Legal definition and categorization of crypto-assets under MiCAR

Diogo Pereira Coelho

Chapter 2 in Research Handbook on FinTech, 2026, pp 29-46 from Edward Elgar Publishing

Abstract: With the entry into force of Markets in Crypto-Assets Regulation (MiCA or MiCAR), there are many questions regarding the complex case-by-case analysis of the legal framework of crypto-assets that fall within its scope. This article aims to contribute to the study and understanding of the legal definition of crypto-assets and the legal definitions of the respective legal subcategories. To this end, a critical-descriptive analysis is carried out, structured into two chapters. In the first chapter, the construction of the legal definition of crypto-asset is analyzed, as well as the main associated problems. Some related considerations are also made about the exclusion of NFTs from the scope of MiCAR and about the role of the European Supervisory Authorities in clarifying the applicable conditions and criteria to distinguish the classifications covered and not covered in the broad scope of the legal definition. The second and final chapter explores the legal subcategories provided for in MiCAR: e-money tokens, asset-referenced tokens, utility tokens, and “other crypto-assets,” including algorithmic crypto-assets.

Keywords: Distributed ledger technology; Blockchain; Crypto-asset; NFT; MiCAR (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035321414
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