Under MiCAR, three types of crypto-assets can be distinguished:
- asset-referenced token (ARTs): a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;
- electronic money token (EMTs) (or e-money token): a type of crypto-asset that purports to maintain a stable value by referencing to the value of one official currency; and
- utility token: a type of crypto-asset which is only intended to provide access to a good or a service supplied by its issuer.
MiCAR will not apply to:
- Financial instruments and structured deposits within the scope of MiFID II (Directive 2014/65/EU);
- Funds, as defined in PSDII (Directive 2015/2366/EU), other than EMTs;
- Deposits within the scope of the EU Directive on Deposit Guarantee Schemes (Directive 2014/49/EU), including structured deposits;
- Securitisations within the scope of the Securitisation Regulation (Regulation (EU) 2017/2402).
MiCAR does not apply to crypto -assets that are unique and not fungible with other crypto-assets.