EU Watchdog EBA Outlines Fines Under MiCA Enforcement Framework

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The European Banking Authority (EBA) has published a draft framework for calculating fines under the Markets in Crypto-Assets (MiCA) Regulation, setting out how penalties could be applied to issuers of significant crypto-assets that fail to comply with the rules.

The proposal applies to issuers of significant asset-referenced tokens (ARTs) and significant e-money tokens (EMTs) supervised by the EBA under MiCA. It also covers members of an issuer's management body who have committed an infringement intentionally or through negligence.

Under the draft methodology, the EBA would determine fines using a multi-step approach that considers the seriousness and duration of an infringement, whether it was committed intentionally or negligently, the financial strength of the issuer, and any aggravating or mitigating circumstances.

The consultation also proposes maximum administrative fines of up to 12.5% of annual turnover for significant asset-referenced token issuers and up to 10% of annual turnover for significant e-money token issuers, in line with MiCA's enforcement provisions. Firms that don’t secure their regulatory passports by July 1 may have to halt operations or risk penalties for infractions like unauthorized disclosures or organizational failures under the EBA’s new framework.

The consultation is open until 28 September 2026. After reviewing the feedback, the EBA will submit the final draft of the regulatory technical standards to the European Commission for adoption.