Asset-Referenced Token

Definition

A type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies. ARTs are subject to specific authorisation, reserve asset, and redemption requirements under Title III of MiCAR.

What is an Asset-Referenced Token?

An Asset-Referenced Token (ART) is a crypto-asset that seeks to maintain a stable value by referencing another value or right, or a combination thereof, including one or more official currencies. Unlike e-money tokens, which reference a single fiat currency, ARTs may reference baskets of currencies, commodities, other crypto-assets, or combinations of these.

Authorisation and Issuance

Under Title III of MiCAR (Articles 16–47), ART issuers must be authorised by the competent authority of their home Member State. They must publish a white paper, maintain a reserve of assets backing the token, and comply with ongoing capital, governance, and disclosure requirements. Credit institutions are exempt from separate authorisation but must still notify and publish a white paper.

Significant ARTs

ARTs may be classified as 'significant' by the EBA based on criteria including customer base size, transaction volume, interconnectedness with the financial system, and cross-border activity (Article 43 MiCAR). Significant ARTs are subject to enhanced requirements and direct EBA supervision.