ART Significance Threshold Assessor
Evaluate whether an Asset-Referenced Token meets MiCA's "significant" designation (Art. 43)
Criterion Values
Threshold: > 10,000,000
Threshold: > EUR 5,000,000,000
Threshold: > 2,500,000 transactions/day
Threshold: > EUR 500,000,000/day
Load Example Scenario:
NOT SIGNIFICANT
0 of 7 Criteria Met
Does not meet minimum threshold
Criteria Assessment
(a) Holder Base
Number of holders > 10,000,000
0 holders
(b) Market Capitalization
Value issued or market cap > EUR 5,000,000,000
€0
(c) Transaction Volume & Value
Average daily transactions > 2,500,000 AND average daily volume > EUR 500,000,000
0 tx/day, €0/day
(d) DMA Gatekeeper Status
Issuer is a Digital Markets Act gatekeeper (Regulation (EU) 2022/1925)
No
(e) International Significance
Significant activities on international scale (payments, remittances)
No
(f) Financial System Interconnectedness
Interconnectedness with financial system
No
(g) Multi-Token CASP Service
Same issuer issues ≥1 additional ART/EMT AND provides ≥1 CASP service
No
Regulatory Consequences
Supervisory Body
Home NCA (National Competent Authority)
Own Funds Requirement
2% of average reserve assets
Reserve-based amount of Art. 35(1)(b); the requirement is the highest of €350,000, this amount and ¼ of the fixed overheads (Art. 35(1))
Deposits in Credit Institutions (minimum)
30% per referenced currency
Key Consequences:
- • Supervised by home NCA (National Competent Authority)
- • Own funds: highest of €350,000, 2% of average reserve assets and 1/4 of fixed overheads (Art. 35(1))
- • Deposits in credit institutions: at least 30% per referenced currency (Art. 36(4)(d))
- • Standard supervision level
MiCA Compliance Note
Implemented: Art. 43 — Seven-criterion framework to determine if an Asset-Referenced Token meets the definition of "significant ART"
Implemented: Art. 45(5) and 45(7)(b) — Own funds percentage of 3% instead of 2%, and deposits in credit institutions of at least 60% instead of 30% (Art. 36(4)(d)) per referenced currency
Implemented: Art. 117(1) — Consequence that the issuer of a significant ART is supervised by EBA instead of the home NCA
Out of Scope:
• Art. 16–21 — ART authorisation process and white paper (requires direct NCA interaction)
• Art. 36–38 — Reserve of assets composition and management (requires real banking infrastructure)
• Real-time market data integration (uses static input fields instead of live feeds)
What This POC Does Not Implement
- ❌ Real NCA notifications — Determining significance must be validated with the competent authority; this POC only calculates criteria.
- ❌ Dynamic data integration — Real issuers would calculate these metrics from blockchain data and financial systems; this POC uses manual input.
- ❌ Retroactive reclassification — An ART may transition from non-significant to significant over time; this POC is a point-in-time assessment.
- ❌ Cascading requirements validation — Assumes all other Art. 16–42 requirements are met (own funds, reserve composition, etc.).