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md). 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://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md). 5. The competent authority shall only allow the [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) 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://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) — definition used in this article * [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) — definition used in this article * [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) — definition used in this article * [Policy Statement PS-03-2024 — Fees and submission requirements for MiCAR entities](broken://pages/pJJYgqJ8UcYBtDYq7ezl) — national implementation reference * [S.I. No. 607/2024 - European Union (Markets in Crypto-Assets) Regulations 2024](broken://pages/2OaCVkIAygpH9oY0BHgV) — national implementation reference * [Circular CSSF 25/885 — Application of the Guidelines of the European Banking Authority on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under Titles III and IV of Regulation (EU) 2023/1114 (EBA/GL/2024/16)](broken://pages/akqPQxKvUkdqXGI1ox0u) — national implementation reference --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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