Global Digital Asset Forum Vienna: Asset-Referenced Tokens

What makes asset-referenced tokens so difficult to classify under MiCA? 

This question was explored by CERHA HEMPEL partner Oliver Völkel during our event “MiCA & Asset-Referenced Tokens: Design, Risks and Market Reality.” 

His presentation focused on one of the key challenges of the MiCA framework: the regulatory classification of asset-referenced tokens (ARTs). In particular, he examined the interplay between MiCA and existing financial market regulation, highlighting the difficulties in distinguishing ARTs from financial instruments and the resulting uncertainty for market participants. He also discussed practical considerations for token issuers, including regulatory guardrails, reserve requirements, token design, and common pitfalls when structuring digital asset projects. 

The event took place as part of ViennaUP Week and the Global Digital Asset Forum Vienna and was jointly organised by CERHA HEMPEL and the DAAA | Digital Assets Association Austria. It provided a platform for discussing current developments in the European regulatory framework for digital assets and their implications for market participants. 

Watch Oliver Völkel’s presentation here