MiCA classifies crypto-assets into distinct categories, each with different regulatory treatment. This classification directly affects how these assets are reported under DAC8.
MiCA's Three Categories
Asset-referenced tokens (ARTs) reference multiple assets to maintain value stability. Under DAC8, ARTs are reportable crypto-assets with their own classification code in the XML schema.
E-money tokens (EMTs) reference a single fiat currency. EMTs are reportable under DAC8 and must be identified by their specific MiCA classification.
Other crypto-assets include everything that does not qualify as an ART or EMT — Bitcoin, Ethereum, utility tokens, governance tokens, and most altcoins. This is the broadest category and covers the vast majority of traded crypto-assets.
Impact on DAC8 Reporting
The MiCA classification affects DAC8 reporting in several ways. Each reportable transaction must identify the MiCA category of the crypto-asset involved. Aggregation must be performed separately for each crypto-asset and each MiCA category. The XML schema includes specific fields for MiCA classification codes.
Tokens That Change Classification
Some tokens may change their MiCA classification over time — for example, a utility token that evolves to function as a payment instrument. CASPs must monitor these changes and update their DAC8 classification accordingly.
Conclusion
MiCA's crypto-asset classification is directly embedded in DAC8's reporting framework. CASPs must correctly classify every crypto-asset they support according to MiCA's taxonomy and ensure this classification is accurately reflected in their DAC8 reports.
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