Question ID
2024_7114
Legal act
Regulation (EU) No 2023/1114 (MiCAR)
Topic
Classification of crypto assets (MiCAR)
Article
3
Paragraph
1
Subparagraph
6
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Not applicable
Article/Paragraph
-
Name of institution / submitter
Banco de España
Country of incorporation / residence
Spain
Type of submitter
Competent authority
Subject matter
Digital tokens representing ownership of a physical portion of gold
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.

Submission date
Rejected publishing date
Rationale for rejection

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.

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Status
Rejected question