To summarize the situations where regulatory filing is not required under the MiCA Act (via#Circle):

1. Utility tokens that are only used and available in a specific limited network

2. Crypto-asset issuance targeting no more than 150 people per EU member state or only qualified investors. The issuance volume does not exceed 1 million euros in 12 months (new tokenomics may be derived)

3. Digital assets that cannot be transferred (SBT, etc.)

4. The lending business of crypto assets including electronic currency tokens is clearly not within the scope (good for Defi)

5. Cryptoasset services provided in a “completely decentralized manner” (good for Defi)

6. Crypto-assets without an identifiable issuer do not require whitepaper/authorization requirements. However, if services are only partially decentralized, then they will be subject to MiCA. (There is no room for speculation anymore. Various centralization issues in L2, including sequencer, may become the focus of Compliance)

7. MiCA is not applicable to NFTs, including digital art and collectibles. or cryptoassets (RWA tokenization) that represent unique and non-fungible assets (such as real estate)

8. However, fragmented NFTs do fall within the scope of MiCA, as do NFTs issued in mass releases or collections. The EU provides for a "substance over form approach" for determining their substitutability. (Projects that convert NFT to FT will disappear)

9. Hardware or software providers of non-custodial wallets are expressly outside the scope of MiCA (Liduo MPC, AA, etc.)

10. Intra-group transactions, public entities and international organizations, such as the International Monetary Fund or the Bank for International Settlements, are expressly excluded

11. Central bank digital currencies (CBDCs) and other crypto-assets issued by public authorities and administrative bodies are also excluded

12. Crypto-assets that already qualify as financial instruments under EU law (such as MiFID securities) are not within the scope of MiCA

13. The European Securities and Markets Authority will publish guidance on eligibility criteria and conditions:

- Validators/miners will not be considered transfer service providers or, more generally, cryptoasset service providers

- Tokens created through mining or staking are not within the scope of MiCA