Asset-Referenced Tokens (ARTs) are a category of crypto-assets defined and regulated under the EU's Markets in Crypto-Assets (MiCA) framework. Unlike traditional stablecoins that peg to a single currency, ARTs maintain their value by referencing a basket of assets — which may include multiple fiat currencies, commodities like gold, or other crypto-assets. This multi-asset backing creates unique complexity in reserve management and regulatory compliance.

What Qualifies as an ART?

MiCA classifies a token as an ART when its issuer claims it maintains a stable value by referencing:

• A basket of currencies (e.g., EUR + USD + GBP)
• Commodities such as precious metals or energy
• A combination of fiat and crypto-assets
• Any other right or combination of the above

The defining characteristic is the multi-asset reference — tokens pegged to a single official currency fall under the separate Electronic Money Token (EMT) category, which carries different (though equally stringent) requirements.

MiCA Requirements for ART Issuers

ARTs face the most comprehensive regulatory requirements under MiCA. Issuers must:

Reserve Management The reserve backing ARTs must consist of high-quality, liquid assets with strict diversification rules. No single asset class can dominate the reserve composition, and all assets must be valued daily with results disclosed publicly. The reserve must be held by a qualified custodian in segregated accounts, fully isolated from the issuer's operational funds.

Authorization and Capital ART issuers require explicit MiCA authorization before offering tokens to EU users — there is no notification-only pathway available to EMT issuers. Minimum capital requirements apply, and issuers must maintain a permanent minimum own funds requirement equal to 2% of average reserve assets.

Governance and Transparency Issuers must publish detailed whitepapers outlining the reserve composition, valuation methodology, redemption rights, and all material risks. Token holders have a legal right to redeem ARTs at par value on demand from the issuer.

DeFi Implications

Many decentralized stablecoin protocols — particularly those backed by diversified collateral baskets — may qualify as ART issuers under MiCA's definition. This creates significant compliance exposure for protocols like:

• Multi-collateral DAI-like systems with non-USD backing
• Basket stablecoins referencing multiple currency pairs
• Protocol-native stablecoins backed by mixed crypto collateral

The practical test is whether the token purports to maintain a stable value through asset referencing, not whether the protocol considers itself decentralized. Protocols with centralized elements, EU-based legal entities, or active EU user bases face the highest risk of ART classification.

ART vs EMT: Key Differences

Related Terms

• Electronic Money Tokens
• Markets in Crypto-Assets (MiCA)
• Qualified Custodian
• Operational Resilience