Active-user definition
Keep a written definition for active users in the Union, including account, wallet, venue, custody, transfer, and service-specific edge cases that could affect the average number of active users.
What Article 85 changes operationally
Identification of significant crypto-asset service providers: Regulation (EU) 2023/1114 Article 85 treats a crypto-asset service provider as significant if it has in the Union at least 15 million active users, on average, in one calendar year, calculated as the average of the daily number of active users throughout the previous calendar year.
For a growth-stage CASP, the practical issue is not a marketing label. It is a measurement, notification, and supervisory-update file: active-user definitions, Union user scoping, daily counts, calendar-year averages, threshold monitoring, notification ownership, competent authority correspondence, and ESMA handoffs.
This page is an evidence-preparation checklist. It is not a legal interpretation, significance determination, supervisory filing guide, market-size claim, broker recommendation, or assurance that any firm is or is not significant.
Significant-CASP evidence matrix
Daily count archive
Preserve daily active-user snapshots, data-source owners, extraction dates, exclusions, and reconciliation notes so the calendar-year average can be reproduced.
Threshold monitor
Track distance to the 15 million active users threshold, with alerts, review owners, and sign-off evidence before the two-month competent-authority notification window becomes urgent.
Notification file
Prepare a concise notification pack for the competent authority when the Article 85 threshold is reached, including calculation methodology, source logs, governance approval, and contact ownership.
ESMA update handoff
Map how Article 59 authorisation status, Article 64 withdrawal processes, and relevant supervisory-power updates could be summarized for competent-authority and ESMA supervisory channels.
Control dependencies
Connect the Article 85 measurement file to Article 68 governance, Article 66 conduct controls, Article 70 safeguarding, Article 73 outsourcing, and Article 75 custody evidence where scale changes risk.
Review-ready tracker
- Metric owner: named owner for daily active-user data sources, Union scoping assumptions, and calculation changes.
- Versioned methodology: dated notes for user-count logic, data joins, exclusions, corrections, outages, and independent review.
- Notification calendar: threshold review dates, two-month notification clock owner, competent-authority correspondence, and response logs.
- Supervisory-update bridge: links to Article 59 authorisation, Article 64 withdrawal, Article 94 supervisory-power events, and governance escalation records.
FAQ
What does MiCA Article 85 cover?
Article 85 covers identification of significant crypto-asset service providers. It sets a significance threshold based on at least 15 million active users in the Union, on average, in one calendar year, and creates notification and supervisory-update handoffs.
When should a CASP monitor Article 85?
Monitor early if user counts, geography, or service scope are growing quickly. The value is a reproducible evidence trail before a threshold discussion, not a last-minute spreadsheet.
How does Article 85 connect to insurance or operational risk?
Scale can change operational-risk, governance, custody, outsourcing, and client-asset questions. Article 85 evidence should therefore link to Article 68 governance, Article 70 safeguarding, Article 73 outsourcing, Article 75 custody, and Article 67 prudential-safeguard files where relevant.