Recital 56
Financial servicesLevel 1RegulationMiCAStage: AdoptedStage 3 of 3: Proposal → Agreed → AdoptedVerifiedIdentical to the official source.Official source
To protect holders of asset-referenced tokens against a decrease in value of the assets backing the value of the tokens, issuers of asset-referenced tokens should only invest the reserve assets in secure, low-risk assets with minimal market, concentration and credit risk. As the asset-referenced tokens could be used as a means of exchange, all profits or losses resulting from the investment of the reserve assets should be borne by the issuer of the asset-referenced tokens.