> ## Documentation Index
> Fetch the complete documentation index at: https://docs.bluprynt.com/llms.txt
> Use this file to discover all available pages before exploring further.

# MiCA asset classifier

> Answer yes-or-no questions to find out whether MiCA applies to your token and whether it's an EMT, an ART or another token.

The MiCA asset classifier tells you how MiCA treats your token. You answer up to ten yes-or-no questions. It builds on the flow published by ESMA and adds the exceptions in the relevant MiCA articles. Use it before you [analyze](/passport/analyze) or [write](/passport/disclosures) a white paper.

## Key concepts

| Term | Meaning |
| - | - |
| **MiCA / MiCAR** | The EU Markets in Crypto-Assets Regulation. |
| **Crypto-asset** | A digital representation of a value or right that can be transferred and stored electronically using DLT. |
| **EMT** | E-money token. References the value of one official currency. |
| **ART** | Asset-referenced token. References a value, a right, or a combination, including one or more official currencies. |
| **Other token (OT)** | A crypto-asset that is neither an EMT nor an ART. |

## How it works

```mermaid theme={"system"}
flowchart TD
  A[Q1–2 Crypto-asset?] -->|No| X[Not a crypto-asset]
  A -->|Yes| B[Q3–6 In MiCA scope?]
  B -->|No| Y[Outside MiCA]
  B -->|Yes| C[Q7–8 Stable, referenced?]
  C -->|No| O[Other token]
  C -->|Yes| D[Q9 One currency?]
  D -->|Yes| M[EMT]
  D -->|No| R[Q10 ART or review]
```

Each answer either ends the flow with a result or opens the next question. The [Questions](#questions) table gives the exact result for each exit.

## Classify a token

<Steps>
  <Step title="Open the classifier">
    In **Analyze**, start a new analysis and click **Not sure? Answer a few questions to find out**. The classifier opens with a link to the flow **published by ESMA** (1). The first question (2) asks whether the token is a digital representation of a value or of a right.

    <Frame caption="The MiCA Asset Classifier, first question.">
      <img src="https://mintcdn.com/blupryntinc/BHQOL_NZlCg8lnoF/images/passport/passport-mica-classifier-start.webp?fit=max&auto=format&n=BHQOL_NZlCg8lnoF&q=85&s=9ec48ed80228bc9eec04aeec11734e1b" alt="MiCA Asset Classifier with callouts on the published by ESMA link and the first question." width="2880" height="1800" data-path="images/passport/passport-mica-classifier-start.webp" />
    </Frame>
  </Step>

  <Step title="Answer each question">
    Click **Yes** or **No**. The next question appears under the last (1, 2). Keep going until a result shows.

    <Frame caption="The classifier after the first answer.">
      <img src="https://mintcdn.com/blupryntinc/BHQOL_NZlCg8lnoF/images/passport/passport-mica-classifier.webp?fit=max&auto=format&n=BHQOL_NZlCg8lnoF&q=85&s=72c695d76734e9271c598f89a9b398eb" alt="MiCA Asset Classifier with the first question answered Yes and the second question showing." width="2880" height="1800" data-path="images/passport/passport-mica-classifier.webp" />
    </Frame>
  </Step>

  <Step title="Use the result">
    Use the result as the asset type when you [analyze](/passport/analyze) or [write](/passport/disclosures) your white paper. For questions, click **Have more questions? Contact us**.
  </Step>
</Steps>

## Reference

### Questions

| # | Question | Ends the flow when | Result |
| - | - | - | - |
| 1 | Is the token a digital representation of a value or of a right? | No | Not a crypto-asset under MiCAR |
| 2 | Can it be transferred and stored electronically? | No | Not a crypto-asset under MiCAR |
| 3 | Does the token use Distributed Ledger Technology (DLT) or a similar technology? | No | MiCA does not apply |
| 4 | Is the token issued by one of the listed entities? | Yes | Not a crypto-asset under MiCAR |
| 5 | Is the token unique and not fungible with other crypto-assets? | Yes | MiCA does not apply |
| 6 | Is the token any of the listed types? | Yes | MiCA does not apply |
| 7 | Does the token purport to maintain a stable value? | No | Other token |
| 8 | Is a value or right referenced? | No | Other token |
| 9 | Does it reference the value of one official currency? | Yes | EMT |
| 10 | Does it reference a value or right or a combination thereof, including one or more official currencies? | Yes | ART |

If you answer No to question 10, the classifier shows *Please review your choices, or contact Bluprynt for support*.

### Results

| Result | Meaning |
| - | - |
| Not a 'crypto-asset' under MiCAR | MiCA's crypto-asset definition doesn't cover the token. |
| MiCA does not apply to the crypto-asset | It's a crypto-asset, but outside MiCA's scope. |
| EMT | E-money token. |
| ART | Asset-referenced token. |
| Other token | A crypto-asset under MiCA that is neither an EMT nor an ART. |

## Worked example

Your token is a fungible ERC-20 that tracks the euro one to one. You answer Yes to questions 1–3, No to 4–6, Yes to 7 and 8, and Yes to 9. The classifier returns **EMT**. You then run [Analyze](/passport/analyze) with asset type **EMT**.

## Troubleshooting

| Problem | What to do |
| - | - |
| *Please review your choices, or contact Bluprynt for support* | Your answers don't fit a MiCA class. Check questions 7–10 again. |
| You changed your mind on an answer | Click the other button on that question. Later questions update. |

## FAQ

<AccordionGroup>
  <Accordion title="Is the result legally binding?">
    No. It's a guided reading of MiCA's classification rules. Seek legal counsel for a final view.
  </Accordion>

  <Accordion title="Is there a public version?">
    Yes. Compliance Explorer has a MiCA checker at [explorer.bluprynt.com/mica-checker](https://explorer.bluprynt.com/mica-checker).
  </Accordion>
</AccordionGroup>

## Related pages

* [Analyze](/passport/analyze)
* [Documents](/passport/disclosures)
* [Compliance Explorer](/explorer/overview)


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