Question
Are issuers of asset-referenced tokens, who are exempt from authorization requirement pursuant to Article 16(2) of MiCAR, subject to the own funds requirement pursuant to Article 35(1) of MiCAR?
Background on the question
It is not clear if the own funds requirement pursuant to Article 35 of MiCAR applies also in case where the issuer is exempt from the authorization requirement pursuant to Article 16(2) of MiCAR.
Answer
This question has been rejected because the issue it deals with is already explained or addressed in the regulatory framework. In particular, please see Article 16 and Article 17(4) of Regulation (EU) 2023/1114 (MiCAR).For further information on the purpose of this tool and on how to submit questions, please see “Additional background and guidance for asking questions”.