E-money tokens qualify as significant if at least three of the following criteria are met:
- the number of customers, shareholders of the issuer or of any of the third parties;
- the value of the issued tokens or their market capitalization;
- the number and value of token transactions;
- the amount of the issuer's asset reserve;
- the importance of the issuer's cross-border activities, the number of Member States in which the tokens are used;
- the interconnection with the financial system.
At least once a year, the competent authorities send the EBA information regarding the above criteria. When they consider that they comply with the requirements, the EBA decides within 3 months whether an e-money token is significant.
Voluntary qualification of e-money tokens as significant
An issuer licensed as a credit or e-money institution or has applied for such a license may request the classification of e-money tokens as significant. The competent authority shall notify the EBA of the submitted request.
Tokens are determined to be significant by authenticating an activity program and meeting at least three of the significance criteria.
The EBA, before preparing its final decision, accepts remarks and comments from the issuer. Within 3 months, it notifies the issuer of the decision taken.
Regarding significant e-money tokens, please contact us by going to contacts.
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