1. Scope
This IDR addresses the classification criteria for Asset-Referenced Tokens (ARTs) under the Markets in Crypto-Assets Regulation (MiCA), specifically:
- • Article 3(1)(6) — Definition of asset-referenced tokens
- • Articles 16-47 — Requirements for ART issuers
- • Delegated acts and technical standards as published by the EBA
2. Key Interpretive Decisions
2.1 Reference Asset Definition
Interpretation: A token references an asset if its value stabilization mechanism is explicitly or implicitly tied to maintaining a relationship with one or more external assets, whether through reserve holdings, algorithmic mechanisms, or market-making commitments.
Boundary: This interpretation does not extend to tokens whose value correlation with external assets is purely incidental or market-driven without explicit stabilization intent.
2.2 Significance Threshold
Interpretation: For determining whether an ART qualifies as “significant” under Article 43, quantitative thresholds published in EBA technical standards are applied as binding criteria.
Boundary: This interpretation does not address qualitative assessments that may be required by competent authorities beyond published quantitative thresholds.
2.3 Reserve Asset Composition
Interpretation: Reserve assets under Article 36 are interpreted to include only assets that can be liquidated within the timeframes specified in the regulation, with sufficient market depth to support redemption obligations.
Boundary: This interpretation does not provide guidance on specific asset selection or portfolio construction strategies.
3. Assumptions
- •The regulatory text of MiCA as published in the Official Journal of the European Union (Regulation (EU) 2023/1114) is authoritative.
- •EBA technical standards and guidelines, where published, supplement and clarify the primary regulatory text.
- •National competent authority guidance may modify or extend these interpretations within their jurisdictions.
- •This interpretation reflects understanding as of the publication date and may require revision as enforcement practice develops.
4. Ownership
This interpretation is owned and maintained by Veria. Questions regarding this IDR should be directed to the Veria governance team. This document will be versioned as regulatory guidance evolves or enforcement practice provides additional clarity.
5. Version History
| Version | Date | Changes |
|---|---|---|
| 1.0 | 2025-01-15 | Initial publication |