Authority	EBA
Q&A ID	2024_7114
Status	Rejected
Legal basis	Article 3(1)(6) MiCA
Source	EBA Q&A

Are crypto-assets that are backed by, or referenced to, gold classified as asset-referenced tokens (ARTs) within the meaning of Article 3(1)(6) of MiCAR?

Article 3(1)(6) of MiCAR defines an asset-referenced token as “a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies”.

Gold is a commodity and a recognised store of value. Tokens backed by physical gold or gold price references are widely available in the market. The question arises whether such tokens:

(a) fall within the ART definition since gold is a recognised asset whose value is referenced;
(b) fall outside the ART definition because gold is a commodity rather than an “official currency” or other financial instrument; or
(c) require further analysis depending on whether the token “purports to maintain a stable value” by referencing gold.

Submitted by: Industry participant

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This question falls outside the remit of the Q&A process. The classification of a specific crypto-asset as an ART under MiCAR requires a case-by-case assessment of the specific features of the token concerned, which is a supervisory determination that cannot be made through the Q&A process.

Competent authorities and issuers seeking guidance on the classification of specific gold-backed tokens should consult with their home NCA. General guidance on classification of crypto-assets is also addressed in EBA and ESMA guidelines on the classification of crypto-assets.

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Source: EBA Single Rulebook Q&A