Establishing The Regulatory Characterisation Of A Utility Token Under MiCA

Article 3(1)(9) of the Markets in Crypto-Assets Regulation (MiCA) defines a utility token as a type of crypto-asset intended solely to provide access to a good or service supplied by its issuer. Determining whether a crypto-asset meets this definition is a critical preliminary step under MiCA, as the regulation applies materially different obligations depending on the legal and economic nature of the token. Without first establishing the correct regulatory characterisation, it is not possible to assess coherently which MiCA titles apply, whether disclosure requirements are triggered, or how transitional provisions may operate.

MiCA adopts a functional and risk-based classification framework. The regulatory analysis begins by determining whether a crypto-asset falls within one of MiCA's two enhanced regulatory categories: asset-referenced tokens (ARTs) or e-money tokens (EMTs). ARTs are characterised by mechanisms intended to stabilise their value through