Three European supervisory authorities (EBA, EIOPA, and ESMA, or ESA) today published joint guidelines aimed at promoting consistency in the regulatory classification of cryptoassets under MiCAR. The guidelines include standardized tests to facilitate a common approach to classification and templates that market participants should use to communicate the regulatory classification of cryptoassets to supervisory authorities.
To assist market participants and supervisors in adopting a focused approach to the classification of crypto-assets, the Explanation and Legal Opinion template provides an explanation of the regulatory classification of crypto-assets in the following cases: Included.
Asset Reference Token (ART): The white paper on the issuance of an ART must be accompanied by a legal opinion explaining the classification of the crypto asset, in particular the fact that it is not an electronic money token (EMT) or a crypto asset. there is. Cryptoassets excluded from the scope of MiCAR. Cryptoassets that are not ART or EMT based on MiCAR: Cryptoassets white papers must be accompanied by the following description: Classification of the crypto asset – in particular the fact that it is not an EMT, ART or a crypto asset which is excluded from the scope of MiCAR.
The overall aim of these guidelines is to promote convergence in classification for consistent application of MiCAR across the EU. It aims to strengthen consumer/investor protection, ensure a level playing field and contribute to reducing the risk of regulatory arbitrage. These guidelines will be translated into the official languages ​​of the EU and published on the ESA website. These guidelines apply from three months after publication of the translation.
Unified exam for crypto assets
Background and next steps
The Guidelines have been developed in accordance with Article 97(1) of the Markets in Cryptoassets Regulation (MiCAR) (Regulation (EU) 2023/1114), and the ESA shall jointly issue the Guidelines by 30 December 2024 in accordance with the following: required to be published. Pursuant to Article 16 of the ESA Establishment Regulation (Regulation (EU) No 1093/2010, Regulation 1094/2010, Regulation 1095/2010), of the Explanatory Note accompanying the Cryptoassets White Paper referred to in Article 8(4). Specifies the legal opinion regarding the content and format and eligibility of the referenced asset reference token (ART). Article 17(1), point (b)(ii) and up to Article 18(2), point (e) of MiCAR. The guidelines are required to include explanation and opinion templates, as well as standardized tests for the classification of cryptoassets. This is the only joint ESA policy obligation under MiCAR.
MiCAR establishes a regime to regulate the issuance, offering to the public, and permitting trading of ART, EMT, and other cryptoassets. The regulations also establish a framework for the provision of crypto-asset services.
The ART and EMT regimes established by MiCAR will apply at the end of June 2024, while other parts of the regulation (issuance of other types of crypto assets and provision of crypto asset services) will apply at the end of 2024.
