Question 1

E-money tokens (“EMTs”)

Answer

(Title IV, Article 48 – 58)
Crypto-assets aim to preserve a steady value by linking it to the worth of a recognized legal tender fiat currency. This classification includes a variety of crypto-assets referred to as standard stablecoins.

Question 2

Asset-referenced tokens (“ARTs”)

Answer

(Title III, Articles 16 – 47)
Crypto tokens used for exchange. ARTs are distinguished by their ability to be linked to multiple fiats, physical assets, cryptocurrencies, or a combination thereof.
PAX Gold* exemplify this concept.

*PAX Gold – a digital token backed by physical gold. Each Pax Gold (PAXG) token is backed by one fine troy ounce of gold stored in LBMA vaults in London. If you own PAXG, you own the underlying physical gold held in custody by Paxos Trust Company.

Question 3

Other crypto assets (utility tokens and unclassified crypto-asset)

Answer

(Title II, Articles 4 – 15)
Crypto-asset designed to provide digital access to a specific product or service accessible on a DLT platform.
Notably, this token is solely recognized and accepted by the entity that initially issued it.

Question 4

Tokens fall into different categories of regulated products

Answer

(Title I, Article 2(4))

Crypto-assets which qualify as financial instruments: tokenised securities or derivatives referencing crypto-assets. (! They are caught by Directive 2014/65/EU (MiFID II))
Deposits
Funds (unless they are classified as e-money tokens)
Securitisation positions
Non-life or life insurance products
Pension products
Social security schemes

Question 5

Non-fungible tokens (“NFTs”)

Answer

(Title I, Article 2(3))
Fixed-price NFTs covering digital art, collectables, in-game clothing and cinema tickets will not fall under the scope of MiCA.
Yet, NFTs' broader financial applications may be considered to be financial instruments under MiFID II.
Each case must be considered on an individual basis.