The Markets in Crypto-Assets Regulation (MiCA) represents a landmark shift in how digital assets are regulated across the European Union. As one of the most comprehensive and forward-thinking regulatory frameworks to date, MiCA introduces a clear and structured classification system for crypto-assets—finally bringing legal clarity to a previously ambiguous landscape.
At the heart of MiCA lies its token taxonomy, which categorizes digital assets based on their function, design, and economic purpose. One of the most notable innovations is the formal distinction between stablecoins, now split into two distinct types: e-money tokens (EMTs) and asset-referenced tokens (ARTs).
But before diving into classifications, let’s start with the basics.
What Is a Crypto-Asset Under MiCA?
According to MiCA, a crypto-asset is defined as:
“A digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology.”
This definition hinges on three core elements:
- Digital representation of value or rights
- Transferability between parties
- Electronic storage via DLT (e.g., blockchain)
Crucially, non-transferability disqualifies a token from being classified as a crypto-asset under MiCA—if that restriction is built into the code itself. For example, soulbound tokens or non-transferable NFTs fall outside MiCA’s scope because they cannot be freely exchanged.
However, even if a token meets this definition, it may still be excluded from MiCA’s regulatory reach.
Crypto-Assets Excluded From MiCA
1. Unique and Non-Fungible Crypto-Assets (UNFCAs)
Though commonly referred to as NFTs, MiCA applies stricter criteria. To qualify as a Unique and Non-Fungible Crypto-Asset (UNFCA), two conditions must be met:
- The asset has unique properties contributing to its value
- Its value stems from unique utility granted to each holder
In other words, not all NFTs are UNFCAs—only those where both uniqueness and personalized utility drive value. Most profile-picture (PFP) NFTs likely do not meet this standard and may instead fall under broader crypto-asset rules.
👉 Discover how emerging token models align with evolving EU regulations.
2. Financial Instruments and Traditional Finance (TradFi) Assets
Tokens classified as financial instruments under existing EU law—such as shares, bonds, or units in collective investment schemes—are regulated by other frameworks like MiFID II and thus excluded from MiCA.
However, there’s a catch: MiFID II allows member states discretion in defining financial instruments. This creates regulatory fragmentation—what qualifies in Germany might not in France.
Other excluded categories include:
- Deposits and structured deposits
- Securitization positions
- Pension-related products
These fall under “TradFi” instruments and remain outside MiCA’s direct oversight.
Crypto-Assets Within MiCA’s Scope
Tokens that pass the exclusion tests enter MiCA’s framework through one of three main categories:
- E-Money Tokens (EMTs) – Title IV
- Asset-Referenced Tokens (ARTs) – Title III
- Other Crypto-Assets (OCAs) – Title II
It's important to note: MiCA regulates issuers, not tokens per se. If you're issuing a token without offering it publicly or listing it on a trading platform, MiCA generally doesn't apply. There’s no such thing as a “non-compliant” token—only non-compliant issuers.
The sole exception? EMTs referencing an EU official currency (like EUR). Their mere issuance is considered a public offer, triggering compliance requirements immediately.
E-Money Tokens (EMTs)
An e-money token is defined as:
“A crypto-asset designed to maintain a stable value by referencing one official currency.”
Examples include USDC or EURC, pegged 1:1 to the US dollar or euro. What matters is design intent, not reserve composition.
A common misconception: some believe an ETH-backed stablecoin cannot be an EMT. False. If it references one fiat currency, it's an EMT—regardless of collateral. The reserve requirements and redemption obligations are compliance duties for issuers, not classification criteria.
For instance, if Circle issued EURC but held only 50% reserves, EURC wouldn’t stop being an EMT—it would mean Circle violated its regulatory obligations.
Asset-Referenced Tokens (ARTs)
An ART is:
“A crypto-asset that maintains stable value by referencing another value, right, or combination thereof—including multiple currencies—but is not an EMT.”
Key points:
- An asset referencing two fiat currencies (e.g., USD + EUR) is an ART
- Tokens pegged to commodities (gold), crypto-assets (BTC, ETH), or indices (CPI) are ARTs
- Includes wrapped tokens (WBTC, WETH) and liquid staking tokens (stETH)
Market volatility in the underlying asset doesn’t affect classification. A gold-backed token fluctuating with XAU prices is still an ART—as long as it aims to mirror that value.
Interest-bearing tokens like wstETH or eETH also qualify as ARTs since they reference both the base asset and accrued yield.
👉 Learn how staking-based tokens navigate compliance in regulated markets.
Other Crypto-Assets (OCAs)
This is the catch-all category—encompassing all tokens that aren’t EMTs, ARTs, or excluded instruments.
OCAs include:
- Layer-1 native tokens (BTC, ETH, SOL)
- Governance tokens (UNI, AAVE)
- Meme coins (DOGE, SHIB, WIF)
- Exchange tokens (OKB, LEO)
They remain largely unregulated under MiCA unless offered publicly or listed on trading platforms.
Token Classification Cheat Sheet
Use this quick guide to classify any token under MiCA:
- Is the token non-transferable? → Likely excluded
- Is it a UNFCA with unique utility? → Excluded
- Is it a financial instrument under national law? → Regulated elsewhere
- Does it reference one fiat currency? → EMT
- Does it reference multiple assets/currencies/crypto? → ART
- None of the above? → OCA
⚠️ Special note: Some interest-bearing or pooled-yield tokens may cross into fund-like structures, making them financial instruments—a legal gray zone requiring expert review.
How the Top 50 Tokens Classify Under MiCA
Below is a breakdown of the top 50 cryptocurrencies by market capitalization and their likely MiCA classification:
Bitcoin (BTC), Ether (ETH), Solana (SOL), and Other Native Tokens
All classified as Other Crypto-Assets (OCAs). Despite their utility in network security and gas fees, they don’t reference external values.
Tether (USDT), USDC, DAI, Ethena USDe
All pegged to the U.S. dollar → EMTs
Wrapped Bitcoin (WBTC), stETH, wstETH
Pegged to BTC or ETH + yield → ARTs
Governance & Meme Coins (UNI, AAVE, SHIB, PEPE)
No stable value reference → OCAs
Exchange Tokens (OKB)
Utility within OKX ecosystem → OCA
Layer-2 Tokens (POL, IMX, OP)
Serve as gas or governance on secondary networks → OCAs
👉 See how major exchanges prepare for MiCA compliance ahead of 2025.
Frequently Asked Questions
Q: Can a stablecoin be both an EMT and an ART?
A: No. The categories are mutually exclusive. If it references only one fiat currency, it’s an EMT; otherwise, it’s an ART.
Q: Are NFTs always excluded under MiCA?
A: Only if they meet UNFCA criteria—unique properties and unique utility per holder. Most NFTs may still fall under OCAs.
Q: Does MiCA ban certain tokens?
A: No. It regulates issuers who offer tokens publicly or seek trading admission—not the tokens themselves.
Q: What happens if an ART loses its peg?
A: It remains an ART. Classification depends on design intent, not market performance.
Q: Are DeFi protocols automatically subject to MiCA?
A: Only if they issue tokens offered publicly or listed for trading. Decentralized issuance without public offers typically falls outside scope.
Q: Will all stablecoins need authorization under MiCA?
A: Yes—if they’re offered in the EU. Issuers must comply with capital, reserve, and transparency requirements.
By establishing clear definitions and classifications, MiCA brings much-needed clarity to the crypto landscape. Whether you're an issuer, investor, or developer, understanding where your token stands under this framework is essential for navigating Europe’s evolving digital finance ecosystem in 2025 and beyond.