EBA Seeks Feedback on Proposed MiCA Fine Calculation Method
The European Banking Authority (EBA) is seeking feedback on its proposed method for calculating fines under the Markets in Crypto-Assets Regulation (MiCA). The consultation, which closes on September 28, focuses on significant stablecoin issuers that are directly supervised by the EBA.
MiCA sets a maximum fine of 12.5% of annual turnover for asset-referenced tokens and 10% for e-money tokens. However, the proposed method aims to provide a clearer way to assess fines, taking into account factors such as duration, intent, cooperation, and remedial action.
The draft methodology establishes a starting amount based on the issuer's annual turnover and then adjusts it according to the severity of the breach. The final fine remains subject to the ceilings set by MiCA, but the proposed method aims to make enforcement more predictable by providing a clearer framework for calculating fines.