EU regulatory register · MiCA
Article 37Custody of reserve assets
CELEX 32023R1114 · Read on 2026-08-18
Short answer
1. Issuers of asset-referenced tokens shall establish, maintain and implement custody policies, procedures and contractual arrangements that ensure at all times that:
Verbatim from the article. Source: NovaCopilot · https://legal.exploreworldai.com/eu/rattsakter/mica-2023-1114/artikel-37 · Short answer as data · Official text
MiCA, crypto-assets in short
Crypto-asset service providers need authorisation, and issuers need a white paper. Stablecoins have special rules.
Source: NovaCopilot
Official text
Read from the EU Publications Office for this CELEX number. The wording stands as published; nothing here is rewritten or summarised.
1. Issuers of asset-referenced tokens shall establish, maintain and implement custody policies, procedures and contractual arrangements that ensure at all times that:
(a)
the reserve assets are not encumbered nor pledged as a financial collateral arrangement as defined in Article 2(1), point (a), of Directive 2002/47/EC of the European Parliament and of the Council (39);
(b)
the reserve assets are held in custody in accordance with paragraph 6 of this Article;
(c)
the issuers of asset-referenced tokens have prompt access to the reserve assets to meet any requests for redemption from the holders of asset-referenced tokens;
(d)
concentrations of the custodians of reserve assets are avoided;
(e)
risk of concentration of reserve assets is avoided.
2. Issuers of asset-referenced tokens that issue two or more asset-referenced tokens in the Union shall have a custody policy in place for each pool of reserve of assets. Different issuers of asset-referenced tokens that have issued the same asset-referenced token shall operate and maintain a single custody policy.
3. The reserve assets shall be held in custody by no later than five working days after the date of issuance of the asset-referenced token by one or more of the following:
(a)
The article continues in the official text.
Follow-up questions
The text is quoted from the official source and is not legal advice. A national court reads the language version that binds in its jurisdiction.
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