Key Concepts

To help you better understand MiCA, the European crypto-asset regulatory framework, the following presents an overview of some key concepts that the rules establishes.

Crypto-assets. MiCA covers most cryptocurrencies and other crypto-assets, such as stablecoins and utility tokens. The rules apply a bit differently depending on what kind of asset is in scope.

• Asset-referenced tokens are stablecoins that are not e-money tokens.
• E-money tokens are stablecoins referencing the value of an official currency.

A crypto-asset service provider is someone providing crypto-asset services, which includes: