> 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-iv-e-money-tokens-art.-48-48/chapter-2/article-57.md). # Article 57 | | | | --------------- | ------------------------------------------------------------------------------- | | **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 | ## Voluntary classification of e-money tokens as significant e-money tokens 1. An [issuer](https://www.mica.wtf/definitions/definitions/mica/issuer) of an [e-money token](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token), authorised as a [credit institution](https://www.mica.wtf/definitions/definitions/mica/credit-institution) or as an [electronic money institution](https://www.mica.wtf/definitions/definitions/mica/electronic-money-institution), or applying for such authorisation, may indicate that it wishes for its e-money token to be classified as a significant e-money token. In that case, the [competent authority](https://www.mica.wtf/definitions/definitions/mica/competent-authority) shall immediately notify such request of the issuer to EBA, to the ECB and, in the cases referred to in Article [56](/mica/title-iv-e-money-tokens-art.-48-48/chapter-2/article-56.md)(3), second subparagraph, to the central bank of the Member State concerned.\ In order for the [e-money token](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token) to be classified as significant under this Article, the issuer of the e-money token shall demonstrate, through a detailed programme of operations, that it is likely to meet at least three of the criteria set out in Article [43](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-5/article-43.md)(1). 2. EBA shall, within 20 working days from the date of notification referred to in paragraph 1 of this Article, prepare a draft decision containing its opinion based on the issuer’s programme of operations whether the e-money token fulfils or is likely to fulfil at least three of the criteria set out in Article [43](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-5/article-43.md)(1) and notify that draft decision to the [competent authority](https://www.mica.wtf/definitions/definitions/mica/competent-authority) of the issuer’s [home Member State](https://www.mica.wtf/definitions/definitions/mica/home-member-state), to the ECB and, in the cases referred to in Article [56](/mica/title-iv-e-money-tokens-art.-48-48/chapter-2/article-56.md)(3), second subparagraph, to the central bank of the Member State concerned.\ The competent authorities of [issuers](https://www.mica.wtf/definitions/definitions/mica/issuer) of such e-money tokens, the ECB and, where applicable, the central bank of the Member State concerned shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision. 3. EBA shall take its final decision on whether to classify an e-money token as a significant e-money token within 60 working days of the date of notification referred to in paragraph 1 and immediately notify that decision to the issuer of such e-money token and its competent authority. 4. Where an e-money token has been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 3 of this Article, the supervisory responsibilities with respect to issuers of those e-money tokens shall be transferred from the competent authority to EBA in accordance with Article [117](/mica/title-vii-competent-authorities-eba-and-esma-art.-93-138/chapter-4/article-117.md)(4) within 20 working days from the date of notification of that decision.\ EBA and the competent authorities shall cooperate in order to ensure the smooth transition of supervisory competences. 5. By way of derogation from paragraph 4, the supervisory responsibilities with respect to issuers of significant e-money tokens denominated in an [official currency](https://www.mica.wtf/definitions/definitions/mica/official-currency) of a Member State other than the euro shall not be transferred to EBA, where at least 80 % of the number of holders and of the volume of transactions of those significant e-money tokens are or are expected to be concentrated in the home Member State.\ The competent authority of the issuer’s [home Member State](https://www.mica.wtf/definitions/definitions/mica/home-member-state) shall provide EBA annually with information on the application of the derogation referred to in the first subparagraph.\ For the purposes of the first subparagraph, a transaction shall be considered to take place in the home Member State when the payer or the payee are established in that Member State. --- # Agent Instructions This documentation is published with GitBook. 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