What are the three MiCA token categories?

MiCA splits in-scope crypto-assets into e-money tokens (EMTs), which reference a single official currency; asset-referenced tokens (ARTs), which reference any other value, basket, or commodity; and other crypto-assets, which is the catch-all for utility tokens and anything else in scope that is neither an EMT nor an ART.

What is the difference between an EMT and an ART?

The peg. An EMT keeps a stable value by referencing exactly one official currency — a euro or dollar stablecoin is the classic example. An ART references something else: a basket of currencies, a commodity like gold, one or more crypto-assets, or a mix. ARTs face a heavier authorisation and reserve regime than EMTs.

What falls outside MiCA?

Tokens that qualify as MiFID financial instruments, genuine non-fungible NFTs, central-bank digital currencies, and deposits are outside MiCA. Care is needed at the edges: large fungible NFT series or fractionalised NFTs can be pulled back into scope, and fully decentralised assets may still trigger service-provider rules.

Does a utility token need a white paper?

Generally yes. An other crypto-asset such as a utility token still requires the offeror or person seeking admission to trading to publish a MiCA-compliant crypto-asset white paper and notify the competent authority, and to follow fair-marketing rules, even though it is lighter than the EMT and ART regimes.

Is this a definitive legal classification?

No. Classification depends on the full legal and economic substance of the token, not just a handful of yes or no answers. Use this as educational triage to frame the question, then confirm the result with qualified counsel before issuing or marketing the token.

MiCA Crypto-Asset Classification Tool

The EU Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, sorts in-scope tokens into three buckets, each with very different obligations. This tool walks the MiCA decision tree from your answers and returns the likely category — e-money token, asset-referenced token, or other crypto-asset — together with the duties that attach to it.

How it works

The tool applies MiCA’s gating tests in order, then the stability and peg questions that separate the three categories:

financial instrument?  → outside MiCA (MiFID applies)
not transferable?       → outside MiCA
unique NFT?             → outside MiCA (caution: fractional/series can re-enter)
stable + single fiat?   → E-money token (EMT)
stable + basket/other?  → Asset-referenced token (ART)
otherwise               → Other crypto-asset (e.g. utility token)

It also flags decentralisation: with no identifiable issuer the issuance and white-paper duties may not bite, but trading-platform and service-provider rules still can.

Notes and example

A euro-pegged stablecoin issued by a licensed e-money institution classifies as an EMT, with a redemption-at-par right and safeguarded reserves. Re-peg the same token to a basket of currencies plus gold and it becomes an ART, requiring issuer authorisation, an approved white paper, and a segregated reserve. A governance or access token that does not try to hold a stable value lands in other crypto-asset, still needing a white paper and fair-marketing compliance. Because classification turns on the full substance of the token, treat this as educational triage and confirm with counsel before issuing. Everything is computed locally in your browser.