Question
Should a digital token that represents ownership of physical portions of non-specific gold bars be qualified as an asset-referenced token according to Article 3(1)(6) of MiCAR?
Background on the question
An entity mints (i.e. creates), offers and sells digital tokens that represent ownership of physical portions of non-specific gold bars (hereinafter, ‘gold tokens’). Holders agree with the issuer to pay an amount in funds (i.e. fiat currency) in consideration for each gold token. The amount in funds is equivalent to the market value of the physical gold represented by the gold token. Gold tokens give the ownership of a portion of physical gold to the digital token holders. Gold tokens are freely transferable by means of new agreements with any third party in the same blockchain. Subsequent gold token holders assume the same rights (i.e. ownership) and obligations of former gold token holders. The issuer commits itself to return an amount in funds equivalent to the market value of the physical gold represented by the gold token to any holder at any time.
Answer
This question has been rejected because the issue it raises is beyond the remit of the Q&A process and as such it cannot be addressed via a Q&A.The Single Rule Book Q&A tool has been established to provide explanations and non-binding interpretations on questions relating to the practical application or implementation of the provisions of legislative acts referred to in Article 1(2) of the EBA’s founding Regulation, as well as associated delegated and implementing acts, and guidelines and recommendations, adopted under these legislative acts. The Q&A process cannot, for example, consider issues which would require changes to the regulatory framework.For further information on the purpose of this tool and on how to submit questions, please see “Additional background and guidance for asking questions”.