European Union regulators have issued new guidance allowing relevant market participants to classify cryptocurrencies and digital assets according to the Crypto Asset Market Supervisory Authority (MiCA). The newly released guidance provides a structured approach to classify various types of crypto assets. This includes determining whether a token belongs to the MiCA through question-based prompts, such as who the issuer is, whether it is based on blockchain or whether it is a financial instrument. It also helps to determine whether the token in question qualifies as a standard crypto asset under the MiCA or can be classified as another type of asset, such as an electronic money token (EMT) or an asset reference token (ART). ART issuers must include a legal opinion in the white paper that clearly explains the classification of these tokens. The opinion should confirm that these tokens are neither electronic money tokens (EMTs) nor any other type of cryptoasset outside the scope of MiCA.