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---
title: "Recital 10"
type: regulation
legal_status: in_force
source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114
shortTitle: "Recital 10"
instrument_type: level1_regulation
authority: Commission
binding: true
binding_character: binding
mica_level2: false
legal_basis: Regulation (EU) 2023/1114
instrument: mica
celex: 32023R1114
text_version: "Regulation (EU) 2023/1114, OJ L 150, 9.6.2023"
source_url: "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng"
check_status: matched
verified: true
last_checked: 2026-11-09
---

*In force · Regulation (EU) 2023/1114, OJ L 150, 9.6.2023 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)*

This Regulation should not apply to crypto-assets that are unique and not fungible with other crypto-assets, including digital art and collectibles. The value of such unique and non-fungible crypto-assets is attributable to each crypto-asset’s unique characteristics and the utility it gives to the holder of the token. Nor should this Regulation apply to crypto-assets representing services or physical assets that are unique and non-fungible, such as product guarantees or real estate. While unique and non-fungible crypto-assets might be traded on the marketplace and be accumulated speculatively, they are not readily interchangeable and the relative value of one such crypto-asset in relation to another, each being unique, cannot be ascertained by means of comparison to an existing market or equivalent asset. Such features limit the extent to which those crypto-assets can have a financial use, thus limiting risks to holders and the financial system and justifying their exclusion from the scope of this Regulation.