An ART (asset-referenced token) is a MiCA crypto-asset that seeks to maintain a stable value by referencing a basket of assets, currencies or commodities. It is distinguished from the electronic money token, which references a single official currency, and from financial instruments, which fall outside MiCA.
An ART is one of the terms that come up most when talking about regulated tokenization. Here it is explained clearly, with the regulation that frames it.
What is an ART
An ART (asset-referenced token) is a MiCA crypto-asset that seeks to maintain a stable value by referencing a basket of assets, currencies or commodities. It is one of the MiCA categories; in Spain it is supervised by the Bank of Spain and requires authorization and an approved white paper (Title III MiCA).
It is not a security token: an ART is a MiCA crypto-asset, not a financial instrument. To see the boundary between both worlds, check security token vs utility token.
Frequently asked questions
Who supervises ARTs in Spain?
The Bank of Spain, within the MiCA framework (Title III).
Is an ART a security token?
No. An ART is a crypto-asset regulated by MiCA; a security token is a financial instrument regulated by the LMVSI and MiFID II, outside MiCA (art. 2(4)).
More terms in the tokenization glossary.
Notice
Informational content. It does not constitute legal, tax or investment advice. Check the current version of the cited rules on BOE and EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
