Real-World Asset (RWA)-backed tokens can potentially qualify as asset-referenced tokens (ARTs) under MiCAR, depending on their specific characteristics. ARTs are defined in MiCAR as a type of crypto-asset that aims to maintain a stable value by referencing another value or right, or a combination thereof, including one or more official currencies. The key characteristics of ARTs under MiCAR are:
- They are designed to maintain a stable value.
- They reference one or more assets, which can include fiat currencies, physical assets, other crypto-assets, or a combination of these.
- They are primarily intended for transactions rather than investments and cannot bear interest.
RWA-backed tokens, which are typically linked to real-world assets such as real estate, commodities, or securities, could fall under the ART definition if they meet these criteria, particularly if they aim to maintain a stable value. However, it’s important to note that:
- The token must be designed with the intention of maintaining a stable value, not just linked to a real-world asset.
- The definition of “stable value” is not clearly defined in MiCAR, leaving some room for interpretation3.
- ARTs are distinct from e-money tokens (EMTs), which are pegged to a single fiat currency.
The broad definition of ARTs in MiCAR is intentionally flexible to accommodate the evolving crypto landscape5. The European Securities and Markets Authority (ESMA) is expected to release guidelines to clarify the classification of different crypto-assets, including ARTs, under MiCAR.
