EBA Consults on MiCA Fine-Setting Methodology

The EBA published a consultation on its draft methodology for setting fines under MiCA, marking a significant step toward live enforcement of the regulation. The methodology is expected to address factors such as breach severity, duration, financial gain and the degree of regulatory cooperation shown by the firm. Any CASP, e-money token issuer or asset-referenced token issuer authorised or seeking authorisation under MiCA is directly affected. Operators should map current compliance gaps against the proposed fine factors and assess governance arrangements accordingly. Submitting a considered consultation response is an opportunity to shape how penalties are ultimately calibrated. The same EBA release also updated supervisory reporting validation rules, adding further near-term compliance work for regulated firms.