ART — Asset-Referenced Token
A type of crypto-asset that is not an e-money token and that purports to maintain a stable value by referencing another value or right or combination thereof (MiCA Art. 3(1)(6)).
## What the MiCA regulation says
An Asset-Referenced Token (ART) purports to maintain a stable value by referencing another value or right, or a combination thereof, including one or more official currencies (MiCA Art. 3(1)(6)). Unlike EMTs, ARTs can reference baskets of assets including commodities, crypto-assets, or other currencies.
## Issuer requirements under MiCA Title III
ART issuers must be authorised as a credit institution or obtain specific MiCA authorisation from their home NCA. Key obligations include: maintaining a reserve of assets, redemption rights for holders, governance requirements, and own funds proportional to the value of ARTs in circulation.
## Whitepaper obligations
The whitepaper for an ART must comply with MiCA Art. 19 and Annex II, covering the reserve composition, custody arrangements, investment policy, and risk disclosures. MiCAReady audits verify all mandatory Annex II fields.