Odaily Planet Daily News Circle EU Strategy and Policy Director Patrick Hansen gave a detailed explanation on the scope of application of MiCA regulations, mainly including:
- Utility tokens designed and used within a specific network are not subject to MiCA regulations; cryptoasset products with less than 150 users per EU member state or only for qualified investors, with a low total value over a 12-month period Less than 1 million euros are also not within the jurisdiction of MiCA.
- Non-transferable digital assets are not subject to the MiCA regulatory framework. Notably, the lending and lending of cryptoassets, including e-money tokens, is expressly excluded from regulation; cryptoasset services provided in a “fully decentralized manner” are also not regulated. Likewise, cryptoassets without an identifiable issuer and lacking a white paper do not fall under the purview of MiCA.
- While the MiCA regulations do not cover all NFTs, digital art or collectibles, those series or collectibles that are widely distributed are still within the scope of this regulatory framework.
- The exemption also applies to hardware or software providers of non-custodial wallets. Intra-group transactions, public entities, international organizations such as the International Monetary Fund (IMF) or the Bank for International Settlements (BIS), and CBDCs are also excluded from MiCA’s provisions. (Coin Gape)