EBA: MiCAR Sanctions Against Significant Token Issuers Open for Consultation

On 26 June 2026, the European Banking Authority (“EBA”) published a consultation paper concerning the draft methodology for determining the pecuniary sanctions provided for under Article 131 of Regulation (EU) 2023/1114 (“MiCAR”) against issuers of significant tokens (asset-referenced tokens – ART) and electronic money tokens (e-money tokens – EMT) subject to the EBA’s direct supervision pursuant to Article 117 of MiCAR.

In particular, pursuant to MiCAR, where the EBA identifies clear and demonstrable grounds for suspecting that an issuer has committed or may commit a violation, it may adopt the sanctions referred to in Article 130(1) and (2). The amount of sanctions to be imposed must be determined on a case-by-case basis, without prejudice to the maximum limits imposed by MiCAR itself.

The consultation therefore sets out the methodology proposed by the EBA to ensure consistency, proportionality and transparency in enforcement of sanctioning action. This methodology is structured into two phases: (i) the determination of the basic amount of the sanction, calculated as a percentage of the issuer’s annual turnover in the previous fiscal year– which may be 5%, 3% or 2% depending on the infringement subject to sanction; and (ii) the application of adjustment coefficients for aggravating factors (up to a coefficient of 2.2) and mitigating circumstances (up to a coefficient of 0.4).

The consultation remains open until 28 September 2026.