How MiCA Is Reshaping Real Estate Investment Across Europe
Samuel Noah
Finanial Professionals
Apr 17, 2025
For years, the tokenization of real-world assets in Europe operated in a regulatory grey area. Projects launched, tokens were sold, and then came the uncertainty: were these securities? Were they subject to prospectus requirements? Who had jurisdiction? MiCA — the Markets in Crypto-Assets regulation — is the EU's answer to that uncertainty, and its implications for real estate tokenization are significant.
What MiCA actually covers
MiCA came into full effect in late 2024 and establishes a harmonized regulatory framework for crypto-asset service providers across all EU member states. For the first time, a project tokenizing real-world assets in Spain, Germany, or Italy doesn't face 27 different national regulatory interpretations — it faces one framework, with one authorization that passports across the bloc.
For real estate tokenization specifically, MiCA creates clarity around which tokens qualify as asset-referenced tokens, which fall under the e-money token category, and which are treated as utility tokens. Security-like tokens — those representing economic rights over real assets — continue to fall under existing financial instruments regulation (MiFID II), but MiCA creates the surrounding infrastructure: custody standards, disclosure requirements, marketing rules, and AML obligations.
What this means for developers and investors
For developers, MiCA means that a tokenized real estate offering structured under MiCA-aligned standards can be marketed to eligible investors across the entire EU without needing separate authorizations in each country. That's a massive expansion of the addressable investor base.
For investors, MiCA means that the platform issuing or distributing the token is subject to regulatory oversight, capital requirements, and conduct standards. It means there's a regulator with teeth behind the product they're buying.
How All in Token is positioned
All in Token's token structures are designed from the ground up to align with MiCA requirements, working with legal advisors who are pioneers in MiCA implementation in the EU. Combined with our PSAV licensing under the BCRA in Argentina, we're building a cross-Atlantic bridge — LATAM assets, global capital, European regulatory standards.
MiCA is not a burden. For serious projects, it's a competitive advantage.