MiCA regulation of the European Union has attracted great attention as a milestone regulatory framework for the cryptocurrency industry. Aimed at comprehensively addressing the complexity of crypto assets, it has become the focus of discussion within the global cryptocurrency community. Patrick Hansen, the director of Circle, pointed out that utility tokens designed and used within specific networks are not bound by MiCA regulations. In addition, crypto asset products targeting less than 150 people in each EU member state or only qualified investors, with a total of less than 1 million euros within 12 months, are not within the scope of MiCA. Furthermore, non-transferable digital assets are not subject to the MiCA regulatory framework. It is worth noting that lending of crypto assets, including electronic currency tokens, is explicitly excluded from regulation. Cryptocurrency asset services provided in a "completely decentralized manner" are not subject to regulation. Similarly, crypto assets without identifiable issuers and lacking white papers are also not within the scope of MiCA.