When is an asset-referenced token not a financial instrument?

In his current article, published in the journal for financial market law (ZFR), Oliver Völkel addresses the interpretation of certain central terms of MiCA, namely the term crypto-asset and the asset-referenced token.

The latter term in particular raises a number of questions of interpretation and delimitation. Because the idea of an asset-referenced token—value stability through reference to certain assets— comes at least close to that of derivative financial instruments. However, crypto assets that qualify as financial instruments do not fall within the scope of MiCA. A precise understanding of the term is therefore essential.

The entire article can be read here (German only).