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; it is deemed approved when the competent authority grants authorisation (Article 21 MiCA).
- 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.
Classification under MiCA
The term “asset-referenced token” is not just descriptive; under the EU’s Markets in Crypto-Assets Regulation (MiCA) it is a defined category for tokens that aim to keep a stable value by referencing several currencies, commodities, crypto-assets or a basket of them. ARTs are regulated more strictly than ordinary crypto-assets: issuers generally need authorisation, must maintain a fully backed and segregated reserve, publish a white paper, and meet governance and own-funds requirements. The key dividing line is the reference: a token pegged to a single official currency is treated as an e-money token rather than an ART, and the two regimes impose different reserve and redemption rules. Projects should classify the token correctly at the design stage, because retrofitting compliance after launch is costly and sometimes impossible.
Position under Turkish Law
Under Turkey’s 2024 crypto-asset service provider legislation (Law No. 7518), a separate categorical framework for classifying stablecoins has not yet fully taken shape. Secondary regulations of the Capital Markets Board (SPK) may clarify the ART/EMT distinction. Turkish issuers targeting the EU market must assess MiCA ART authorisation and issuance documentation.
Practical Points for Issuers
- Budget for the reserve and capital requirements and coordinate the authorisation strategy across the EU and Turkey.
- Do not assume that being “asset-backed” alone makes a token eligible as an ART: MiCA’s reference rules and reserve quality requirements are strict.
Sources. Regulation (EU) 2023/1114 (MiCA).