The Banking Executive Magazine - May Issue

MICA REFERENCES BBVA, EPRS European Parliamen- tary Research Service, BNP Paribas, Paper by Jón Helgi Egilsson, Paper by BEN STRACK, European Banking Federation, Dentons, PWC, gocrypto.com, mazars.com , EURO- PEAN PARLEMENT GLOSSARY OF KEY TERMS RELATED TO MICA crypto-asset and sub-types: • 'Crypto-asset' is the generic termi- nology for a 'digital representation of value or rights which may be transferred and stored electroni- cally, using Distributed Ledger Technology DLT (or similar tech- nology)'. • An 'asset-referenced token' (ART) is a type of crypto-asset which is meant to maintain a stable value by referring to the value of several currencies that are legal tender (fiat currencies), one or several com- modities, or one or several crypto- assets, or a combination of such assets. • An 'e-money token' (electronic money token, EMT) is type of crypto-asset which is meant to be a means of exchange and main- tains a stable value by referring to the value of a fiat currency that is legal tender. • Asset-referenced tokens and e- money tokens are often described as 'stablecoins'. • A 'utility token' is intended to pro- vide digital access to a good or service, available on Distributed Ledger Technology DLT, and is only accepted by the issuer of that token. ISSUE 173 MAY 2023 the BANKING EXECUTIVE 15 FIGURES MiCA Objectives (Source: BNP Paribas)