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TOOL · MiCA · MiFID II

Token classifier

MiCA (utilities) o MiFID II (securities)

Unknown Gravity · RegTech

Classifier: MiCA or MiFID II?

Answer four questions about your token and find out which European regulatory framework applies to it. Quick guidance before speaking with our team.

Assessment Step 1 of 4

MiCA or MiFID II? How to classify a token

A token falls under MiFID II if it carries the rights of a financial instrument, such as a share, a bond or a unit in a fund; otherwise it generally falls under MiCA, subject to its exclusions. The two frameworks do not overlap: MiCA does not apply to crypto-assets that qualify as financial instruments (Art. 2(4)(a) of Regulation (EU) 2023/1114). The classifier takes you to one of five outcomes in up to four questions.

How it classifies the token

Each "yes" ends the classification and each "no" leads to the next question:

  • Does the token carry a right characteristic of a financial instrument (a share, a bond, a fund unit or a derivative in Annex I of MiFID II)? If so: security token, under MiFID II and Spain's Law 6/2023, registered through an ERIR.
  • Is it referenced to a single official currency? E-money token (EMT), Title IV of MiCA: only a credit institution or an electronic money institution may issue it, with a white paper notified and published (Art. 48(1)).
  • Does it aim to keep a stable value by referencing another value or right, or a combination? Asset-referenced token (ART), Title III: prior authorization (Art. 16(1)(a)) or, if the issuer is a credit institution, a white paper approved by its competent authority (Art. 17), except in the cases in Art. 16(2).
  • Is it a genuinely unique and non-fungible asset? It falls outside MiCA (Art. 2(3)), with caveats. If not, it is an "other crypto-asset" under Title II, where utility tokens sit: a white paper notified to the competent authority (the CNMV in Spain), unless the exemptions in Art. 4(2) or the cases in Art. 4(3) apply.

The order matters: MiCA defines an asset-referenced token as one that is not an e-money token (Art. 3(1)(6)), so the single-currency question comes first. The result shows your path, the applicable framework and a summary of the four categories.

What it does not assess

It is for guidance only and is not legal advice. The decisive first question is yours to answer: the tool does not review your documents. MiCA asks ESMA for guidelines on when a crypto-asset qualifies as a financial instrument (Art. 2(5)). Nor does it check the other Art. 2(4) exclusions (deposits, insurance, pension products); it only asks you to rule them out. Whether you provide services involving the token is a question for the CASP license test.

Further reading

Frequently asked questions

What is the difference between MiCA and MiFID II?

MiFID II (Directive 2014/65/EU) governs the financial instruments listed in its Annex I, Section C, and the investment services involving them. MiCA governs offerings of crypto-assets and services involving them when they are not financial instruments or other products excluded by its Art. 2(4). A token never falls under both at once, and some fall under neither (for example, a genuine NFT or a tokenized deposit: Arts. 2(3) and 2(4) of MiCA).

Does a utility token need a white paper?

In principle, yes: Art. 4(1) of MiCA requires drafting, notifying and publishing one. It is not required if the offering is made to fewer than 150 persons per Member State, does not exceed €1M over 12 months or is addressed only to qualified investors (Art. 4(2)). And Title II does not apply where the token is offered for free or gives access to a good or service that already exists or is in operation, among other cases (Art. 4(3)). These exceptions fall away if the intention to seek admission to trading is announced (Art. 4(4)).

Is an NFT always outside MiCA?

No. Art. 2(3) excludes crypto-assets that are unique and not fungible, but Recital 11 clarifies that fractions of an NFT are not unique, that issuing NFTs in a large series or collection indicates fungibility and that a unique identifier is not enough. That is why the classifier adds "with caveats."

Official sources

Framework verified as of October 14, 2026. To confirm how your token is classified, talk to us.