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.

What is the MiCA Crypto-Asset Classification Tool?

Answer questions about your token's peg, backing, stability mechanism, transferability, and issuer to classify it under MiCA — e-money token (EMT), asset-referenced token (ART), or other crypto-asset — and surface the white-paper, reserve, and authorisation obligations that follow. It runs free in your browser on Gera Tools, with nothing uploaded.

MiCA Crypto-Asset Classification Tool

Name: MiCA Crypto-Asset Classification Tool
Creator: Gera Tools
License: https://creativecommons.org/licenses/by/4.0/

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.

The three categories compared

Feature	EMT	ART	Other crypto-asset
Peg	Single official currency (EUR, USD…)	Basket, commodity, or other asset	No stability mechanism
Issuer required	Yes, must be EU credit institution or EMI	Yes, must obtain MiCA authorisation	Offeror publishes white paper
White paper	Required, notified	Required, approved by regulator	Required (lighter regime)
Reserve requirement	Funds safeguarded or invested safely	Segregated reserve, minimum 3% of reserves	None
Redemption right	At par, on demand	At market value	No statutory redemption
Significant-token threshold	Higher requirements if >1m holders or >€200m circulation	Same thresholds	Not applicable

Timeline: MiCA rollout

MiCA entered force on 29 June 2023. The stablecoin provisions (EMT and ART titles) became applicable from 30 June 2024. The full regime — covering other crypto-assets and CASPs (crypto-asset service providers) — became applicable from 30 December 2024. Tokens issued before those dates under grandfathering provisions have transitional periods.

Practical examples

Euro stablecoin issued by a bank — pegged 1:1 to EUR, transferable, issued by an EU credit institution. Classifies as an EMT. The issuer holds client funds in segregated accounts. Holders have a redemption right at par.

Commodity-backed token — references a basket of gold and silver spot prices. Transferable. Classifies as an ART. The issuer must obtain MiCA authorisation, hold segregated reserves, publish an approved white paper, and comply with marketing rules.

Gaming token / utility token — no stable-value mechanism, used to access in-game services. Classifies as other crypto-asset. The offeror publishes a white paper, notifies the national competent authority, and follows the MiCA marketing conduct rules, but does not need authorisation.

NFT (unique, non-fungible) — outside MiCA. Caution: a large series of identical NFTs or a fractionalised NFT that functions like a fungible asset may be pulled back in scope.

Significance thresholds

EMTs and ARTs that cross certain size thresholds become “significant” and fall under direct EBA (European Banking Authority) supervision rather than national authorities. The indicative thresholds include more than one million holders, average outstanding tokens above €5 billion, or more than €500 million in daily transactions. Significant tokens face stricter governance, liquidity, and interoperability requirements.

Because classification turns on the full legal and economic substance of the token, treat this tool as educational triage and confirm with qualified counsel before issuing or marketing. Everything is computed locally in your browser.