Crypto-assets (legal term)
"Crypto-asset" is the legal term German and EU law use for blockchain-based digital assets, from Bitcoin to stablecoins.
Explained simply
The law does not say "cryptocurrency" but "crypto-asset": a digital representation of a value or right that can be transferred and stored electronically, based on a blockchain or similar technology.
Under MiCA there are three groups: e-money tokens (pegged to a currency, such as euro stablecoins), asset-referenced tokens (pegged to a basket of values) and other crypto-assets (everything else, such as Bitcoin or utility tokens).
Importantly, securities in token form are not crypto-assets within the meaning of MiCA but remain subject to securities law.
From the familiar world
Like "financial instrument" in securities law: an umbrella term bundling many different things so it is clear which rules apply.
An example
BaFin has classified Bitcoin as a crypto-asset and hence a financial instrument under German law since 2020. Custodians have needed a licence ever since.
Why it matters
Using the correct term in conversation signals familiarity with the regulatory perspective. And the classification explains why a stablecoin is treated differently from a bitcoin.
To pass on
„"Crypto-asset" is the word in the law. It covers Bitcoin, stablecoins and tokens, but not securities in digital form.“
The content of this wiki is for general information and educational purposes only. It does not constitute investment advice, an investment recommendation or tax or legal advice. Digital assets are subject to strong price fluctuations and can lead to losses up to a total loss. Content as of 2026, no guarantee of completeness or timeliness.
21 Oaks Capital GmbH acts as a tied agent exclusively for the account and under the liability of AHP Capital Management GmbH, Weißfrauenstraße 12-16, 60311 Frankfurt am Main, Germany. This wiki is a general information service provided by 21 Oaks Capital GmbH. Its content does not constitute individual investment advice and is not a recommendation by AHP Capital Management GmbH. 21 Oaks Capital GmbH, its affiliated companies, the funds it advises or its employees may hold positions in assets explained in this wiki. The explanations are independent of this; the disclosure is made for reasons of transparency.