+Article 36 1.

Article 36 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:

(a)

the risks associated to the assets referenced by the asset-referenced tokens are covered; and

(b)

the liquidity risks associated to the permanent rights of redemption of the holders are addressed.

1. Overview

Summary	Regulation

Requirements
Source	Requirement

Standards
Source	Requirement