What does "Asset-referenced token" mean under MiCA?
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
Last updated: 22 August 2026.
MiCA is Regulation (EU) 2023/1114. Full application began on 30 December 2024 and the EU-wide transitional period expired on 1 July 2026, so there is now no grandfathering anywhere in the EEA. Around 325 crypto-asset service providers are authorised. Not one asset-referenced token issuer appears on ESMA's register.
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