art_36__para_1

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance) · European Union

1. Issuers of asset-referenced tokens shall constitute and at all times maintain a reserve of assets. The reserve of assets shall be composed and managed in such a way that: the risks associated to the assets referenced by the asset-referenced tokens are covered; and the liquidity risks associated to the permanent rights of redemption of the holders are addressed.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.