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Germany follows the MiCA taxonomy: asset-referenced tokens (ARTs), e-money tokens (EMTs), and other crypto-assets, with BaFin as the national competent authority applying EU-level classification guidance including ESMA's qualification guidelines. Germany has an active EMT issuer (AllUnity's EURAU), demonstrating practical application of the EMT category domestically. NFTs and non-fungible, non-transferable loyalty-type tokens are treated as generally out of MiCA's scope absent fungibility/transferability.
Germany has a live domestic example of EMT classification in practice: AllUnity's EURAU, issued in mid-2025, is described by its issuer as the first euro-backed stablecoin issued under MiCAR and licensed as electronic money by BaFin. That specific 'first-of-kind' framing, however, rests on a single T4 news source relaying the issuer's own hedged characterisation rather than independent confirmation from BaFin's or ESMA's registers, and the confidence on this claim has accordingly been revised down to Probable pending primary-source verification. The underlying fact that BaFin has authorised at least one EMT issuer in Germany is not itself in doubt; it is the superlative 'first' framing specifically that awaits corroboration.
On scope exclusions, ESMA consultation-stage guidance -- applicable to national competent authorities including BaFin -- indicates that crypto-assets that are non-transferable and accepted only by the issuer or offeror, together with unique non-fungible crypto-assets, generally fall outside MiCA's scope. This exclusion is treated as guidance-stage rather than fully settled binding doctrine, and its practical application to German NFT platforms has not been independently tested through enforcement or supervisory action in the sources reviewed this cycle.
Outlook
Token classification in Germany is structurally settled at the framework level -- the ART/EMT/other-crypto-asset taxonomy is fully transposed and BaFin is an active, ESMA-aligned classifier. The open item for the next cycle is narrower and evidentiary: whether BaFin's or the EBA's own registers can independently corroborate AllUnity EURAU's 'first MiCA-compliant euro stablecoin' claim, and whether ESMA's NFT scope-exclusion guidance is formalised beyond consultation stage in a way that gives German NFT platforms firmer classification certainty.
Token Classification
Germany, via BaFin, remains among the more active EU national authorities issuing Asset-Referenced Token and E-Money Token authorisations under MiCA's passporting regime, standing alongside France, Ireland, the Netherlands, Luxembourg and Malta. This is a standing state of the regime rather than a fresh development this cycle: the classification framework, MiCA Titles III and IV, is directly applicable EU law, and no German-specific derogation or supplementary classification rule has been identified.
Outlook
No near-term change is expected absent a fresh EU-level amendment to MiCA's classification titles; the module is stable and will be monitored for any German-specific interpretive guidance from BaFin.
Sources and findings (4)
- T4 · CoinDeskAllUnity EURAU — EURAU is claimed to be the first euro-backed stablecoin issued under MiCAR and licensed as electronic money by Germany's BaFin.retrieved M4bindingin forcenew
- T1 · ESMABaFin — BaFin is listed among national competent authorities that responded 'Yes' to complying with ESMA's Guidelines on the qualification of crypto-assets as financial instruments.retrieved M3non-bindingnew
- T1 · EUR-LexMiCA (EU) — E-money tokens stabilise value against a single official currency; asset-referenced tokens stabilise value against other assets or baskets, distinct from other crypto-assets.retrieved M3bindingin forcenew
- T1 · ESMAMiCA (EU) / ESMA — Crypto-assets that are non-transferable and only accepted by the issuer/offeror, and unique non-fungible crypto-assets, are generally excluded from MiCA's scope per ESMA qualification guidance applicable to NCAs including BaFin.retrieved M2non-bindingnew