> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/pending-questions/eba-qa-7114-gold-tokens-arts.md). # Gold tokens as ARTs | | | | --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Authority** | EBA | | **Q\&A ID** | 2024\_7114 | | **Status** | Rejected | | **Legal basis** | [Article 3(1)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md)(6) [MiCA](https://github.com/jakesenfti/micawtf/blob/main/mica/README.md) | | **Source** | [EBA Q\&A](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7114) | ### Question Are crypto-assets that are backed by, or referenced to, gold classified as asset-referenced tokens (ARTs) within the meaning of [Article 3(1)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md)(6) of [MiCAR](https://github.com/jakesenfti/micawtf/blob/main/mica/README.md)? ### Background [Article 3(1)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md)(6) of MiCAR defines an [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) as "a type of [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) that is not an [electronic money token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/electronic-money-token.md) 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](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/official-currency.md)" or other [financial instrument](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/financial-instrument.md); or (c) require further analysis depending on whether the token "purports to maintain a stable value" by referencing gold. *Submitted by: Industry participant* *** ### Rejection Reason This question falls outside the remit of the Q\&A process. The classification of a specific [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) 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. *** **Source:** [EBA Single Rulebook Q\&A](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7114) ### Related * [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) — defined term used on this page * [electronic money token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/electronic-money-token.md) — defined term used on this page * [financial instrument](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/financial-instrument.md) — defined term used on this page * [financial instrument](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mifid-ii/financial-instrument.md) — defined term used on this page * [official currency](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/official-currency.md) — defined term used on this page * [electronic money](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/emd2/electronic-money.md) — defined term used on this page * [electronic money](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/electronic-money.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) — defined term used on this page --- # Agent Instructions This documentation is published with GitBook. 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