MiCA ART issuer requirements: EU authorization, €350k+ capital, reserve and redemption rules, iXBRL white papers, Articles 37–47.
ARTs must be issued by entities established in the EU and authorized by their home member state NCA, unless issued by an authorized credit institution under an approved white paper. ARTs reference multiple assets (currencies, commodities, or baskets) to maintain stable value.
ART issuers need at least 350,000 euros in own funds, plus reserves fully covering token liabilities. Significant ARTs (per MiCA thresholds) face higher capital requirements of 3-5% of reserve assets and enhanced EBA supervision.
Yes. ARTs must be redeemable at any time upon request, either at market value or by delivery of the referenced assets. Issuers must act in the best interests of holders.
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