MICA-ASSET-REFERENCED

MiCA ART Asset-Referenced Token EU 2023.

Definition

MiCA ART key obligations (effective 30 June 2024): (1) National NCA authorisation prerequisite before issuance (BaFin Germany, AMF France, CONSOB Italy, etc.), (2) White paper detailing holder rights, reserves composition, governance, risks, NCA approved, (3) Reserve assets: 100% backing + buffer, trusted FI custody, daily reporting, (4) AML CFT compliance KYC users, (5) Right of redemption at any time at par value (redemption obligation), (6) Significant ART thresholds (>$5M outstanding, >10M users, etc.) impose direct ECB / EBA supervision + user transaction limits caps. ART vs EMT: EMT references single fiat currency (USDC USD, USDT USD, Circle EURC EUR) ART references multiple basket. Significant ART: Tether USDt could be classified Significant ART (controversial), prefers staying outside EU jurisdiction. Stablecoins de-listed EU CEXes since June 2024 (Tether USDT no MiCA license).

Origin

MiCA Regulation EU 2023/1114 published 9 June 2023 ; ART Title III provisions effective 30 June 2024 ; EMT Title IV effective 30 June 2024 ; CASP others 30 December 2024 full application.

Example in context

Circle (Coinbase parent) launches EURC EUR-pegged stablecoin under MiCA EMT (since 30 June 2024): BaFin Germany and AMF France authorisation, reserve assets 100% EUR cash deposits Tier 1 banks + EU government bonds, approved white paper, daily reserves reporting transparency.

Related terms

• MiCA EMT — sister category.