EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is an Asset-Referenced Token (ART) under MiCA?
An asset-referenced token is a type of crypto-asset that aims to maintain a stable value by referencing the value of another asset or right, or a basket of assets or rights, including one or more official currencies. ARTs are regulated under MiCA Title III, with rules entering into force on 30 June 2024.
What is the exact legal definition?
MiCA Article 3(1)(6) defines an asset-referenced token as "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". Issuance of ARTs is regulated under MiCA Title III. Source: Articles 3 and 16-47 MiCA.
What does it actually mean in practice?
The ART/EMT distinction. The two stablecoin categories under MiCA are asset-referenced tokens (ARTs) and e-money tokens (EMTs). EMTs reference a single official currency (e.g., a euro-denominated stablecoin); ARTs reference baskets or other assets. The regulatory regime differs in important detail (EMTs are regulated more closely under e-money rules; ARTs sit under MiCA's bespoke Title III rules).
Issuer authorisation. ART issuers must be authorised under Article 21 by the home Member State NCA, with EBA notification for issuers identified as 'significant'. Article 16 requires a white paper to be drawn up and approved before public offer or admission to trading.
Reserve requirements. Articles 36-38 require ART issuers to maintain a reserve of assets, segregated from the issuer's own assets, sufficient to fully cover the redemption claims of token holders. Reserve composition is constrained by Article 38 to high-quality liquid assets.
What this means for users. An ART you hold has, in principle, a backing reserve and a redemption right against the authorised issuer. Practical experience under MiCA's Title III is still developing; the regime is fully applicable but only a small number of ARTs are authorised today.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Authorisation basis | MiCA Article 21 |
| Reserve requirement | Full backing, segregated, high-quality liquid assets (Articles 36-38) |
| White paper requirement | Article 16 - approved before public offer or trading admission |
| Significant-issuer regime | Heightened supervision by EBA for issuers crossing thresholds in Article 43 |
What else do users ask about this?
Is USDT an ART or an EMT under MiCA?
USDT references the US dollar, a single official currency, so under MiCA's definitions it is an E-Money Token, not an Asset-Referenced Token. Note: the issuer's MiCA-authorisation status is a separate question.
Are commodity-backed tokens ARTs?
If they reference a commodity (like gold) and aim for a stable value, yes; they fall within MiCA's ART category.
What is the redemption right?
Article 39 requires ART issuers to grant token holders a permanent right of redemption at any time, at the market value of the referenced assets, in cash or in the referenced asset.
Which sources is this entry based on?
- MiCA Article 3 - Definitions including ART
- MiCA Title III (Articles 16-47) - ART regime
- EBA - MiCA stablecoin landing page
- Regulation (EU) 2023/1114 (MiCA) on EUR-Lex
Glossary entries on The Crypto Register are sourced from primary legal texts (Regulation (EU) 2023/1114, ESMA guidelines, national regulator publications). They are not legal advice. Last verified .