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Table 2 Types of tokens in MiCA

From: Markets in crypto-assets regulation: Does it provide legal certainty and increase adoption of crypto-assets?

Token in MiCA

Relevant articles

Definition

Function

Asset-referenced

Definition 3(1)(3)

Title III, arts. 15–42

A type of crypto-asset that purports to maintain a stable value by referring to the value of several fiat currencies that are legal tender, one or several commodities or one or several crypto-assets, or a combination of such assets

Exchange or security

e-money

Definition 3(1)(4)

Title IV, arts. 43–52

A type of crypto-asset the main purpose of which is to be used as a means of exchange and that purports to maintain a stable value by referring to the value of a fiat currency that is legal tender

Exchange

Other

Title II, arts. 4–14

Not asset-referenced or e-money

Exchange or utility or security