MiCA May Not Be the Rulebook for Your Tokenized Asset
July 1, 2026, was supposed to be the moment of clarity for crypto in Europe. MiCA fully kicked in, and many in the industry breathed a sigh of relief. Finally, a clear rulebook.
Except for teams working with tokenized real-world assets. Because for a large share of RWA projects, the first thing you need to figure out is whether MiCA even applies to you.
Surprisingly often, the answer is no.
MiCA Is a Residual Regime
MiCA was designed as a catch-all for crypto-assets that aren't already covered by existing EU financial law.
If your token falls under traditional finance rules (think securities, bonds, fund shares, derivatives), MiCA explicitly steps aside. The underlying principle is that the EU regulates based on economic substance. A bond is a bond, whether it settles on a blockchain or through a traditional clearinghouse.
What MiCA does cover is everything that doesn't fit neatly into existing...
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