---
title: Crypto-asset
url: "https://www.unknowngravity.com/en/glosario/criptoactivo"
site: Unknown Gravity
published: "2026-09-21T07:28:01+00:00"
modified: "2026-09-21T07:28:01+00:00"
language: en-US
description: "A crypto-asset is a digital representation of a value or of a right that can be transferred and stored using distributed ledger technology (blockchain)."
section: "Home > Crypto-asset"
---

# Crypto-asset

GLOSSARY · BLOCKCHAIN & WEB3

What a crypto-asset is under MiCA: the legal definition, the three types (asset-referenced tokens, e-money tokens and other crypto-assets) and what is NOT a crypto-asset.

WHAT IS IT? · FOR DUMMIES

A **crypto-asset** is a digital representation of a value or of a right that can be transferred and stored using distributed ledger technology (blockchain). It is the legal term the European Union uses: it covers cryptocurrencies such as bitcoin, stablecoins, utility tokens and many others — but **not** tokenised shares or bonds, which remain transferable securities.

WHAT IS IT? · PRO

The definition comes from the [MiCA Regulation](/en/glosario/mica-reglamento-criptoactivos) and organises the market into **three categories**: **[e-money tokens](/en/glosario/emt-token-dinero-electronico)** (EMT, referencing a single official currency: euro or dollar [stablecoins](/en/glosario/stablecoin)), **[asset-referenced tokens](/en/glosario/art-token-referenciado-a-activos)** (ART, referencing baskets of currencies, commodities or other assets) and **other crypto-assets** (bitcoin, ether, utility and governance tokens). Each category has its own issuance, whitepaper and supervision regime, and providing services on them requires authorisation as a [CASP](/en/glosario/casp-proveedor-servicios-criptoactivos).

**What is NOT a crypto-asset in legal terms**: a [security token](/en/glosario/security-token) or any token representing a transferable security (shares, bonds, fund units) falls outside MiCA and inside MiFID II and securities law — even though technically it is a token all the same. That boundary decides which licence you need, and we explain it in [tokenised securities vs crypto-assets](/en/articulos/valores-tokenizados-vs-criptoactivos).

## 01 / Key points

- Digital representation of a transferable value or right on a blockchain (MiCA definition)
- Three categories: e-money tokens, asset-referenced tokens and other crypto-assets
- Providing services on them requires CASP authorisation
- Tokenised securities are NOT crypto-assets: they fall under MiFID II

## 02 / Advantages

- **Single European framework** with passporting across Member States
- **Clear definition** ordering issuance and services
- **Transferable and programmable** on public infrastructure

## 03 / Disadvantages

- **The boundary with securities** requires case-by-case analysis
- **Whitepaper and authorisation duties** to issue and operate
- **Volatility and risk** specific to each category

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).