ART (Asset-Referenced Token)
An Asset-Referenced Token (ART) is a distinct category of stable crypto-asset established under the European Union's Markets in Crypto-Assets Regulation (MiCA — Regulation EU 2023/1114) that purports to maintain a stable value by referencing another value or right, or a combination thereof, including one or more official currencies, commodities, or other crypto-assets. ARTs represent one of the two core regulated stablecoin classifications under EU law, operating alongside Electronic Money Tokens (EMTs).
ART vs EMT classification under MiCA
MiCA draws a sharp legal and operational distinction between Asset-Referenced Tokens and Electronic Money Tokens:
| Characteristic | Asset-Referenced Token (ART) | Electronic Money Token (EMT) |
|---|---|---|
| Backing Structure | Basket of multiple fiat currencies, commodities (e.g. gold), or crypto-assets | Backed strictly by a single official fiat currency (e.g. EUR, USD) |
| Primary Economic Role | Store of value or decentralized multi-collateral stable asset | Digital electronic surrogate for legal tender cash / payment medium |
| Authorized Issuers | Credit institutions or legal entities authorized by national competent authorities under MiCA Title III | Authorized credit institutions or Electronic Money Institutions (EMIs) under Title IV |
| Direct Claim to Funds | Holders enjoy direct claims against reserve assets or the issuer under terms of issue | Mandatory right of redemption at par value in the referenced currency at any time |
Regulatory and prudential requirements
Issuers of Asset-Referenced Tokens in the European Union are subject to rigorous prudential safeguards:
- White paper approval: Issuers must publish a comprehensive, regulator-approved crypto-asset white paper outlining reserve composition, custody mechanisms, and governance structures.
- Reserve asset segregation: Reserve assets backing the token must be segregated from the issuer's estate, held with approved credit institutions, and subject to regular independent third-party audits.
- Significant ARTs (sART): Tokens exceeding statutory thresholds (e.g. more than 10 million holders, market cap over €5 billion, or high transaction volumes) are designated as "significant" and placed under direct supervision by the European Banking Authority (EBA).
For practical calculation and tax declaration rules in specific jurisdictions (for example, under Italian tax residency), see our dedicated guides on Calculating Capital Gains and Cost Basis and the Italian Crypto Tax Return Guide.
The information in this article is for general literacy only. It is not tax, legal, financial, or accounting advice and does not replace Agenzia delle Entrate instructions or advice from a qualified professional for your circumstances. It must not be used to evade tax obligations. We make no warranty as to accuracy, completeness, or currency; rules and practice can change. Do not file returns or make decisions based solely on this text. RIXTO is not liable for loss arising from use of, or reliance on, this information.