How Do non-US Jurisdictions, like the EU, Classify Security Tokens without a Direct Equivalent to the Howey Test?

Non-US jurisdictions often adopt a principles-based or list-based approach rather than a single judicial test like Howey. The European Union's MiCA (Markets in Crypto-Assets) regulation, for example, categorizes crypto-assets and applies specific rules based on the category (e.g. asset-referenced tokens, e-money tokens, utility tokens).

They generally focus on the token's economic function, rights conferred, and whether it qualifies as a transferrable security under existing financial law. This often involves a "substance over form" analysis to capture investment-like features.