> For the complete documentation index, see [llms.txt](https://www.mica.law/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.law/what-are-significant-arts-and-emts-under-mica.md). # What are significant ARTs and EMTs under MiCA? [ARTs](/basics/what-are-asset-referenced-tokens-arts-under-mica.md) and [EMTs](/basics/what-are-e-money-tokens-emts-under-mica.md) classify as significant when they meet or are likely to meet the criteria laid out in Article 43 and Article 56, for ARTs and EMTs respectively. Recital 59 of MiCA explains that the reason for introducing such classification is because ARTs and EMTs “*could be used by a large number of holders and their use could raise specific challenges in terms of financial stability, monetary policy transmission or monetary sovereignty*”. It is for this reason that “*ARTs and EMTs should be deemed significant when they meet or are likely to meet, certain criteria*”. ARTs are classified as significant where at least three of the following criteria, which are set out in Article 43(1) of MiCA, are: (a) the number of holders of the ART is larger than 10,000,000; (b) the value of the ART issued, its market capitalisation or the size of the reserve of assets of the issuer is larger EUR 5,000,000 respectively; (c) the average number and average aggregate value of transactions in that ART per day during the relevant period, is higher than 2,500,000 transaction and EUR 500,000,000 respectively; (d) the issuer of the ART is a provider of core platform services designated as a gatekeeper in terms of the Digital Markets Act (Regulation (EU) 2022/1925); (e) the significance of the activities of the issuer of the ART on an international scale; (f) the interconnectedness of the ART or its issuers with the financial system; (g) the fact that the same issuer issues at least one additional ART or EMT, and provides at least one crypto-asset service. Following in closely, Article 56 deals with the classification of EMTs as significant. The classification of EMTs as significant is built on the same criteria laid down for the classification of significant ARTs, “*where at least three of the criteria set out in Article 43(1) \[of MiCA] are met*”. Another notable difference between regular ARTs or EMTs and significant ARTs or EMTs is the specific additional obligations for issuers of these crypto-assets. Article 45 and Article 58 for ARTs and EMTs respectively, stipulate the additional obligations of issuers of significant ARTs and EMTs. These issuers are subject to higher capital requirements, to interoperability requirements and they should also establish a liquidity management policy. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://www.mica.law/what-are-significant-arts-and-emts-under-mica.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.