What is an ART?
An Asset-Referenced Token (ART) is a category of crypto-asset defined under EU MiCA (Article 3(1)(6)) as a crypto-asset that aims to maintain a stable value by referencing another value or right, or a combination thereof, including fiat currencies, commodities or one or more crypto-assets. ARTs are distinct from EMTs (which reference a single fiat currency) and from other crypto-assets (which lack such reference).
Examples and exclusions
- In scope as ART: multi-currency baskets, commodity-backed tokens (e.g., gold-backed tokens), algorithmically-managed multi-asset stablecoins.
- EMT instead: single-fiat stablecoins (USDC-like single-USD reference) → EMT category.
- Out of MiCA stablecoin scope: non-reference crypto-assets (Bitcoin, Ethereum), security tokens (covered by MiFID II).
ART issuer requirements (MiCA Title III)
- Authorisation: ART issuers must obtain prior authorisation from a national competent authority.
- White paper: mandatory disclosure document (notified, not approved).
- Own funds and reserve assets: minimum own funds plus segregated reserves backing tokens 1:1 with liquid, low-risk assets.
- Custody arrangements: separate custody of reserve assets.
- Significant ART thresholds: issuers above certain thresholds (token holders, transactions, market cap) face EBA supervision and stricter requirements.
Türk CASP’leri ve ART
Türkiye’nin 2024 Kripto Varlık Hizmet Sağlayıcı Kanunu (7518) stablecoin’lerin sınıflandırılması için ayrı bir kategorik çerçeve henüz tam olarak şekillenmemiştir. SPK ikincil düzenlemeleri ART/EMT ayrımını netleştirebilir. AB pazarına yönelen Türk ihraççılar MiCA ART yetkilendirmesini ve ihraç dokümantasyonunu zorunlu olarak değerlendirmelidir.
Do: classify your stablecoin design under ART vs. EMT vs. other categories early; budget reserve and capital requirements; coordinate authorisation strategy across EU and Türkiye.
Don’t: assume “asset-backed” alone qualifies you for ART — MiCA’s reference rules and reserve quality requirements are strict.