On 26 June 2026, the European Banking Authority (\u201cEBA<\/strong>\u201d) published a consultation paper concerning the draft methodology for determining the pecuniary sanctions provided for under Article 131 of Regulation (EU) 2023\/1114 (\u201cMiCAR<\/strong>\u201d) against issuers of significant tokens (asset-referenced tokens<\/em> \u2013 ART) and electronic money tokens<\/em> (e-money tokens<\/em> \u2013 EMT) subject to the EBA\u2019s direct supervision pursuant to Article 117 of MiCAR.<\/p>\n 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.<\/p>\n 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\u2019s annual turnover in the previous fiscal year\u2013 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).<\/p>\n