EBA Consults on MiCA Fining Methodology for Significant Tokens

The European Banking Authority (EBA) has published a Consultation Paper setting out a draft methodology for the calculation of fines under its supervisory mandate for the Markets in Crypto-Assets Regulation (MiCA). The stated objective is to ensure that penalties imposed on issuers of significant crypto-assets are consistent, proportionate and transparent.

Under MiCA, the EBA assumes direct supervisory responsibility where an asset-referenced token (ART), or an e-money token (EMT) issued by an electronic money institution, is classified as significant. The proposed methodology addresses how fines would be determined where such an issuer, or a member of its management body, has committed an infringement either negligently or intentionally. The legal basis sits within Article 134(1) of MiCA, which permits the EBA to adopt the supervisory measures listed in Article 130(1) and (2) — including fines and periodic penalty payments — where there are clear and demonstrable grounds to suspect an infringement.

The practical significance lies in the move towards a structured, disclosed penalty framework at the supranational level. A transparent methodology gives issuers of significant tokens a clearer basis on which to calibrate their own governance, internal controls and senior management accountability arrangements, and signals that infringements attributable to individual management body members are squarely within the EBA's enforcement contemplation. For firms operating across both the crypto-asset and e-money perimeters, the consultation is an early indication of how supervisory expectations and the consequences of failure will be articulated as the MiCA regime matures.

The deadline for comments is 28 September 2026. The EBA will hold a virtual public hearing on 16 July from 14.30 CEST; stakeholders wishing to attend must register by 13 July at 16.00 CEST. Comments received will be published at the close of the consultation unless confidentiality is requested.

Read the press release here.