Asset-referenced token (ART, MiCA)
An asset-referenced token (ART) is MiCA's category for a crypto-asset, other than an e-money token, that purports to keep a stable value by referencing another value, right or combination, including official currencies. Its issuer must be authorised under MiCA or be a qualifying credit institution to offer it to the public in the EU; other persons may offer it with the issuer's written consent. Holders have a right of redemption at all times against the issuer, and issuers may not grant interest. ESMA says CASPs should not serve non-compliant ARTs or EMTs.
What the sources say
| Source | Quote | Link |
|---|---|---|
| MiCA Art. 3(1)(6): definition | "‘asset-referenced token’ means 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;" | publications.europa.eu |
| MiCA Art. 16(1): who may offer an ART | "A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is: (a) a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or (b) a credit institution that complies with Article 17." | publications.europa.eu |
| MiCA Art. 39(1): right of redemption | "Holders of asset-referenced tokens shall have a right of redemption at all times against the issuers of the asset-referenced tokens, and in respect of the reserve assets when issuers are not able to meet their obligations as referred to in Chapter 6 of this Title." | publications.europa.eu |
| MiCA Art. 40(1): no interest | "Issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens." | publications.europa.eu |
| ESMA opinion (October 2026), para 12 | "ESMA considers that CASPs should not provide crypto-asset services in relation to ARTs or EMTs that are not compliant with the applicable requirements under MiCA (non-MiCA compliant ARTs or EMTs)." | esma.europa.eu |
| MiCA ES Art. 3(1)(6): Spanish term | "«ficha referenciada a activos»: un tipo de criptoactivo que no es una ficha de dinero electrónico" | publications.europa.eu |
| MiCA PT Art. 3(1)(6): Portuguese term | "«Criptoficha referenciada a ativos», um tipo de criptoativo que não é uma criptoficha de moeda eletrónica" | publications.europa.eu |
| MiCA Art. 16(1), second subparagraph: offer with the issuer's written consent | "Notwithstanding the first subparagraph, upon the written consent of the issuer of an asset-referenced token, other persons may offer to the public or seek the admission to trading of that asset-referenced token." | publications.europa.eu |
Related terms
Checked against the sources on 2026-11-01.
Sources
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1
- https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1