ESAs consult on guidelines under Crypto-Asset Markets Regulation

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have today published a consultation document on the Markets in Crypto-Assets (MiCA) Regulation Guidelines, establishing model legal explanations and opinions regarding the classification of crypto-assets as well as a standardised test to promote a common approach to classification.

To assist market participants and supervisors in adopting a convergent approach to the classification of crypto-assets, the Guidelines propose a standardised test, as well as model explanations and legal opinions that provide descriptions of the regulatory classification of crypto-assets in the following cases:

• Asset-referenced tokens (ART): The whitepaper for the issuance of ART, which contains comprehensive information about the crypto asset, must be accompanied by a legal opinion explaining the classification of the crypto asset – in particular, that it is not an EMT or a crypto-asset that could be considered excluded from the scope of MiCA
• Cryptoassets that are not ARTs or EMTs under MiCA: The cryptoasset white paper must be accompanied by an explanation of the classification of the cryptoasset – in particular, that it is not an EMT, ART or a cryptoasset excluded from the scope of MiCA.

Next steps

Comments on the consultation document can be sent by clicking on the “Send your comments” button on the consultation page. The deadline for submitting comments is October 12, 2024.

The ESAs will hold a Virtual public hearing on the consultation document of Monday, September 23, 2024 from 10:00 to 12:00 CEST and invite interested stakeholders to register using this link by September 19, 2024 at 4:00 p.m. CESTConnection details will be communicated in due course to those who have registered for the meeting..

All contributions received will be published after the consultation ends, unless otherwise requested.

Background

The MiCA Regulation establishes regulatory regimes for the issuance, public offering and admission to trading of e-money tokens (EMTs), asset-referenced tokens (ARTs) and other crypto-assets. The Regulation also establishes a framework for the provision of crypto-asset services and a joint mandate for the ESAs to develop guidelines for their application. These draft guidelines constitute the only joint policy mandate from the ESAs under the MiCA Regulation.

Further information :

Cristina Bonillo

Senior Communications Officer
press@esma.europa.eu

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