# Issuing asset-referenced tokens

Source page: https://protegra.io/licensing/activities/art-issuance/

An asset-referenced token (ART), stabilised against a basket of assets or currencies, needs a stablecoin issuer authorisation before it can be offered to the public or admitted to trading, under MiCA Title III, Article 16. The regulator checks the white paper, the segregation of reserve assets and the issuer's capital before granting authorisation to sell the token across the EU.

## Definition

Offering to the public, or seeking admission to trading of, a token that stabilises its value by referencing other assets or a basket of currencies.

- MiCA, Title III, Art. 16: [official text](https://eur-lex.europa.eu/eli/reg/2023/1114/oj)

## Which licence you need

Licence families that typically permit this activity:

- [Stablecoin / e-money token issuer](https://protegra.io/licensing/licences/stablecoin-issuer/)

- [EMT/ART · LuxembourgElectronic money token issuer authorisation / notificationElectronic money token issuer authorisation / notification under MiCA RegulationCSSF](https://protegra.io/licensing/licences/stablecoin-issuer/luxembourg/)
- [EMT/ART · NetherlandsAsset-referenced token (ART) issuer licenceAsset-referenced token (ART) issuer licence under EU MiCADNB](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-art/)
- [EMT/ART · NetherlandsE-money token (EMT) issuer notificationE-money token (EMT) issuer notification under EU MiCADNB](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-emt/)
- [EMT/ART · SpainMiCA EMT and ART token issuer authorizationBdE](https://protegra.io/licensing/licences/stablecoin-issuer/spain/)
- [EMT/ART · United Arab EmiratesPayment Token Issuer Licence (Dirham Payment Tokens)CBUAE](https://protegra.io/licensing/licences/stablecoin-issuer/uae/)

## Where it can be licensed

| | EU/EEA passport | Domestic |
| --- | --- | --- |
| [Luxembourg: Electronic money token issuer authorisation / notification](https://protegra.io/licensing/licences/stablecoin-issuer/luxembourg/) | ✓ | |
| [Netherlands: Asset-referenced token (ART) issuer licence](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-art/) | ✓ | |
| [Netherlands: E-money token (EMT) issuer notification](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-emt/) | ✓ | |
| [Spain: MiCA EMT and ART token issuer authorization](https://protegra.io/licensing/licences/stablecoin-issuer/spain/) | ✓ | |
| [United Arab Emirates: Payment Token Issuer Licence (Dirham Payment Tokens)](https://protegra.io/licensing/licences/stablecoin-issuer/uae/) | | ✓ |

## Frequently asked questions

### What reserve asset requirements apply to asset-referenced token issuers?

The issuer keeps a segregated reserve that backs every token claim at all times. Those assets sit in safe custody with an authorised credit institution or custodian, go only into secure, low-risk instruments, and are managed to survive a sudden wave of redemptions.

### Can non-bank fintechs issue asset-referenced tokens under MiCA?

Yes. An EU-established entity that is not a credit institution can apply for ART issuer authorisation under MiCA Title III. It still has to clear the same bar on governance, capital, liquidity and white paper approval, supervised by its national competent authority.

## Sources

1. [MiCA Title III, Art. 16](https://eur-lex.europa.eu/eli/reg/2023/1114/oj): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.