{"id":5946,"date":"2024-09-02T08:55:28","date_gmt":"2024-09-02T08:55:28","guid":{"rendered":"https:\/\/legalbison.com\/?p=5946"},"modified":"2026-02-23T03:59:35","modified_gmt":"2026-02-23T03:59:35","slug":"new-classification-of-crypto-assets-under-mica","status":"publish","type":"post","link":"https:\/\/legalbison.com\/en-kr\/blog\/crypto-license\/new-classification-of-crypto-assets-under-mica\/","title":{"rendered":"New Classification of Crypto-Assets Under MiCA: A Legal Guide for Issuers"},"content":{"rendered":"<p>The new <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/mica-regulation\/\">MiCA regulation<\/a><\/span> of the European Union sets out a new classification guideline for different types of crypto assets. Determining the correct regulatory characterization is the critical preliminary step before <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/mica-token-issuance\/\">drafting a white paper<\/a><\/span> or <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/mica-compliance\/\">applying for a license<\/a><\/span>.<\/p>\n<p>LegalBison digs deeper into the new rules and highlights the influence they will have on your crypto-business.<\/p>\n<p><center><button class=\"whitespace-nowrap btn btn--small btn--blue\" type=\"button\" data-fancybox=\"\" data-src=\"#contact-form\">Free MiCA consultation<\/button><\/center><\/p>\n<h2>Electronic Money Tokens<\/h2>\n<p>Electronic Money Tokens, EMT in short, are defined by MiCAR as crypto assets that maintain their stability by referencing a single official currency, which deems them neither virtual currencies nor legal tender: instead, they are considered e-money. Only credit and electronic money institutions are now allowed to provide services with EMTs. The authorization requirements include maintaining and disclosing reserves, assuring full redemption rights to token holders, and drawing up recovery and redemption plans.<\/p>\n<h3>Example 1: Circle (USDC)<\/h3>\n<p>A prominent example of a P2P payments company managing USDC is Circle. The company allows redeeming services between USDC and US dollars at a 1:1 ratio. Apart from the Money Transmitter Licenses in the US, Circle holds a Bermuda Digital Asset Business (DAB) License, an Electronic Money Institution License in France, a Major Payment Institution License in Singapore, and a Financial Conduct Authority E-Money Issuer License in the UK.<\/p>\n<p>As MiCAR came into force, Circle deemed its main business model an <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/banking-license\/\">Electronic Money Institution<\/a><\/span> (EMI) instead of a <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/payment-service-providers\/\">P2P payments company<\/a><\/span>.<\/p>\n<h3>Example 2: Tether (USDT)<\/h3>\n<p>Tether is an American company issuing the crypto asset USDT, which is classified as a stablecoin in non-EU jurisdictions and as EMT within the MiCA framework. The value of USDT derives from the US dollar, on the basis of collateralized dollars held in reserve by the Tether organization.<\/p>\n<p>The compliance of Tether and the legality of its crypto asset USDT are then currently subject to discussion, as Tether hasn\u2019t yet secured an electronic money institution license in Europe.<\/p>\n<h2>Asset Referenced Tokens<\/h2>\n<p>Asset-Referenced Tokens (ARTs), unlike EMTs, are the ones that derive and maintain their stable value from referencing:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">A single value or right;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">A combination of values, rights and\/or currencies;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Two or more official currencies.<\/li>\n<\/ul>\n<p>Any legal person registered in the EU will be able to apply for a license to issue ARTs. Every ART issuer must comply with such requirements as maintaining deep liquidity, providing initial share capital, a business plan, information on key persons, other governance arrangements, and recovery and redemption plans.<\/p>\n<h3>Example 1: MakerDAO (DAI)<\/h3>\n<p>MakerDAO is an American decentralized exchange that powers a decentralized stablecoin called DAI on the Ethereum blockchain. Though DAI aims at tracking the value of the US dollar, its mechanism implies a bag of crypto-assets such as ETH, and an algorithmic programmation to maintain its value. Thereby, MiCA classifies the DAI as an ART.<\/p>\n<div class=\"attention\">\n<div>Algorithmic coins, due to their underlying mechanism, are considered a grey area under MiCA. Their classification as ARTs is likely but has not been officially confirmed yet.<\/div>\n<\/div>\n<h3>Example 2: Synthetix<\/h3>\n<p>Synthetix is an open-source <a href=\"https:\/\/legalbison.com\/blog\/crypto-derivatives-explained\/\">derivatives<\/a> liquidity protocol operating on the Ethereum blockchain. It allows customers to create and trade the so-called Synths (synthetic assets) that reference the value of real-world assets (RWAs). As these assets derive their value from multiple collateralized assets, which are not official currencies, they classify as ART under the MiCA framework.<\/p>\n<h3>MiCA and decentralized protocols<\/h3>\n<p>MakerDAO and Synthetix are decentralized finance platforms that won\u2019t be influenced by MiCA\u2019s stipulations except for the new classification of tokens, which shall be officially deemed ARTs since June 2024.<\/p>\n<p>According to the MiCAR, virtually every DeFi projects that are fully decentralized will be excluded from the scope of its influence, which means that MakerDAO and Synthetix didn\u2019t experience any changes yet in their business model and policies once the new regulation was enforced.