Are all crypto assets covered by MiCA?

The short answer is no, not all crypto assets fall under MiCA, as there are crypto assets that fall under already existing EU laws. MiCA does not change that, as the regulation covers only those crypto assets which do not qualify as financial instruments, deposits, structured deposits or securitisation.

In case of electronic money, only those crypto assets which do not qualify as electronic money tokens would be outside of already existing EU financial laws and falling under MiCA.

What this means is that when designing the crypto assets, you should first consider whether tokens might be covered by already existing laws and qualified as eg. financial instrument, deposit or electronic money. Only when such verification confirms the lack of application of other EU laws, then MiCA might start to apply.