Calculate reserve composition compliance for e-money token (EMT) and asset-referenced token (ART) issuers under MiCA Article 36. Models the mandatory bank deposit floor (30% base, 60% for EBA-significant EMTs), permitted liquid sovereign instrument allocation, and reserve adequacy ratio. Deadline: July 1, 2026.
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EMTs reference a single fiat currency; ARTs reference a basket or other assets. Reserve rules differ at the margin.
Significant EMTs/ARTs face 60% deposit floor (vs 30% base). EBA criteria include token count, holder count, transaction volume.
Total value of the reserve pool backing outstanding tokens at reporting date.
MiCA Art.36 expects regular independent audits of reserve composition.
Must meet the mandatory floor. Segregated deposits at authorised credit institutions only.
High-quality liquid EU sovereign bonds. Subject to maturity constraint.
Any remaining permitted assets. Total deposit + sovereign + other must equal 100%.
MiCA requires sovereign instruments to be highly liquid. Maturities >90 days trigger a review flag.
MiCA Art.35 requires issuers to redeem at par on request. Delays beyond next business day trigger a warning.
| Asset Class | Current Allocation | Required / Max | Action | Realloc (€M) |
|---|
{
"name": "calculate_mica_emt_reserve_compliance",
"description": "Calculate MiCA Article 36 reserve composition compliance for EMT and ART issuers",
"inputSchema": {
"type": "object",
"properties": {
"token_type": { "type": "string", "enum": ["EMT","ART"], "description": "Token type: EMT or ART" },
"reserve_total_eur_m": { "type": "number", "description": "Total reserve value in EUR millions" },
"eba_significant": { "type": "boolean", "description": "EBA significant designation (true = 60% deposit floor)" },
"deposit_pct": { "type": "number", "description": "% of reserve in credit institution deposits" },
"sovereign_pct": { "type": "number", "description": "% of reserve in EU sovereign instruments" },
"other_pct": { "type": "number", "description": "% in other permitted liquid assets" },
"sovereign_maturity_days": { "type": "integer", "description": "Average maturity of sovereign instruments in days" },
"redemption_rights": { "type": "string", "enum": ["immediate","next_business_day","other"] },
"audit_frequency": { "type": "string", "enum": ["monthly","quarterly","annual"] }
},
"required": ["token_type","reserve_total_eur_m","eba_significant","deposit_pct","sovereign_pct","other_pct"]
}
}