MiCA Recital (41) — preamble

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(41) Where a crypto-asset falls within the definition of an asset-referenced token or e-money token, Title III or IV of this Regulation should apply, irrespective of how the issuer intends to design the crypto-asset, including the mechanism for maintaining a stable value of the crypto-asset. The same applies to so-called algorithmic ‘stablecoins’ that aim to maintain a stable value in relation to an official currency, or in relation to one or several assets, via protocols, that provide for the increase or decrease in the supply of such crypto-assets in response to changes in demand. Offerors or persons seeking admission to trading of algorithmic crypto-assets that do not aim to stabilise the value of the cryptoassets by referencing one or several assets should in any event comply with Title II of this Regulation.

CELEX: 32023R1114 · provision: 41
Locator: Recital (41); PDF page 6; derived-text line 378
Held artifact: docs_evidence/eu-legislation/eurlex-full-text/20260823T093000Z/32023R1114.pdf
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Captured: 20260823T093000Z
Extracted with: pdftotext version 4.00
Official source: EUR-Lex
This version: /celex/32023R1114/RECITAL_41/20260823-32c6d21e/
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Membership proof: 10 hashes — see corpus-proof.json
Modal verbs, counted verbatim (not a legal characterisation): 'shall not': 0 · 'shall': 0 · 'must': 0 · 'may not': 0 · 'may': 0 · 'should': 2

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