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.
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.