<\/p>\n<p><center><button class=\"whitespace-nowrap btn btn--small btn--blue\" type=\"button\" data-fancybox=\"\" data-src=\"#contact-form\">Free MiCA consultation<\/button><\/center><\/p>\n<h2>Other crypto assets under MiCA<\/h2>\n<p>All assets that don\u2019t fall under the umbrella of EMTs or ARTs shall be classified by MiCAR as the third group, other crypto assets. The tokens in this category do not reference any official currencies, nor do they derive any specific values from other values, rights, or combinations.<\/p>\n<h3>Example 1: Bitcoin (BTC)<\/h3>\n<p>Bitcoin is the perfect example of a crypto asset that is neither regulated nor regulable under the MiCA framework:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Its value is not derived from any other asset;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">It is fully decentralized;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">It does not serve any other purpose than transacting.<\/li>\n<\/ul>\n<p>As such, BTC is neither an Electronic Money Token (EMT) nor an Asset Referenced Token (ART) and isn\u2019t subject to regulations applicable to these classes of crypto assets.<\/p>\n<h3>Example 2: DogeCoin (DOGE)<\/h3>\n<p>DogeCoin is very comparable to Bitcoin, with the difference that the DOGE token is less decentralized than BTC. Its value is determined by the market and its technical simplicity excludes it from classification as another type of financial or crypto asset.<\/p>\n<h3>Example 3: Ether (ETH)<\/h3>\n<p>As for BTC and DOGE, ETH\u2019s value is not derived from any other asset. While BTC and DOGE are classified as payment tokens, ETH is arguably classified as a utility token in Europe, as American regulators formally stated that ETH wasn\u2019t a security. This fact does not change the classification of Ether within the new MiCA framework, where it is simply designed as a crypto asset and neither an EMT nor ART.<\/p>\n<h3>Regarding security tokens and crypto assets classified as financial instruments<\/h3>\n<p>Any token or cryptocurrency that would legally qualify as a security or financial instrument is excluded from the MiCA framework. It then falls under the much heavier frameworks applicable to EU financial market participants and should be compliant with the subsequent regulations.<\/p>\n<p>MiCA only applies to assets that are not already covered by existing EU laws like MiFID II. If a token acts like a share or bond (transferable security), it is regulated under MiFID II, not MiCA. You may need an <a href=\"https:\/\/legalbison.com\/investment-license\/\"><span style=\"color: #0000ff;\">investment firm license<\/span><\/a> rather than a <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/crypto-license\/\">CASP license<\/a><\/span> if your token grants voting rights on corporate decisions or dividends.<\/p>\n<p>Related: <a href=\"https:\/\/legalbison.com\/blog\/non-mica-european-crypto-licenses-list\/\"><span style=\"color: #0000ff;\">List of Recommended Non-MiCA EU Jurisdictions for Your Crypto Projects<\/span><\/a><\/p>\n<h2>What about the crypto asset of your project?<\/h2>\n<p>The MiCA classification of crypto assets has been active since June 2024. Issuers of crypto assets formerly known as stablecoins are directly under the scope of the EU regulators.<\/p>\n<p>This framework further completes the previous existing distinction between payment tokens, utility tokens, and security tokens, the latter being subject to securities laws and regulations.<\/p>\n<p>If you are an active company with a crypto license in Europe, or planning to form a company licensed within the MiCA framework, understanding this new asset classification is a must.<\/p>\n<p>LegalBison\u2019s consulting team is now providing tailored advice to entrepreneurs and aspiring projects, on the topic of <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/mica-regulation\/\">MiCA regulations<\/a><\/span> and <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/legalbison.com\/blog\/crypto-license\/licensing-changes-with-mica-the-key-elements-to-remember\/\">their implications for business<\/a><\/span>. Reach out now, the first consultation is free, no matter the current stage of your project.<\/p>\n<p><center><button class=\"whitespace-nowrap btn btn--small btn--blue\" type=\"button\" data-fancybox=\"\" data-src=\"#contact-form\">Free MiCA consultation<\/button><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The passing of the Markets in Crypto Assets (MiCA) Regulation in the EU changes the classification of cryptocurrencies. European lawmakers now distinguish three categories of crypto-assets: Asset-Referenced Tokens (ART), Electronic Money Token (EMT) and a third category that includes all assets not falling into the two first classes. LegalBison&#8217;s lawyers dive into details in this article.<\/p>\n","protected":false},"author":1,"featured_media":8660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[17],"tags":[18,24,26,41],"class_list":["post-5946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-license","tag-crypto","tag-europe","tag-guide","tag-mica"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Classification of Crypto-Assets Under MiCA: A Legal Guide for Issuers - LegalBison<\/title>\n<meta name=\"description\" content=\"Understand the new classification of crypto-assets under MiCA (ARTs, EMTs, and Utility Tokens). Learn how to distinguish financial instruments from crypto-assets and secure your EU crypto license with LegalBison.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/legalbison.com\/en-kr\/blog\/crypto-license\/new-classification-of-crypto-assets-under-mica\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Classification of Crypto-Assets Under MiCA: A Legal Guide for Issuers - LegalBison\" \/>\n<meta property=\"og:description\" content=\"Understand the new classification of crypto-assets under MiCA (ARTs, EMTs, and Utility Tokens). 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