MiCA Defined Terms
Asset-Referenced Token (ART)
A crypto-asset that purports to maintain a stable value by referencing any other value, right, or basket — excluding single-currency reference.
Definition
An ART is a type of crypto-asset that purports to maintain a stable value by referring to any other value or right, or a combination thereof, including one or more official currencies. Single-currency-pegged stablecoins are EMTs, not ARTs. Issuers of ARTs need authorisation under MiCA Title III.
Regulatory citation